Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 18, 2021

20. Supply and demand for a product are both a linear function of price. Suppose that if a price of $8 is charged, 8

20. Supply and demand for a product are both a linear function of price. Suppose that if a price of $8 is charged, 8 units will be demanded, that if a price of $5 is charged, 20 units will be demanded; that if a price of $3 is charged, 38 units will be supplied, and that if a price of $1 is charged, 26 units will be supplied. For what price will supply equal demand? $1 $4 $6 $5 None of the above

Step by Step Solution

★★★★★

3.42 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

Answer At 2 supply and demand are in equili... 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

Step: 3

Document Format ( 2 attachments)

635e1679e8f30_181346.pdf

180 KBs PDF File

635e1679e8f30_181346.docx

120 KBs Word File

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

Mathematical Applications for the Management Life and Social Sciences

Authors: Ronald J. Harshbarger, James J. Reynolds

11th edition

9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042

More Books

Students also viewed these Accounting questions

Question

★★★★★

The supply and demand for a product are given by 2p - q = 50 and pq = 100 + 20q, respectively. Find the market equilibrium point?

Answered: 1 week ago

Question

★★★★★

Suppose the demand and supply curves for a product are given by Q D = 500 - 2P Q S = -100 + 3P a. Graph the supply and demand curves. b. Find the equilibrium price and quantity. c. If the current...

Answered: 1 week ago

Question

★★★★★

Suppose the demand and supply functions for a product are respectively, where p is in dollars and q is the number of units. Find the tax per unit t that will maximize the tax revenue T, and find the...

Answered: 1 week ago

Question

★★★★★

Assume that a trader in HSBS has bought EUR 10,000,000 on Feb 03, 2020. Estimate one day VAR with a 95% confidence interval for the FX position with the Historical Simulation approach. Compose some...

Answered: 1 week ago

Question

★★★★★

Gerrys four sons were to share equally in a prize, receiving $28 each. How much was the total prize?

Answered: 1 week ago

Question

★★★★★

A 3-m-high, 6-m-wide rectangular gate is hinged at the top edge at A and is restrained by a fixed ridge at B. Determine the hydrostatic force exerted on the gate by the 5-m-high water and the...

Answered: 1 week ago

Question

★★★★★

2. Elaboration occurs when one adds meaning to new information by connecting with already existing knowledge. In other words, we apply our schemas and draw on already existing knowledge to construct...

Answered: 1 week ago

Question

★★★★★

Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it inparentheses. Sales Cost of goods sold .. ....

Answered: 1 week ago

Question

★★★★★

Monty Corp. acquired a property on September 15,2020 , for $260,000, paying $3,000 in transfer taxes and a $2,000 real estate fee. Based on the provincial assessment information, 85% of the...

Answered: 1 week ago

Question

★★★★★

The following balance sheet was prepared for Atlas Services Co. a. List any errors in the preceding balance sheet. b. Prepare a corrected balance sheet. ATLAS SERVICES cO. Balance Sheet For the Year...

Answered: 1 week ago

Question

★★★★★

Which Linux OS component performs specific tasks such as printing, scheduling, and sound?

Answered: 1 week ago

Question

★★★★★

The combination of an objective/goal plus evaluation criterion (measures/metrics) creates the basis for a control. Identify 3 examples of controls that you would recommend for a re-negotiated...

Answered: 1 week ago

Question

★★★★★

In the past year, a mid - sized company has decided to strengthen its global operations. As an initiative to achieve this goal, there has been an increase in hiring in offices across countries....

Answered: 1 week ago

Question

★★★★★

The design of a single-stage axial-flow turbine is to be based on constant axial velocity with axial discharge from the rotor blades directly to the atmosphere. The following design values have been...

Answered: 1 week ago

Question

★★★★★

Question 2 (10 marks) Analyse the Model below and provide how strategic management can be effective in an organisation. Environmental Analysis Strategic Strategic Action Direction Plans Plan...

Answered: 1 week ago

Question

★★★★★

Give a detailed explanation of the requirements (college degrees, relevant experience, and certificates for sports writing) in one paragraph.

Answered: 1 week ago

Question

★★★★★

Q24 A firm reports net income of $452,600.00 for 2013. The firm has a dividend payout ratio of 20.00%. The firm currently has $994,325.00 in debt, and $1,911,600.00 in shareholder equity. The firm...

Answered: 1 week ago

Question

★★★★★

Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were: Cost of goods sold ..................................................... $330,000 Salaries and wages...

Answered: 1 week ago

Question

★★★★★

Find g'(x) if g(x) = 1/ x3 - 4x.

Answered: 1 week ago

Question

★★★★★

As the baby boom generation ages and the proportion of the U.S population over age 65 increases, the number of Americans with Alzheimer's disease and other dementia is projected to grow each year....

Answered: 1 week ago

Question

★★★★★

Janie Christopher lent $6000 to a friend for 90 days at 12%. After 30 days, she sold the note to a third party for $6000. What annual simple interest rate did the third party receive? Use 360 days in...

Answered: 1 week ago

Question

★★★★★

An eight-year note for $3800 with interest at 11% compounded semiannually was sold after three years and three months to yield the buyer 14% compounded quarterly. What price did the buyer pay?

Answered: 1 week ago

Question

★★★★★

The contract for a $4000 loan at 9% compounded quarterly requires two payments. The first payment of $2000 is required two years after the date of the loan. (It is applied to the balance owed after...

Answered: 1 week ago

Question

★★★★★

Sun Life Financial offers a five-year compound-interest GIC earning rates of 2.5%, 3%, 3.5%, 4.25%, and 5% in successive years. Manulife offers a similar GIC paying rates of 2.75%, 3.25%, 3.5%, 4%,...

Answered: 1 week ago

Previous Question Next Question