Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please can you help me explain the answer to the below? Suppose that the demand for lawn fertiliser can be expressed as: Qd = 5000-120p

Please can you help me explain the answer to the below?

Suppose that the demand for lawn fertiliser can be expressed as: Qd = 5000-120p and that the supply of lawn fertiliser can be expressed as: Qs = 1000+80p where Q is measured in thousands of tons per year and P is measured in pounds per thousand tons. If demand increases 10%, by how much will price change?

A) Price will not increase B) Price increases by 7.50 C) Price increases by 1.23 D) Price increases by 10%

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_2

Step: 3

blur-text-image_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

The World Economy Geography, Business, Development

Authors: Frederick P. Stutz, Barney Warf

6th edition

321722508, 321722507, 978-0321722508

More Books

Students also viewed these Economics questions

Question

Which directory is the top of the system's file system hierarchy?

Answered: 1 week ago