2.The quantity 'ď'of TVssold(demanded) is related to the priceasfollows:Qd = 1720 – 0.50pa. What is the demand (in thousands) ifthe price is 1440?b. What is the demand if the price is2500?c. What price should we charge if wewant to sell 500 thousand TVs?3. Suppose the demand for lychees isgiven by the following equation:Qd= 4000 – 100P + 500PMwhere P is the price of lycheesand PM is the price of mangoesa. What happens to the demand forlychees when the price of mangoes goesup? Are lychees and mangoes substituteor complements?b. Graph the demand curve for lycheeswhen PM = 2.4. An economic consultant for X Corp.recently provided the firm's marketingmanager withdemand function for the firm's product:this estimate of the

In economics, demand refers to a customer's desire and ability to buy a product or service. It's the…

Answered: 2. The quantity 'd' of TVs sold…

2. The quantity 'd' of TVs sold (demanded) is related to the price p as follows: Qd = 1720 - 0.50p a. What is the demand (in thousands) if the price is 1440?

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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Question

100%

2.
The quantity 'ď'
of TVs
sold
(demanded) is related to the price
as
follows:
Qd = 1720 – 0.50p
a. What is the demand (in thousands) if
the price is 1440?
b. What is the demand if the price is
2500?
c. What price should we charge if we
want to sell 500 thousand TVs?
3. Suppose the demand for lychees is
given by the following equation:
Qd
= 4000 – 100P + 500PM
where P is the price of lychees
and PM is the price of mangoes
a. What happens to the demand for
lychees when the price of mangoes goes
up? Are lychees and mangoes substitute
or complements?
b. Graph the demand curve for lychees
when PM = 2.
4. An economic consultant for X Corp.
recently provided the firm's marketing
manager with
demand function for the firm's product:
this estimate of the

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