Answered: If demand curve for alphonso mangoes is…

If demand curve for alphonso mangoes is D = 25000 - 20P and supply curve is S = 10000 + 80P, find the equilibrium price of mangoes

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section3.2: Supply

Problem 2ST

See similar textbooks

Related questions

Q: Assume that the graphs show a competitive market for the product stated in the question. Select the…

Q: If market demand for a good is Q = 250 -2P and supply of the good is Q = 8P, the equilibrium price…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Plot the following hypothetical demand schedule of beef in the market. PARTICULARS PRICE OF BEEF…

A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…

Q: Of the below, which is NOT true? The Supply curve is ALWAYS upward sloping Producers prefer…

A: Supply shows the total production of commodities and services by the firms and aggregate production…

Q: The market equilibrium is shown by the intersection of the ........... curve and the .............…

A: A market provides a platform for the interaction of households and suppliers to engage in economic…

Q: If the demand curve for open-heart surgery is vertical for people with serious heart conditions,…

A: Price elasticity of demand (PED) is the responsiveness of a percentage change in quantity demanded…

Q: Assuming that fish and chips are complementary products, if the price of fish rises, then the demand…

A: Complementary goods are the ones which have to be used together by people. In this question, fish…

Q: If the price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: Consider the market for coffee. If more firms enter into that market then Question 17 options:…

A: As more firms enter the coffee market, the number demanded at a given cost for a specific firm will…

Q: Please provide answers no need long explanation just a simple one. Scenario: Consider the market…

A: Considering the market for Beef , if there is an increase in the price of chicken and an increase in…

Q: Imagine the market for Good X has a demand function of QDX = 100 – 2PX – 4PY + 0.05M + 0.1AX and a…

A: The equilibrium price is the price where the quantity demanded and quantity supplied is equal and…

Q: You're shopping online, and you place an item in your virtual cart. Two days later, you return to…

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: The demand curve for a flight between SFO and LAX is given by PD = 350 - 2QD. The supply curve for…

A: here we calculate the value of equilibrium price by using the given information so the calculation…

Q: Suppose the demand for oxygen cylinders is 10 units, the price is 876, if the demand for oxygen…

A: For making demand function we need to Let Demand be 'D' and Price be "P" By using Liner Function Y =…

Q: A baker will supply 19 jumbo cinnamon rolls to a cafe at a price of $457 each. If she is offered…

A: please find the answer below.

Q: Show that when all consumers and producers are price takers, a competitive equilibrium is always…

A: Pareto optimal or Pareto efficient refers to a condition in which no modification can better…

Q: Explain why the profit maximising price and quantity for a price-setting firm (in a market where it…

A: If we consider the Pareto efficient outcome then in such case the resources are used in the most…

Q: In the past Christmas season, the roast suckling pig market was impacted by a large number of…

A: Here, it is given that the market of roast suckling pig was affected by the buyers in the past…

Q: Is the shadow price of a dairy feed ration different from the price the farmer pays per pound of the…

A: The shadow price is the invisible or arbitrary price for the goods which are not marketed. Thus,…

Q: If demand curve for alphonso mangoes is D = 25000 -30P and supply curve is S = 10000 + 70P, How…

A: We can get the quantity supplied from the supply function. The supply function is positively…

Q: Which of the following characterizes a competitive equilibrium? Markets are rationed. Economic…

A: Competitive equilibrium: Competitive equilibrium is an economic condition where the producers having…

Q: The First Theorem of Welfare Economics (that a competitive equilibrium is Pareto efficient) may not…

A: The first theorem of welfare economics is otherwise known as the fundamental theorem and also known…

Q: Please provide answers no need long explanation just a simple one. Scenario: Consider the market…

A: Inferior Good concept An inferior good in economics is one whose demand falls as consumer income…

Q: Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price…

A: Every firm in the market operates to maximise profit

Q: If the equation for a market demand curve is Qd = 15 – 1/5P and the equation for a market supply…

A: Equilibrium will occur when Demand curve = Supply curve

Q: Consider the market for crude oil. Suppose the demand curve is Qd = 100 – P, the supply curve is QS=…

A: Before- subsidy equilibrium is at Qd=Qs 100-P=P3 300-3P=P 4P=300 P=75 Q=100-75=25

