The demand for pocket calculators is given by the function: P = 6 - 0.5Qd; and the supply is given by the function: 6 = Qs - P; where = Qd = quantity demanded, Qs= quantity supplied and P = price. Calculate the demand and supply for calculators if the market price is $15 per barrel. What problem exists in the economy? What would you expect to happen to price?

Q: QUESTION 10 If you have $47,000 in student loans at an interest rate of 5%, compounded monthly, what…

A: 10. Interest on interest, or compound interest, is the adding of interest to the principal sum of a…

Q: For each of the following four situations, determine if it is the demand or the supply of autos that…

A: According to the law of demand greater quantity of commodity is demanded at lower prices and smaller…

Q: In the following question you are asked to determine, other things equal, the effects of a given…

A: Answer: Correct option: A (increase D, increase P, increase Q) Explanation: The determinant here is…

Q: Consider the demand for soap shown in Figure 1 above. How much soap will consumers purchase if the…

A: The quantity demanded of a product like soap is negatively associated with the price of own product.…

Q: For demand function Qd = a - dP and supply function Qs = dP - c, using the Cramer’s Rule, determine…

A: We have given  Demand function: Q=a-dP         ... (1) Supply function:  Q=dP-C          .... (2)…

Q: increase in the price of chilies is inversely proportional to the amount of demand for chilies is an…

A: According to law of demand, other things being constant, there is an inverse relationship between…

Q: The market for soda is characterized by the following supply and demand functions: Supply: Qs = 90+…

A: Given:  In the Market for soda: Demand is Qd=160-7p Supply is Qs=90+3p where Qd is the quantity…

Q: Suppose consumers will demand 55 units of a product when the price is $15.30 per unit and 20 units…

A: Linear demand function is   Q = mP + b Where m is slope of demand curve and b is intercept

Q: A perfume product has the following market demand and supply equations: QD = 50 - 5P Qs = 10 + 3P…

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

Q: If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q…

A: The demand curve illustrates the relationship between price and the quantity demanded of a good.…

Q: For the following model of supply and demand, find the equilibrium price. 2+p V10 – p

A: Answer: Given, At equilibrium, qD=qS Since the price can not be negative, p=1.

Q: What effect will each of the following have on the demand for small automobiles such as the Mini…

A: Demand refers to the amount of willingness and ability of the consumer to purchase the goods and…

Q: True or False (explain why) The supply function is Qs = 85 + 0,5P, when the price is $100, then…

A:

Q: Suppose you are given the following functions: S(q) = 0.22q + 98 D(q) = 0.00033q? – 0.0768q + 580…

A: Given supply equation :- S(q) = 0.22q + 98 Demand equation :- D(q) = -0.00033q2 - 0.0768q + 580

Q: Assume that the demand curve D(p) given below is the market demand for widgets: D(p) 2941 - 23p, p >…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if…

A: Quantity supplied has a direct relationship between price and quantity supplied.

Q: . When supply of a commodity increases without change in price, it is called

A: Supply of a commodity is related to the price of a commodity directly, but also depends on several…

Q: Suppose a producer sells 1000 units of a product at $5 per unit one year, 2000 units at $8 the next…

A: (Q) Suppose a producer sells 1000 units of a product at $5 per unit one year, 2000 units at $8 the…

Q: Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1…

A: The fundamental determinant of SS is the price (p) of the commodity. if p of a commodity-X…

Q: Which one of the following statements is incorrect? A. A demand curve illustrates the quantities…

A: Answer: E. We cannot analyze the demand for a product without considering the availability of the…

Q: Complete each statement below about the demand and supply of bicycles using the dropdown list. In…

A: Equilibrium refers to the point of equilibrium where the demand and supply for a product are equal…

Q: described by the inverse demand function p = 10 - 3q and the supply of the good is given by the…

A: Equilibrium is achieved at the output level where quantity supplied equals quantity demanded.

Q: Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if…

A: Quantity supplied has a direct relationship between price and quantity supplied.

Q: The demand for air conditioners is P=3,500 - 100Q, The supply of air conditioners is P=2,500+40Q.…

A: Market equilibrium Market equilibrium refers to a condition at which quantity demanded of a…

Q: What is wrong with the following statement ? Demand refers to the willingness of buyers to purchase…

A: Demand in economics refers to the willingness and ability to purchase different quantities of goods…

Q: At a price of $2.24 per bushel, the supply of a certain grain is 7300 million bushels and the demand…

A: The curve that depicts the quantity that is demanded by customers and supplied by producers at…

Q: Given that the demand is Qd=90-3P and supply is Qs=P-10, compute the new equilibrium price and…

A: Price has an inverse relationship with quantity demanded.

Q: For the following demand function: Q(P) = 2015 - 31P Calculate the price where the quantity…

A: The price of the good and the quantity desired of the good have a negative connection, in accordance…

Q: At a price of $60 there is demand for 504 items and a supply of 240 items.  At a price of $110 there…

A: The quantity demanded of the good is generally defined as the amount of the commodity the consumers…

Q: Suppose the National Institutes of Health publishes a study finding that coffee drinking reduces the…

A:

Q: At a price of $4.66 per pound, the supply for cherries is 16,248 pounds, and the demand is 10,369…

A: P1=$4.66 S1=16248 pounds D1=10369 pounds   P2=$4.16 S2=10643 D2=12641   We will form demand and…

Q: Consider the demand for soap shown in Figure 1 above. How much soap will consumers purchase if the…

A: The demand curve is a graphical representation that represents the association between quantity…

Q: 30. In land markets, the following characteristic is true:     Changes in demand have an outsized…

A: The land markets are the markets where the land rights are exchanged agreeing on equilibrium prices…

Q: Let the demand and supply functions for a given commodity be Q = a - ßp Q=-y+ p where (a, B, 8, y>…

A: Here the supply curve is the curve depicting how much production of manufacturing goods is being…

Q: What is wrong with the statement: Demand refers to the willingness of buyers to purchase different…

A: Demand in economics refers to the willingness and ability of a buyer to purchase different…

Q: Complete each statement below about the demand and supply of bicycles using the dropdown list. In…

A: 1) When "there was an increase in the cost of materials in bicycle production then the change in…

Q: In the following question you are asked to determine, other things equal, the effects of a given…

A: A market is a place where the buyers of the economy as well as the sellers of the economy comes and…

Q: Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and…

A: here we can solve the equilibrium price and quantity which are as follow- we know at equilibrium…

Q: The number of retro portable CD players you are prepared to supply to a retail outlet every week is…

A: We are going to find the change in quantity supplied per week with the help of provided supply…

Q: In the following question(s) you are asked to determine, other things equal, the effects of a given…

A: Substitute goods are those goods that can be used in place of each other and these goods satisfied a…

Q: Consider the product of gasoline. Its PES is estimated at 1.6. Which of the following would be true?…

A: (1) If the price elasticity of supply is 1.6 means, the price elasticity of supply is elastic. That…

Q: If the supply and demand functions for a commodity are given by p – q = 10 and q(2p - 10) = 1000,…

A: Equilibrium is at a particular price where quantity supplied  equals quantity demanded.

Q: Assume that the price of product X rises by 13 percent and the quantity supplied of X rises by 15…

A: The markets are the place where the buyers of various goods and services tend to meet and interact…

Q: When demand of a commodity is greater than its supply at a given price then it is known as

A: # In a market the market equilibrium occurs at the point where the demand and the supply are equal.…

Q: Price & Demand In economic theory, we let z represent the number of items (called demand) a supplier…

A: GIVEN (X1,Y1) = (577,10) (X2,Y2) = (393,33)