If the market for good X consists of two consumers whose individual own-price demand curves are given by X₁-9-3px and X₂=6-px +, where the latter demand curve is dependant on the former, what is the quantity demanded in this market when the market price is equal to 82? a. 6 b. 10 c. 4 d. 8 e. 2

If the market for good X consists of two consumers whose individual own-price demand curves are given by X₁-9-3px and X₂=6-px +, where the latter demand curve is dependant on the former, what is the quantity demanded in this market when the market price is equal to 82? a. 6 b. 10 c. 4 d. 8 e. 2

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 8QFR

See similar textbooks

Related questions

Q: The demand function of a commodity is P-10-39 and average cost function is AC= q, then calculate the…

A: A monopoly firm produces at MR = MC in order to maximize profit. MR is a change in total revenue…

Q: The consumption function is given by: C = 200+0.75 (Y-T). The investment function is I = 200-25r.…

A: IS curve refers to the investment savings curve.

Q: Proposed the four strategies and enforcement for the Malaysian government in the future directions…

A: There are many measures that can be taken in order to reduce the fluctuation in macroeconomics like…

Q: 4.1- Data Table In the table below, we will see the change in the economic data of the USA from 2017…

A: The Real GDP/Capita, Growth rate of Real GDP/Capita, Inflation rates, interest rates, bank rate, etc…

Q: ______ occur when newly raised hopes for a better life either are not satisfied at all or are not…

A: Happiness occur when newly raised hopes for a better life either are not satisfied at all or are…

Q: A new highway is to be constructed. Design A calls for a concrete pavement costing $90 per foot with…

A: The method that depicts uniform costs of all receipts and expenditures being estimated during the…

Q: True/False: Game theory is useful in explaining oligopoly markets because firms base their actions…

A: Markets which has few large firms dominating the industry, are oligopolists.

Q: A poog 0 Let Isla's utility function be U(x, y) = x2y. Of the points on the following graph, which…

Q: Why is the wage distribution positively skewed? (ii) Describe how to calculate the Gini coefficient.…

A: The income distribution is a statistical measure of how many individuals earn or get different…

Q: Analyze and compare fiscal and monetary policy in order the generate macroeconomic stability. Which…

A: Introduction Fiscal policy can contribute to macroeconomic stability by bolstering aggregate demand…

Q: Evaluate the strategic driftof the company and illustrate at which stage did Siemens experienced the…

A: Strategic drift occurs when a company's strategy no longer aligns with the environment in which it…

Q: 11. If the nightward hift of the IS curve is the result an increase in government spending the…

A: The curve that depicts combinations of output levels and rates of interest which depicts planned…

Q: (c) Use your formula for E to determine the selling price that would have resulted in the largest…

A: We have demand equation: q=-10p+4360 Where q is in million and price is $p From part A Price…

Q: suppose that the demand for a product is 2000 per year, and the items are withdrawn uniformly. The…

Q: The single-price monopoly equilibrium is Pareto ineffcient and leads to a positive deadweight loss.…

A: Monopoly refers to the situation when a firm has no close substitutes in the market and it has an…

Q: What is the difference between legality and intention?

A: The legality and intention are all the terms to make a contract legal. The contract will only become…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: Monopolistic competition: - monopolistic market structure is the structure in which there is a large…

Q: Inflation arises due to: Group of answer choices changes in real output, changes in nominal output,…

A: In an economy, inflation is an economic term to describe a rise in the market price of commodities…

Q: mpetitive markets ere is often a trade-off between equity and efficiency. mpetitive markets lead to…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…

Q: Two different periods' non-renewable resource use are presented on the following figure. Q1 is the…

A: Answer - Extraction cost :- it's the cost that firms need to pay for the extraction of ore or…

Q: Question 1 Analysis of opportunities and prerequisites of investment companies in the market of…

A: Kazakhstan is the former Soviet Union's second-largest republic after Russia, and the world's…

Q: Suppose that the government has a goal to reduce the demand for cigarettes in support of a health…

A: Answe-1: Dead weight loss is basically a loss caused to society due to the unmatched demand and…

Q: 12. The city of Mysuru is one of the cleanest cities of India and is in close driving distance from…

A: A smart city is one where there are strong infrastructure built for providing facilities to each and…

Q: explain why health economics is an important tool when it comes to managing health care resources,…

A: Health economics Health economics is an economics subject that focuses on the subject of health…

Q: True/False: When a per-unit tax is imposed on a polluter, the marginal social cost curve shifts to…

A: Externality refers to cost or benefit imposed on society due to economic activity.

