Find the market equilibrium of the following: Supply: p = q*+ 8q – 423 Demand: p = 347 – 5q Market equilibrium point:
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A: Image is attached with detailed explanation.
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- The supply and demand for a product are given by 2p − q = 60 and pq = 1500 + 25q, respectively. Find the market equilibrium point. (q, p) =At a price of $90 per office chair, 150 office chairs are demanded by consumers, but at a price of $110 per office chair, only 90 office chairs are demanded. The supplier is willing to supply x office chairs for a price, in dollars, of p(x) = 0.075x + 66.5. What is the market equilibrium quantity of office chairs? What is the market equilibrium price in dollars?A restaurant is working to determine the supply and demand for their newest entrée. Based on preliminary research, they found that their demand function is 5q+28p=962 and the supply function is -q+7p=47 p q is the number of entrées ordered. Based on their preliminary research, what would be the market equilibrium price for the new entrée?
- At a price of $60 per office chair, 150 office chairs are demanded by consumers, but at a price of $90 per office chair, only 60 office chairs are demanded. The supplier is willing to supply x office chairs for a price, in dollars, of p(x) = 0.075x + 61. (a) What is the market equilibrium quantity of office chairs? office chairs (b) What is the market equilibrium price in dollars? $The demand for watches is given by p = 7000 − 2q dollars,and the supply of watches is given by p = 0.01q^2+ 2q + 1000 dollars,where q is the number of watches demanded and supplied when the price perwatch is p dollars. Based on the information provided, calculate the equilibriumquantity and the equilibrium price for watches.The supply and demand for a product are given by 2p - q = 50 pq = 100 +20q, respectively. Find the market equilibrium point.
