The supply curve S(x) and the demand curve D(x) for chociates are given by. V4x + 16 S(x) = ; D(x) = 8 -x for 0 sx<8 4. x: Quantity in units, S and D price per unit Sketch the graphs of the two functions in the given grid below and mark both axes and the two a) functions correctly. b) Calculate the coordinates of the market equilibrium point and mark it in the graph. What is the revenue of the producer in the equilibrium? c) Assume that the producers decide to sell the product for a price of 2 per unit without changing d) the supply curve. What is the corresponding demand and supply for this price? Mark the gap between supply and demand for price 1.2 per unit in the graph? Explain what e) the producers have to do.
The supply curve S(x) and the demand curve D(x) for chociates are given by. V4x + 16 S(x) = ; D(x) = 8 -x for 0 sx<8 4. x: Quantity in units, S and D price per unit Sketch the graphs of the two functions in the given grid below and mark both axes and the two a) functions correctly. b) Calculate the coordinates of the market equilibrium point and mark it in the graph. What is the revenue of the producer in the equilibrium? c) Assume that the producers decide to sell the product for a price of 2 per unit without changing d) the supply curve. What is the corresponding demand and supply for this price? Mark the gap between supply and demand for price 1.2 per unit in the graph? Explain what e) the producers have to do.
Chapter5: Supply, Demand, And Price: Applications
Section5.7: Application 7: Why Do Colleges Use Gpa,s Actss, And Sats, For Purposes Of Admission?
Problem 2ST
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