EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Chapter 1, Problem 1.11P
To determine
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Using data on the market of a particular product, the following show the estimated demand and supply equations respectively Qd = 4,437.50 − 332.5P and Qs = 2,250 + 300P.
If the new demand equation will be Qd′ = 6,123.75 − 458.85P
I. What would be the new equilibrium price (round-up to 6 decimals)?
J. How many of this product will be bought and sold at this new market price? Round-up to two decimals.
K. List five factors that could be the reason for this change in demand
If the demand function for a commodity is ?2+4?=1600p2+4q=1600 and the supply function is given by the equation 300−?2+2?=0300−p2+2q=0, find the equilibrium quantity and equilibrium price.
Assuming Demand is downward sloping and Supply is upward sloping (as we usually do), what happens to equilibrium price (P) and quantity (Q) of a good when Supply decreases?
Group of answer choices
a. P and Q should not change
b. P decreases; Q decreases
c. P increases; Q decreases
d. P increases; Q increases
e. P decreases; Q increases
Chapter 1 Solutions
EBK MICROECONOMICS
Ch. 1 - Prob. 1RECh. 1 - Prob. 2RECh. 1 - Prob. 3RECh. 1 - Prob. 4RECh. 1 - Prob. 5RECh. 1 - Prob. 6RECh. 1 - Prob. 7RECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3P
Ch. 1 - Prob. 1.4PCh. 1 - Prob. 1.5PCh. 1 - Prob. 1.6PCh. 1 - Prob. 1.7PCh. 1 - Prob. 1.8PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10PCh. 1 - Prob. 1.11PCh. 1 - Prob. 1.12PCh. 1 - Prob. 1.13PCh. 1 - Prob. 1.14PCh. 1 - Prob. 1.15PCh. 1 - Prob. 1.16PCh. 1 - Prob. 1.17PCh. 1 - Prob. 1.18PCh. 1 - Prob. 1.19PCh. 1 - Prob. 1.20PCh. 1 - Prob. 1.21P
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