Q: True or false? Scarcity in economics could be eliminated but poverty could not.

A: Scarcity is gradually considered as one of the basic or primary problem of the economy, the wants…

Q: Part 4 Question B: “Economic Decision-Making Process” Prompt: explain how each stage is critical…

A: A decision-making process is a set of steps that an individual goes through to determine the best…

Q: what is the impact of the covid-19 pandemic on global trade? suggest how import and export…

A: Answer -

Q: Consider the following data on two countries, A and B. A…

A: Here, the given table shows the total number of skilled and unskilled labor in country A and country…

Q: Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 20,700…

A: * SOLUTION :- Given that ,

Q: (b) Suppose under perfect competition a smartphone producer has total costs of production given by…

A: Since you have posted a question with multiple sub parts, we will solve first three subparts for…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Microeconomics is a brach of economics that studies: a. The determination of national income…

A: Microeconomics is a branch of economics that studies the behaviour of individual economic units such…

Q: Consider the competitive market for copper. Assume that, regardless of how many firms are in the…

A: Equilibrium is the level at which both the demand and supply curve intersects each othe. The price…

Q: Examine the graph below. The firm is experiencing decreasing returns to scale between points SRATCS…

A: There are three types of return to scale Increasing Return to scale Diminishing return to scale…

Q: For the production function F(L, K) = √L+10√K, what is the factor demand for K in the long run?…

A: Price of output = P Price of labor = w Price of capital = r

Q: Consider the diagram of the AE function and the 45" line to the right. a. Suppose the level of…

A: Aggregate expenditure is a sum of consumption spending, investment spending, government purchases…

Q: 2. Suppose that a market's demand curve is given by: Price Quantity $15 6 $14 8 $13 10 $12 12 $11 14…

A: When Price = 6, Quantity = 24 Now Price drops by 2 therefore New Price is 4 and quantity at this…

Q: Assume that nominal income increases by 5% and the price level increases by 3%, which of the…

A: Nominal income does not take into account inflation.

Q: Exchange DD XX rafe E₂ AA 46) Which of the following is true for the open economy represented in the…

A: DD-AA-XX model; DD curve represents the goods market equilibrium. It shows the combination of…

Q: perfectly competitive firm maximizes its profit by producing the output at which its marginal cost…

A: In general the marginal cost of the production and the given Marginal revenue are known to be as…

Q: The concept of adverse selection is demonstrated by the following statement. Group of answer choices…

A: The adverse election is part of asymmetric information.

Q: please answer part C. this is ons quesrjon so you should be able to. thanks 3. Worldwide annual…

A: Given; Demand function; q=-10p+4360 a) Elasticity of demand:- Ed=-dqdp×pq =--10×pq =10pq…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: In monopolistically competitive market, there are large number of firms producing differentiated…

Q: The following diagram indicates the end result of an expansionary fiscal policy in the IS-LM model.…

A: Fiscal Policy refers to the policy that the government of a country undertakes where the government…

Q: If you would like to have $400000 for your retired and you save equal amount monthly in a saving…

A: Given Future value of investment F=$400,000 n =30 years Rate of interest i =3.5% compounded…

Q: The production function is given by Q = KĀLĀ a. Derive the marginal product of capital. Consider a…

A: Production function states a functional relationship between the level of inputs and the output…

Q: In what ways is transnational or cross-border organizing easier than it might have been, say, 100…

A: Business entities aim in making profit by expanding their market. In the process of finding new…

Q: The government of Andor decided to implement a a minimum wage of $18. The graph represents the…

A: A minimum wage sets above the equilibrium wage which creates a surplus of labor. It leads to a…

Q: 5. For a profit-maximizing firm with a marginal-cost function MC(q) =q³²+ 6, find: (a) PS (producer…

A: Given The marginal cost function of a profit-maximizing firm is given as MC=q3/2+6 We have to find…

Question

If the market for good X consists of two consumers whose individual own-price demand curves are
given by X₁-9-3px and X₂=6-px +, where the latter demand curve is dependant on the
former, what is the quantity demanded in this market when the market price is equal to $2?
a. 6
b. 10
C. 4
d. 8
e. 2