Q: Type your answers in all of the blanks and submit Consider the market for oranges. Suppose the…

A: The equilibrium point is the point where the demand is equal to the supply. At this point, the…

Q: Suppose the market demand for Omani Halwa is given by Qd = 400 – 20 P and the market supply for…

A: Hi, thanks for the question. As per the guidelines, we are allowed to attempt only the first three…

Q: A price-taking firm can find its optimal quantity of output by using the condition,…

A: Market structures can be classified into three broad groups based on the degree and type of…

Q: The demand function for a good is given by Q = 40 - 5P+4Y, where P is price and Y is income. The…

A: "In general, demand function reflects an inverse relationship between price and quantity demanded of…

Q: Good A and B are substitutes. Good A and B are complements. Good A and B are substitutes because the…

A: The demand curve for a good is the graphical representation of the relationship between the price of…

Q: There are 10,000 identical individuals in the market for commodity X, each with a demand function…

A: Qdx=12-2Px individuals=10000 market demand=10000(12-2Px)=120000-20000Px Qsx=20Px. producers=1000…

Q: At which price equilibrium exist

A: Equilibrium exist at a price when quantity demanded equals quantity supplied.

Q: A demand curve is negatively sloped, while a supply curve is positively sloped. True False

A: Yes, the statement is right.

Q: (Fill in the 4 blanks. For numbers, use two decimal places when necessary.) There are 1,000…

A: In a PC market, a firm will producer at the point where its AR=MR, and that is its short-run…

Q: y are willing to pay for the next unit of the good. (b) Represents the value of that unit of…

A: The equilibrium is defined as point where demand is equal to supply.The market demand curve…

Q: If the supply function for a commodity is p = q2 + 4q + 16 and the demand function is p = −8q2 +…

A: In a market, the level of equilibrium is determined where the supply s equal to its demand. The…

Q: According to the law of supply, firms are willing to produce a greater quantity of a good when the…

A: Supply curve is upward sloping showing a relationship between price and quantity supplied.

Q: Suppose that the demand for Duff beer is given by q= 100 - 5p, while supply is given by q= 10 • Sp.…

Q: Show how could Market equilibrium be affected if the level of Technology is not used on effective…

A: Market equilibrium: Market equilibrium is an economic situation in which the the prices are quantity…

Q: If the cost of producing Good A falls, this will cause A) an increase in the market price of…

A: In a market, the cost of producing any good influence the market equilibrium due to change in the…

Q: Suppose the demand function for a product is given by 5. producer's / Consumer's surplus: : p 64-x2…

A: Demand function shows the functional relationship between Quantity demanded for a commodity and its…

Q: As opposed to general equilibrium analysis, partial equilibrium analysis looksa) at an equilibrium…

A: In economics, the equilibrium refers to state of unchanged economic behavior and maximum benefit…

Question

If demand curve for alphonso mangoes is D = 25000 - 20P and supply curve is S = 10000 + 80P, find the equilibrium price of mangoes.

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Explain how the price leader determines a profit-maximizing price.
A vertical demand curve or supply curve would be called:
Consider the market for gasoline in a particular city. Suppose the supply and demand curves for gallons of gasoline are as follows: Supply : Q = - 30,000 + 200,000P Demand : Q = 575,000 – 20,000P Solve for the equilibrium price of gasoline.
the market demand curve for chocalates is given by the equation Qd=500-4P, while market supply curve for chocalates is described by the equation Qs=-100+2P where P is the price. Find the equilibrium price of chocaltes?
Suppose the market demand curve for cranberry is given by the equation Qd=500-4P, while market supply curve for cranberry is described by the equation Qs=-100+2P where P is the price. Find equilibrium price.
Why does a degree in price dispersion suggest that we do not have a perfect market?
Mary sells bottles of lemonade. The demand factor for her lemonade is given by D(q)=100-1.5q and the supply function is S(q)= .75q, where q is quantities of bottles produced. What is price paid by consumer when q=20.
USE TABLE #1: When illustrating the market for electric automobiles, the supply curve for electric automobiles is labeled _____ and the demand curve for electric automobiles is labeled _____. Group of answer choices D; S S; D S; Qd Qs; D
At which price equilibrium exist
A horizontal supply curve with no slope is considered?
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.
Find the general market equilibrium for two goods whose supply and demand curves are given below: