2. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum Qn = 302,500 - 10,000P (Demand) Qs = 2,500 +5,00OP, (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in cents. a. If price is 15c, what are the quantity supplied and quantity demanded? Is there any surplusor shortage? How much is the surplus/shortage? b. If price is 25¢, what are the quantity supplied and quantity demanded? Is there anysurplus or shortage? How much is the surplus/shortage?

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Q: 5. Suppose that the inverse demand and inverse supply functions are pp = 10- 2x and ps = 4 + 2√x,…

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A: Sol:- At equilibrium price :- Qd = Qs 25-3P+0.2P2=-5+3P-0.01P221P2-600P+3000=0P1, 2=--600±-6002-4·…

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Q: If the revenue function for a particular commodity is  R(p) = −54p2 + 68p,  what is the (linear)…

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Q: 5. Suppose that the inverse demand and inverse supply functions are pp = 10- 2x and ps = 4 + .2√x,…

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Q: (3) The demand curve of a firm is p=1200-21lq and its total cost is C(q) = 2q – 66q² + 600q+1000…

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Q: Certain retailers will buy 15 cordless phones from a supplier if the price is $70 each but only 24…

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Q: Suppose that the market for air travel between Chicago and Dallas is served by just two airlines,…

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