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

Recent research confirms that the demand for cigarettes is not only inelastic, but it also indicates that smokers with incomes in the lower half of all incomes respond to a given price increase by reducing their purchases by amounts that are more than four times as large as the purchase reductions made by smokers in the upper half of all incomes. How can the income and substitution effects of a price change help explain this finding?
The demand for good X is given by Qd = 6,000 – 1/2 Px – Py + 9Pz + 1/10 M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100 while the average income of individuals consuming this product is M = $70,000. A. Indicate whether goods Y and Z are substitutes or complements for good X. B. Is X an inferior or a normal good? C. How many units of goods X will be purchased when Px = $5,230? D. Determine the demand function and the inverse demand function for good X. Graph the demand curve for good X.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x, y) = lnx + 2lny (MUx = 1/x, MUy = 2/y). a. Derive his demand functions for x and y. Are they homogeneous in income and prices? b. Assuming I = $60 and px = $1, graph his demand curve for y. c. Repeat part (b) for the case in which px = $2.
David's utility function for good X and Y is given by U (X,Y) =X2y3. Where px,py and I are the price of good X, price of good Y and consumer income respectively. E). Suppose david faces a new utility such as U(X, Y)=25x0.2 Y0.75 for consuming commodity X and Y, redo question b and c. Derive the demand function for good X and Y What combination of X and Y maximizes the consumer at I=100,px=4,and py=5 F). Suppose david faces another new utility function such as U (X, Y) =15xy2 for consuming commodity X and Y,redo question b and c Derive the demand function for good X and Y What combination of X and Y maximizes the consumer at I=100,px=4,and py=5
The market for lemon has 10 potential consumers ,each having an individual demand curve p=101-10Q where p is price in dollars per cup and Q is the number of cups demanded per week by the ¡th consumer.find the market demand curve using algebra . Draw an individual demand curve and the Market demand curve . What is the quantity demanded by each customer and in the market as a whole when lemon is priced at p=$1/cup?
Q1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good.(b) how much satisfaction or benefit we get from consuming the good.(c) how much it costs to buy the good.(d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumedbecause:(a) supply slopes upwards.(b) consumers are constrained by income.(c) of the law of diminishing marginal utility.(d) prices move with demand.
Assume a piece of jewelry and 2 consecutive drops in its price. Also consider Alia’s demand to be relative elastic in the price range from ?1 to ?2, and that she perceives jewelry as a Giffen good in the price range from ?2 to ?3. Draw her price-consumption curve with well-behaved preferences. Clearly label your graph.
Assume the demand for cherries is elastic and that the producer of cherries increases the price of cherries. As a result? A convex indifference curve implies what type of behavior? If a consumer always wishes to consume peanut butter and jam in fixed proportions, he treats these two goods as if they are? Assume PX= $3 and PY = $6 and income = $30. What is the relative price of an additional unit of good X in terms of the amount of good Y that has to be given up? Assume there are only two goods (X and Y). Assume the relative price of good X, is 2 of good Y. If income doubles, the price of X doubles and the price of Y doubles, what will be the relative price of good Y?
The demand for good X is given by Qxd = 6,000 − 1/2 Px − Py + 9 Pz + 1/10 M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X. b. Is X an inferior or a normal good? c. How many units of good X will be purchased when Px = $5,230? d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
Consumer satisfaction from consuming goods X and Y is as follows:U=10X+14Y-X2-Y2 and consumer income 3X+Y=12Look for:1. The marginal utility function for goods X and Y?2. What are the values of X and Y for maximum utility?3. Prove with the results of X and Y obtained whether optimal customer satisfaction is achieved?
Suppose U = 2X + Y, I = 20, Px = 2, and Py = 2. (a) Find Marshallian demand for X and Y . (b) What is Marshallian demand for X and Y if the price of X increases to 5? How much of the change in demand for X is the income effect and how much is the substitution effect? (c) How much is compensating variation for the price change described in part (b)? (d) How much is equivalent variation for the price change described in part (b)? ( Please solve all the subparts ASAP I will give you thumbs up . )
As you now know, we are considering entering the tomato sauce market. We have continued our research and now better understand consumer demand for our jars of sauce as: D(p) = -3p+25 We are prepared to supply: S(p) = 2p-4 In this question, assume that the equilibrium price and quantity are given by: P∗ and Q∗ What is the consumer's surplus at $4?