Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 26, 2024

In the short-run, a competitive market has a Demand function QD = 2277 - 57p and a Supply function QS = 1827 + 33p .

In the short-run, a competitive market has a Demand functionQD = 2277 - 57pand a
Supply functionQS = 1827 + 33p.
i)What is the equilibrium market price and quantity?
ii)In the long run, new firms enter the industry. The Demand function is
unchanged but the Supply function is now QS = 1877 + 43p. What is the new equilibrium market price and quantity?

iii) What is the elasticity of demand for this good? Interpret your answer.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Microeconomics

Authors: Roger A Arnold

13th Edition

1337617407, 9781337617406

More Books

Students also viewed these Economics questions

Question

★★★★★

The basal diameter of a sea anemone is an indicator of its age. The density curve shown here represents the distribution of diameters in a certain large population of anemones: the population mean...

Answered: 1 week ago

Question

★★★★★

=+1. What has been the gender, religious and ethnic makeup of leaders of your country? Have there been any minority leaders elected? Do you see any signs of tokenism in the election of your countrys...

Answered: 1 week ago

Question

★★★★★

Will the company help with relocation expenses?

Answered: 1 week ago

Question

★★★★★

Provide an explanation in support of or refuting the following statement: Humans would never develop natural immunity to a novel biological agent created in a laboratory Explain how super-antigens,...

Answered: 1 week ago

Question

★★★★★

suppose you invest $101 in a bank account, and five years later it has grown to $138.64 a. What APR did you receive, if the interest wass coumpounded semiannually? ___% b. What APR did you receive if...

Answered: 1 week ago

Question

★★★★★

Identity a specific product and service business in philippines amidst Covid-19 pandemic. Conpare and contrast their pricing strategy use. Show your illustrations in your note book.

Answered: 1 week ago

Question

★★★★★

A golf ball manufacturer knows the cost associated with various hourly production levels, given below. Production Costs for Golf Balls Production (hundred balls b) 2 5 C(b) 8 = 11 14 17 20 Cost...

Answered: 1 week ago

Question

★★★★★

The Integral Test enables us to bound the error approximation of the series 1 n=3 n (Inn)3 by the partial sum 8 = $20 20 1 n=3 n (Inn)3 What upper bound does it yield for the error s - 820 ? Give...

Answered: 1 week ago

Question

★★★★★

Macmillan Learning The motion y(x, t) of a vibrating system is described by y(x,t) = Age at sin(kx - cot) where x denotes a distance in meters and denotes a time in seconds. Denoting units with...

Answered: 1 week ago

Question

★★★★★

A certain skincare company's profit in millions of dollars, P(t), can be modeled by the polynomial function P(t) = -2t +8t2 + 2t, where t represents the number of skincare items produced, in...

Answered: 1 week ago

Question

★★★★★

Complete the equation for the piecewise function graphed below. ao -7 -6 -5 -4 -3 -2 -1 { f(x) = { 6 + 5 4 { -2 -3 -4 {3 6 if 6 x 3 if 3 Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

Discuss and analyze beef packer ownership and concentration in the United States. Analyze and discuss the change in beef packer ownership structure in the last 25 years. Include expansion of new...

Answered: 1 week ago

Question

★★★★★

2. In this chapter, the reader should reflect on the following concepts: Differences, relationships, processes, patterns, contexts, symmetrical rela-tionships, complementary relationships, linear...

Answered: 1 week ago

Question

★★★★★

1. Discuss the following statement: Everything is seen, heard and said by a subject, and accordingly is subjective.

Answered: 1 week ago

Question

★★★★★

1. This chapter is designed to give the reader an understanding of how the way a problem is framed is crucial for how it is perceived, both by the recipient of a message and the person who wants to...

Answered: 1 week ago

Previous Question Next Question