Questions:

1.Find the equilibrium quantity and the equilibrium price for the commodity whose supply and demand functions are given: Supply: P=45q Demand: P= -q^2 + 10000

2.The profit in dollars from the sale of x expensive watches is P(x)= 0.06^2 3x + 6x^0.6 5300 Find the marginal profit when x=500, x=1000, x=6000, x=12000

3.What is the probability of winning a lottery in which you must choose 4 numbers from the numbers 1 through 15? a.Assuming that order is unimportant b.Assuming that the order matters