(a) The demand and supply functions of a particular good in a competitive market are defined respectively as p = 200q q1 and p = 30+2q. If p and q denote the price and quantity respectively, determine the equilibrium price and quantity.(b) Let the price and quantity functions of a product be given by p = 2x + k and q = x + 2 respectively, where x is a variable and k is a constant. Find the value(s) of k for which the total revenue function is always positive.

The supply of a product is the quantity producers are willing to supply at different given prices.…

Answered: (a) The demand and supply functions of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(a) The demand and supply functions of a particular good in a competitive market are defined respectively as p = 200q q1 and p = 30+2q. If p and q denote the price and quantity respectively, determine the equilibrium price and quantity.

(b) Let the price and quantity functions of a product be given by p = 2x + k and q = x + 2 respectively, where x is a variable and k is a constant. Find the value(s) of k for which the total revenue function is always positive.

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