ssume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1214−13p , p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? What is the equilibrium quantity? What is the total revenue at equili

ssume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1214−13p , p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? What is the equilibrium quantity? What is the total revenue at equili

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 8WNG

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For each of the determinants of demand in Equation 2.1, identify an example illustrating the effect on the demand for hybrid gasoline-electric vehicles such as the Toyota Prius. Then do the same for each of the determinants of supply in Equation 2.2. In each instance, would equilibrium market price increase or decrease? Consider substitutes such as plug-in hybrids, the Nissan Leaf and Chevy Volt, and complements such as gasoline and lithium ion laptop computer batteries.
(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1651−14pQ=D(p)=1651-14p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10pQ=S(p)=-5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. Answer (1 point) Save your answer What is the equilibrium quantity? Please round your answer to the nearest integer. Answer (1 point) Save your answer What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) Save your answer What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1…
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Suppose the demand and supply function of the item x and y are associated with each other. If qx and qy are the units produced and sold of x and y, respectively, and px and py are the corresponding prices, the demand functions are qx=7-px+py and qy=24+px-py and the supply functions are qx=-3+4px-2py and qy=-5-2px+4py. What is the equilibrium prices?
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Q1. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=806−10p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−4+8p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the total revenue at equilibrium? Please round your answer to the nearest integer.