Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 02, 2024

1.Given that the demand and supply curves for No.2 pencils is Qd= 100-20P and Qs=10+40P respectively. a)Derive the inverse demand and supply function for No.2

1.Given that the demand and supply curves for No.2 pencils is Qd= 100-20P and Qs=10+40P respectively.

a)Derive the inverse demand and supply function for No.2 pencils.

b)Solve algebraically using the equation the equilibrium price and quantity.

c)Calculate the consumer surplus.

d)Determine the price that will result in an excess supply of 4 pencils.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Douglas Bernheim, Michael Whinston

2nd edition

73375853, 978-0073375854

More Books

Students also viewed these Economics questions

Question

★★★★★

1. Timothy R. McVeigh (no relation to the Oklahoma City bomber) was a highly decorated, 17-year veteran of the U. S. Navy. McVeigh was a gay male who, while using an alias, sent an e-mail message to...

Answered: 1 week ago

Question

★★★★★

Why do employees care about their employers ethics?

Answered: 1 week ago

Question

★★★★★

2. Be prompt and prepared. This rule highlights the importance of the academic work in the class. Being prompt includes the beginning of the day as well as transitions between activities. Being...

Answered: 1 week ago

Question

★★★★★

Wages are paid each Saturday for a six-day workweek. Wages are currently running $1,380 per week. Prepare the adjusting entry required on June 30, assuming July 1 falls on a Tuesday.

Answered: 1 week ago

Question

★★★★★

Bioclean Co. sells a biodegradable cleaning product and has predicted the following sales for the first four months of the current year: Jan. Feb. March April Sales in units 1,750 1,950 2,150 1,650...

Answered: 1 week ago

Question

★★★★★

Mattress Wholesalers, Inc. is constantly trying to reduce inventory in its supply chain. Last year, cost of goods sold was$7.53 million and inventory was $1.52 million. This year, costs of goods sold...

Answered: 1 week ago

Question

★★★★★

1. What is the Government's role in the Public-Interest Game. 2. What is a Kaizen System and what is the purpose of this system for the organization? 3. What is the cycle- market and what are the...

Answered: 1 week ago

Question

★★★★★

A 0 Q3 A steel plate with a square hole in the middle of the plate is subjected to a uniform distributed tensile stress of 1PQR N/m as shown in Figure Q3.1 The modulus elasticity of the plate is 210...

Answered: 1 week ago

Question

★★★★★

The sample data for 2 5 Ohio administrators is contained in the file named Administrator. What is the p value for your hypothesis test in part ( a ) ? If required, round your answer to four decimal...

Answered: 1 week ago

Question

★★★★★

Eli's employer covers 60% of the cost of a $4900-per-year health insurance plan, and Eli's share of the cost of the plan is his only optional deduction. How much is deducted from Eli's paycheck each...

Answered: 1 week ago

Question

★★★★★

Identify the appropriate method of data mining for identifying patterns when using if/then statements. rule induction decision tree K-nearest neighbor fuzzy logic

Answered: 1 week ago

Question

★★★★★

1. Information that is currently accessible (recognition).

Answered: 1 week ago

Question

★★★★★

8. Based on the model in Fig. 10.2 in this chapter, analyse yourself and find out which cell you would place yourself in. Let another person in the group analyse you. Did he/she choose the same cell...

Answered: 1 week ago

Question

★★★★★

9. Take four examples from your own everyday life where someone has tried to influence you. Which of the seven influencing techniques mentioned above were used? Did they use any other influencing...

Answered: 1 week ago

Previous Question Next Question