The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will the quantity demanded be if the government controls the market price to be $3.00 (You must first find the market equilibrium price and quantity in order to see how the $3.00 relates to them)? Q = 100 – 4.6P and Q = 75 + 6.2P 2 There has been a change in the market (represented in 1 above). The change is represented by the following two equations. Circle the one correct conclusion that describes the market change. Q = 65 + 6.2P and Q = 80 – 4.6P 3 Circle the function on the answer sheet that represents the marginal revenue (MR) function for this demand function: Q = 150 – 5P
The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will the quantity demanded be if the government controls the market price to be $3.00 (You must first find the market equilibrium price and quantity in order to see how the $3.00 relates to them)? Q = 100 – 4.6P and Q = 75 + 6.2P 2 There has been a change in the market (represented in 1 above). The change is represented by the following two equations. Circle the one correct conclusion that describes the market change. Q = 65 + 6.2P and Q = 80 – 4.6P 3 Circle the function on the answer sheet that represents the marginal revenue (MR) function for this demand function: Q = 150 – 5P
Chapter4: Markets In Action
Section: Chapter Questions
Problem 19SQ
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- The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will the quantity demanded be if the government controls the market price to be $3.00 (You must first find the
market equilibrium price and quantity in order to see how the $3.00 relates to them)?
Q = 100 – 4.6P and Q = 75 + 6.2P
2 There has been a change in the market (represented in 1 above). The change is represented by the following two equations. Circle the one correct conclusion that describes the market change.
Q = 65 + 6.2P and Q = 80 – 4.6P
3 Circle the function on the answer sheet that represents the marginal revenue (MR) function for this demand function: Q = 150 – 5P
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