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- The price in pesos for a certain product is p(x) = 900 - 20x - x2 when x units is demanded. Also p(x) = x2 + 10x is the price when the supply is x units. Compute the equilibrium price.What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or the location of the demand for resource C, which is being used to produce commodity X? Where there is any uncertainty as to the outcome, specify the causes of that uncertainty. a. An increase in the demand for product X.b. An increase in the price of substitute resource D. c. An increase in the number of resources substitutable for C in producing X. d. A technological improvement in the capital equipment with which resource C is combined. e. A fall in the price of complementary resource E. f. A decline in the elasticity of demand for product X due to a decline in the competitiveness of product market X.For a certain commodity the demand equation is given by Demand = −30p + 1000. At a price of $5, 600 units of this commodity are supplied. (a) If the supply equation is linear and the market price is $10, find the supply equation. (b)If the price of this commodity increases by $3 per unit, what effect will this have on the supply and demand of the commodity?
- Suppose that an increase in the supply of a good causes expectations of future price decreases to change. Which of the following additional outcomes is most likely? a change in quantity demanded followed by a change in demand a change in quantity demanded alone a change in demand alone neither a change in quantity demanded or a change in demandIntermediate goods have Direct demand True /FalseYou are the manager of a firm that receives revenues of 50,000 AED per year from product X and 40,000 AED per year from product Y. The own price elasticity of demand for product X is −1.25 and the cross-price elasticity of demand between products Y and X is −1.5. How much will your firm’s total revenues (revenues from both products) change if you increase the price of good X by 2 percent?
- Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. What is the equilibrium price is?For each of the following changes, determine whether there will be a change in quantity supplied or a change in supply. a) a change in the resource cost b) a change in producer expectations c) a change in priceTrue/False Excess supply of a commodity occurs Exists when it's market price is greater than its equilibrium price.
- At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds. When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent.A particular equilibrium price-quantity is more theoretical than real in most markets. Does that make the concept useless? Explain.In the following question(s) you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. An increase in the price of a product that is a close substitute for X will: Group of answer choices a. decrease D, increase P, and decrease Q. b. increase D, increase P, and decrease Q. c. increase D, increase P, and increase Q. d. increase D, decrease P, and increase Q.