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Suppose the market for phone chargers has demand described by 09 = 3500 30F, and supply described by 05 = 500 + 70F. What is the equilibrium price and equilibrium quantity? Price: $ Quantity: units Question 5 The firm you manage faces the following costs: Quantity Total Cost 0 $8 $15 2 $23 $32 4 $39 5 $45 The fixed cost of the 3d unit produced is $ and the marginal cost of the 3d unit produced is $Question 4 10 point You manage a factory that produces t-shirts and sells each for $8. You pay your workers a wage of $50 per day. The following table shows your factory's daily total output of t-shirts based on the number of workers that you hire. Number of Total Workers Output 30 2 35 w 45 57 5 70 6 85 95 8 103 9 110 10 115 Diminishing marginal returns starts to occur after workers. You should hire workers to maximize profit.Question 3 10 points Save Answer Suppose that a Country Club is considering what price to charge for its senior citizens. They know that if they charge a price of $75 then 100 senior citizens will join and if they charge a price of $85 then 80 senior citizens will join. What is the absolute value of the price elasticity of demand for senior citizens at this Country Club? (Provide answer to the 2nd decimal point) This implies that golf is (elastic/unit elastic/inelastic) for senior citizens at this Country Club.Question 2 1a \"in\" The market for watches has a demand curve given by QD = 500 - 2P1), and supply curve given by Q5 = 25 1- PS. If watches are priced at $200 this will result in a (shortage / surplus] of watches. Question 1 Suppose the market for phone chargers has demand described by Qp = 3500 - 30P, and supply described by Qs = 500 + 70P. What is the equilibrium price and equilibrium quantity? Price: $ Quantity: units