If the supply and demand functions for a commodity are given by p – q = 10 and q(2p - 10) = 1000, what is the equilibrium price and what is the corresponding numbers of units supplied and demanded?
Q: tion is Q = 58 + 15p − 20pf w
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- Suppose the estimated supply function for avocados is given by QS = 48 + 15p – 10pf , where pf is the price of fertilizer. The estimated demand for avocados is given by Qd = 233 - 40p + 5pt , where pt is the price of tomatoes per pound. Solve for the initial equilibrium price and quantity of avocados if the price of fertilizer, pf ,is equal to $0.35 per lb. and price of tomatoes, pt, is equal to $0.80 per lb. Solve for the new equilibrium price and quantity of avocados if the price of fertilizer, pf , increases to $0.90 per lb. and price of tomatoes, pt, remains $0.80 per lb. Use these equilibrium values from parts a. and b. to solve for the price elasticity of demand for avocados. Given your calculations, are avocados elastic, inelastic or unit-elastic? Have total expenditures on avocados increased, decreased, or not changed as a result of the change in the price of fertilizer?Calculate the equilibrium price when the demand equation is given as:- 20P - 18 And the supply equation is :- 10P + 32If the demand and supply curves for a commodity are defined as follows, Qd=200-0.6(p) Qs=80+1.4(p) What would be the best option to represent the equilibrium price and equilibrium quantity
- The market research department of the Better Baby Buggy Co. predicts that the demand equation for its buggies is given by q = −2.5p + 500 where q is the number of buggies it can sell in a month if the price is $p per buggy. At what price (in dollars) should it sell the buggies to get the largest revenue? p = $If the demand function for a commodity is ?2+4?=1600p2+4q=1600 and the supply function is given by the equation 300−?2+2?=0300−p2+2q=0, find the equilibrium quantity and 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
- The estimated monthly U.S. demand function for avocados isQ = 144 − 40p + 20pt where p is the price of avocados and pt is the price of tomatoes, a substitute for avocados. The estmated supply function is Q = 58 + 15p − 20pf where the price of fertilizer, pf , is $0.40, so the supply function can be written asQ = 50 + 15p. The initial price of tomatoes is $0.80 per lb. Using algebra, determine the initial equilibrium price and quantity of avocados, and then determine how price and quantity change if the price of tomatoes increases by $0.55 to $1.35The market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?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.
- If the number of buyers in a market increases from 25 to 75, you would expect the equilibrium price to _____ and the equilibrium quantity to _____, holding all else constant. Group of answer choices remain the same; remain the same decrease; decrease decrease; increase increase; increase increase; decreaseThere is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: Determine the associated linear demand function Determine the linear supply function. At what price should the camera be sold so that there is neither a surplus nor a shortage?Using data on the market of a particular product, the following show the estimated demand and supply equations respectively Qd = 4,437.50 − 332.5P and Qs = 2,250 + 300P. If the new demand equation will be Qd′ = 6,123.75 − 458.85P I. What would be the new equilibrium price (round-up to 6 decimals)? J. How many of this product will be bought and sold at this new market price? Round-up to two decimals. K. List five factors that could be the reason for this change in demand