Consider the demand function for processed pork in Canada,Q = 590.00 – 36p + 20p, + 3p. + 0.002YThe supply function for processed pork in Canada is:Q = 442.00 + 52p – 60php is the price of porkPh is the price of beef = $4 per kgPc is the price of chicken = $3 per kgY is the income of consumers = $12,500Ph is the price of a hog = $1.50 per kgQ is the quantity of pork demanded(measured in millions of kg per year)Solve for the equilibrium price and quantity for pork.The equilibrium price of pork is $3.72 and the equilibrium quantity of pork is 545.23 million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.)OCTétv2MacBook Air80DIIDDPSCF1F2F6F7F8F9F10F3F4@$&123456789多。

Answer: Given, Demand function: Qd=590-36p+20pb+3pc+0.002Y Supply function: QS=442+52p-60ph Where,…

Answered: Consider the demand function for…

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 8WNG

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The demand function for a truckload of firewood for college students in a small town is QC = 400 − p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse demand function for college students is p = 400 − Qc. The demand function for other town residents isQr = 400 − 2p. 1. What is the inverse demand function for other town residents? 2. At a price of $300, will college students buy firewood? What about other town residents? At what price is the quantity demanded by other town residents zero? 3. Draw the total demand curve, which sums the demand curves for college students and other residents.
A manufacturing business can supply 60 plasma TV sets per month at a price of $280 per set, or sell 140 plasma TV sets if the price is $370 per set. A group of retailers will buy 80 plasma TV’s if the price is $350 per pair and 120 plasma TV’s if the price is $300 per set. Given that the demand and supply functions must be linear: Find the linear equations representing both demand and supply Find the point of market equilibrium (number of TVs: q) and the price per unit (p) at that point.
Assume a linear demand function of the form : Qd = 120- 12P, and a linear supply curve of the form: Qs = 32+10 P a. Calculate the quantities demanded and supplied for prices from $1 − $10
A company that makes sweatshirts is willing to supply 156 sweatshirts each month if the price is $24 each and will supply 204 sweatshirts each month if the price is $36 each. Find the linear supply function, qS where qS is the number of sweatshirts the company is willing to make available per month at a price of p dollars per sweatshirt. A.qS = 12p + 48 B.qS = p/12 – 48 C.qS = 0.25p – 15 D.qS = 4p + 60
A toy company is trying to determine the optimal price for their weekly supply to meet the demand for a toy they are about to release. They estimate that the supply function follows p= 0.006q^2 + 0.14q+ 8.62 and the demand function follows p= -1.25q+ 65 , where p is the price of the toy (in dollars) and q is the weekly quantity of the toy (in hundreds). If the company tries to sell the toy for $24, will there be a shortage or surplus of toys each week?
The demand function for a truckload of firewood for college students in a small town is Qc = 400-p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse dimand function for college student is p = 400 - Qc. The demand function for other town residents is Qr = 400 -2p. What is the inverse demand function for other town residents? At a price of $300,. will college students buy any firewood? What about town residents? At what price is the quantity demanded by other town residents zero? Draw the total demand curve, which sums the demand curves for college students and other residents?
The demand function for a commodity is given by D(Q)=9- 2Q and the supply function is S(Q) = 3+ Q Determine the consumers' and producers' surplus at the equilibrium price.
Assuming a supply function of Qs = 100+100p and a demand function of Qd = 700-50p and an equilibrium price of $4 with an equilibrium quantity of 500million gallons please answer the following
If the supply function for a commodity is p = q2 + 4q + 16 and the demand function is p = −8q2 + 7q + 436, find the equilibrium quantity and equilibrium price.
The weekly demand for wine in the United States is described by the following equation: Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation: Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars. a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.
Imagine the tea market has a demand function of QDX = 10 – 2PX and a supply function of QSX = PX − 2, where PX is the price of the tea. Assuming the price is at equilibrium, calculate the equilibrium price (P*). P* = _________
In a market for exotic apples there are 3 demanders with the following functions. Qda +0.5p=5, Qdb+P=10 and Qdc-12 = -P respectively. Obtain the market demand function and find the market quantity demanded when the price of the apple is 8.

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