Okyerefo Company Ltd. manufactures okyerefo soap. The product is sold in three communities, X, Y and Z. The supply function schedules of the three communities as well as that of the entire market supply for okyerefo soap are shown below Unit Price Community X Community Y Community Z Market Supply 100 250 520 725 640 850 Use the information in the table to estimate i. 700 1000 1860 2575 i. the supply equations of each of the three communities. ii. iii. ii. the market supply function. iii. market supply when the price decreases to 50.

Okyerefo Company Ltd. manufactures okyerefo soap. The product is sold in three communities, X, Y and Z. The supply function schedules of the three communities as well as that of the entire market supply for okyerefo soap are shown below Unit Price Community X Community Y Community Z Market Supply 100 250 520 725 640 850 Use the information in the table to estimate i. 700 1000 1860 2575 i. the supply equations of each of the three communities. ii. iii. ii. the market supply function. iii. market supply when the price decreases to 50.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

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A company manufactures three product. The productis sold in three communities, X, Y and Z. The supply function schedules of the three communities as well as that of the entire market supply for okyerefo soap are shown below Unit Price Community X Community Y Community Z Market Supply 100 250 520 725 640 850 700 1000 Usethe information in the table to estimate i. i. the supply equations of each of the three communities. ii. market supply function. ii. market supply when the price decreases to 50.
Question 1a. Estimate the equilibrium price and quantity of the market whose demand and supply function are pd=(q+)^2+100 and ps=(q+2)^2 respectively. 1b. If the region shaded grey in the diagram above represents a set, derive the system of inequalities that define that region. 2. The profit function, in dollars for a product given by p(x)= -x^3 + 76x^2 - 380x - 2800 Where x is the number of units produced and sold. If the break-even point occurs when 10 units are produced and sold a. Find the quadratic factor of P(x) b. Find finds the number of units other than 10 that give break-even for the product.
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estion 1:There are 5000 identical individual buyers in the market for commodity X, and the demand function for commodity X is given by given by Qdx = 24 -4Px. There are 500 identical producers of commodity X, each with a Supply function given by Qsx = 40Pxa) Find the market demand function b) Find the market supply function for commodity X keeping maximum price 8c) Mathematically find the equilibrium price and the equilibrium quantity. d) Make on (the table given below) market demand schedule and Market Supply Schedule, keeping maximum price 8e) Plot, on one set of axes, the market demand curve and the market supply curve for commodity X and show the equilibrium point.Market Demand SchedulePrice QuantityMarket Supply SchedulePrice Quantity
Calculating the price elasticity of supply Van is a stay-at-home parent who lives in Chicago and provides math tutoring for extra cash. At a wage of $30 per hour, he is willing to tutor 6 hours per week. At $50 per hour, he is willing to tutor 16 hours per week. Using the midpoint method, the elasticity of Van’s labor supply between the wages of $30 and $50 per hour is approximately (0.05 / 0.55 / 1.82 / 22), which means that Van’s supply of labor over this wage range is ( elastic / inelastic).