The following are the demand and supply functions of all-purpose flour: QD = 6000 3000P, QS

Question:

The following are the demand and supply functions of all-purpose flour:

QD = 6000 − 3000P, QS = 2400 + 3000P.

(a) Find the equilibrium price and quantity.

(b) If the government imposes a price floor of $1.20 on this commodity, what would happen to the quantities demanded and supplied?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Economics A Mathematical Approach

ISBN: 9781118091364

1st Edition

Authors: M. J. Alhabeeb, L. J. Moffitt

See More Books

Question Posted: Oct 05, 2024 05:00 AM

See More Questions

Solve all questions. A market demand and supply functions are as follows: Qd = 500 - P/4, and Qs = P/2 - 100. For parts 2-5, use ONE graph. 1. Determine the equilibrium price and quantity. 2. Graph...
= 2.3 Factors Affecting Demand and Supply Questions Question 1/10 What are goods that can be used in place of another good? Choose an answer Hint Complementary goods Substitute goods Normal goods...
Suppose Home and Foreign both only produce bikes and ropes for climbing. Precisely their production possibilities are characterized by the following table (which assumes that both countries use all...
Why do most cities in the United States now have more radios but fewer radio repair shops than they did in 1960?
What are the different components of report? Write briefly about oral presentation and its parts.
The property (building and land) probably can be sold for $3 million at the end of 20 years. Project B: An insurance company is seeking to borrow money for 90 days at 13 3/4%per annum, compounded...
The following are the demand and supply functions of all-purpose flour: QD = 6000 3000P, QS = 2400 + 3000P. (a) Find the equilibrium price and quantity. (b) If the government imposes a price floor...
Josh is a judge employed by the county. He must purchase and maintain his judicial robes. The total cost of purchasing a new robe and dry cleaning for the current year is $750, which is not...
The Tprpco Co. IS considering two Mutually exclusive pieces of machinery that perfrom the same stock year Equipment A Equipment B 0 ($10,000) (10,000) 1-2 5,800 4,050 1-3 Npv at 8% 342 437
The following are the demand and supply functions of milk: QD = 100 20P, QS = 40 + 5P. (a) Find the equilibrium price and quantity. (b) If a price ceiling of $6.00 is imposed and the demand rises to...
Consider a consumers demand function for a small window air conditioner: P = 100 2Q. (a) If this consumer is willing to pay $96.00 a piece, how many units would he or she buy? (b) If at the store...
This is a repeated measures analysis with movement in nine people with Multiple Sclerosis at two timepoints (an intervention was given between pre-test and post-test). The hypothesis was that...
On May 1, 2024, Meta Computer, Incorporated, enters into a contract to sell 6,000 units of Comfort Office Keyboard to one of its clients, Bionics, Incorporated, at a fixed price of $106,800, to be...
LaTanya Corporation is planning to issue bonds with a face value of $110,000 and a coupon rate of 6 percent. The bonds mature in seven years. Interest is paid annually on December 31. All of the...
Suppose you use Google Analytics to optimize your online adds. You run two different ads, ad A and ad B, for a month. What is a appropriate test statistics for the click rate and appropriate critical...
on a google ad where should you try to get your website put on google search?
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted...
A man is riding on a flatcar traveling at a constant speed of 9.10 m/s (Fig. 3.54). He wishes to throw a ball through a stationary hoop 4.90 m above the height of his hands in such a manner that the...
Extend Algorithms 3.4 and 3.5 to include as output the first and second derivatives of the spline at the nodes.

The following are the demand and supply functions of all-purpose flour: QD = 6000 3000P, QS

Question:

Step by Step Answer:

Managerial Economics A Mathematical Approach

Students also viewed these Business questions