Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that the demand and price for melons are related by P=D(q)=5-0.25q: where p is the price (In dollars) and q is the quantity demanded

Suppose that the demand and price for melons are related by P=D(q)=5-0.25q: where p is the price (In dollars) and q is the quantity demanded (in hundreds of quarts).

A) Find the price at each level of demand.

(i) 0 quarts (ii) 400 quarts (iii) 840 quarts

B) Find the quantity demanded for the melons at each price.

(i) $4.50

(ii) $3.20

(iii) $2.40

C) Suppose the price and supply of melons are related by p=S(q)=0.25q

P=price (in dollars), q is the quantity demanded (in hundreds of quarts). Find the quantity supplied at each price.

(i) $0

(ii) $2

(iii) $4.50

(iv) Find the equilibrium qty and price

I just need help with the last question finding the equilibrium and price

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

The Yield Curve And Financial Risk Premia Implications For Monetary Policy

Authors: Felix Geiger

1st Edition

3642215742, 3642215750, 9783642215742, 9783642215759

More Books

Students also viewed these Finance questions