All consumens share a common valuation of 50 and face (there and back) transport costs of t0 per mile. Assuming the whole market is curently served with three shops, what is the equilibrium price charged to consumers? Select one A20 b 30 C 40

All consumens share a common valuation of 50 and face (there and back) transport costs of t0 per mile. Assuming the whole market is curently served with three shops, what is the equilibrium price charged to consumers? Select one A20 b 30 C 40

Name: Suppose 100 consumers are equally distributed along a one mile interv
Uploaded: 2024-03-05T11:52:21.000Z
Channel: Bartleby
Description: Suppose 100 consumers are equally distributed along a one mile interval ( as illustrated belowt ofPricePriceV=50V= 50Pz-01/61/25/6z=1Shop 1Shop 2Shop 3All consumers share a common valuation of 50 and face (there and back) transport costs of 60 per m

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 23EQ: 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...

See similar textbooks

Similar questions

23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.
A group of retailers will buy 92 televisions from a wholesaler if the price is $400 and 132 if the price is $350. The wholesaler is willing to supply 56 if the price is $350and 136 if the price is $440. Assuming that the resulting supply and demand functions are linear, find the equilibrium point for the market. (q,p) = ( , ) Please put it in the (q,p) form^^^^^^^
A group of retailers will buy 88 televisions from a wholesaler if the price is $400 and 128 if the price is $350. The wholesaler is willing to supply 68 if the price is $330 and 148 if the price is $420. Assuming that the resulting supply and demand functions are linear, find the equilibrium point for the market. (q,p)= ( , )
a) The market demand and supply schedule for Commodity X is as follows: Qd= 2000 - 60P and Qs= 400 + 20P What is the Equilibrium Price (Rs) and quantity (units) demanded for X on the market? Use a diagram. Assuming that the Total Cost incurred by a firm is Rs 1100, what is the profit made if it sells only 65 units. Suppose the government imposes a tax of $ 8 per unit. With the help of a diagram, what will be the new equilibrium price, equilibrium quantity and show the effect on the consumer and on the producer. Justify your answer. Demand for X falls by 25% as a result of an increase in price of 10%. Calculate the elasticity of demand for the product.
In a free market economy, the price of a product is determined by the relationship between supply and demand. Suppliers are more willing to supply a product at higher prices. So when the price is high, supply is high. On the other hand, consumers of a product are generally less willing to buy a product at higher prices. So when the price is high, demand is low. In a free competitive market, the price of a product tends to move toward an equilibrium price, in which the supply and demand are equal; that common value of the supply and demand is the equilibrium quantity. To find the equilibrium price, we solve the system consisting of the price-supply and price-demand equations. 1. At a price of $4.97 per pound, the supply for cherries is 16,289 pounds, and the demand is 10,218 pounds. When the price drops to $4.31 per pound, the supply decreases to 10,676 pounds and the demand increases to 12,992 pounds. Assume that the price-supply and price-demand equations are linear. What is…
In a free market economy, the price of a product is determined by the relationship between supply and demand. Suppliers are more willing to supply a product at higher prices. So when the price is high, supply is high. On the other hand, consumers of a product are generally less willing to buy a product at higher prices. So when the price is high, demand is low. In a free competitive market, the price of a product tends to move toward an equilibrium price, in which the supply and demand are equal; that common value of the supply and demand is the equilibrium quantity. To find the equilibrium price, we solve the system consisting of the price-supply and price-demand equations 1. At a price of $4.81 per pound, the supply for cherries is 16,130 pounds, and the demand is 10,348 pounds. When the price drops to $4.22 per pound, the supply decreases to 10,590 pounds and the demand increases to 12,824 pounds. Assume that the price-supply and price-demand equations are linear. What is…
The snowboard industry has the following labour supply is ES = 150 + 10w and labour demand is ED = 350 – 10w, where E is the level of employment in 1,000s of workers and w is the hourly wage. If the labour market is competitive, then what is the equilibrium wage and employment? What is the unemployment rate? Let's pretend the government asks you to examine the impact of implementing a minimum hourly wage of $12. What would happen to the employment level? How many additional workers would want a job at the minimum wage? What is the unemployment rate? If the labour market is competitive, then what is the equilibrium wage and employment? What is the unemployment rate? Let's pretend the government asks you to examine the impact of implementing a minimum hourly wage of $12. What would happen to the employment level? How many additional workers would want a job at the minimum wage? What is the unemployment rate?
A private investment club has $200,000 earmarked for investment in stocks. To arrive at anacceptable overall level of risk, the stocks that management is considering have been classifiedinto three categories: high risk, medium risk, and low risk. Management estimates that high-riskstocks will have a rate of return of 15%/year; medium-risk stocks, 10%/year; and low-risk stocks,6%/year. The members have decided that the investment in low-risk stocks should be equal tothe sum of the investments in the stocks of the other two categories. Determine how much theclub should invest in each type of stock if the investment goal is to have a return of$20,000/year on the total investment. (Assume that all the money available for investment isinvested.)Note: Develop the linear system of equations from the above theory and solve the system byGauss Jordon Method.