Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 27, 2024

Suppose the demand and supply function of good X are: Q d = 50 - 8P and Q s = -17.5 + 10P. a)What are

Suppose the demand and supply function of good X are: Q_d = 50 - 8P and Q_s = -17.5 + 10P.

a)What are the equilibrium price and quantity?

b)What is the market outcome if price is $2.50? What do you expect to happen? Why? (Reveal your calculation)

c)What is the market outcome if price is $4.50? What do you expect to happen? Why? (Reveal your calculation)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Principles Of Microeconomics 3e By OpenStax

Authors: OpenStax

3rd Edition

1711471496, 978-1711471495

More Books

Students also viewed these Economics questions

Question

★★★★★

Find the greatest common factor of each list of terms. 1. x3 , x, x5 2. b6,b6, b4 3. a5b3, a5b2, a5b 4. 9z6, 4z5, 2z3 5. 6y7, 9y6, 15y5

Answered: 1 week ago

Question

★★★★★

Simon Companys year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 31,500 $ 34,000 $ 37,300 Accounts receivable, net 88,800 63,600 55,400 Merchandise inventory...

Answered: 1 week ago

Question

★★★★★

2 In the Procter & Gamble case study (Case study 8.2), the advice is to cut down on the number of skus on offer in order to improve replenishment. Is this integration or defeatism?

Answered: 1 week ago

Question

★★★★★

Memphis Electrical makes small electric motors for a variety of home appliances. Memphis sells the motors to appliance makers, who assemble and sell the appliances to retail outlets. Although Memphis...

Answered: 1 week ago

Question

★★★★★

Suppose the demand and supply function of good X are: Q d = 50 - 8P and Q s = -17.5 + 10P. a)What are the equilibrium price and quantity? b)What is the market outcome if price is $2.50? What do you...

Answered: 1 week ago

Question

★★★★★

(6) Calculate the effective annual rate for an investment that has a stated interest of 12% being compounded quarterly. (4pts)

Answered: 1 week ago

Question

★★★★★

An archer wants to test the speed of his shot (arrow) using limited sources. During the experiment, he hits a solid ball made up of clay soil having mass 0.4 kg kept at a height of 80 m on the...

Answered: 1 week ago

Question

★★★★★

The term (2 points) refers to a broad range of tools and activities used to explore big data in order to make forecasting models that will inform decision-making. a) Information system b) Knowledge...

Answered: 1 week ago

Question

★★★★★

Jim decided to sell his business because he wanted to retire. Through their lawyers, Mike agreed to buy Jim's business for $500,000. A certified cheque was specified as the method of payment for the...

Answered: 1 week ago

Question

★★★★★

Cash flow analysis. Kary Kinnard has an opportunity to open a franchised pizza outlet. He can lease the building, so he needs to invest only in equipment, which he estimates will cost $60,000. For...

Answered: 1 week ago

Question

★★★★★

an. c. Musk does not want to have to meet all the requirements necessary for a public stock offering. Which exemption from the public offering registration requirements of the Securities Act of 1933...

Answered: 1 week ago

Question

★★★★★

LO15.2 Explain how entrepreneurs and other innovators further technological advance.

Answered: 1 week ago

Question

★★★★★

14. last word Why have tech firms with near monopolies in their own sectors sought to compete with tech firms that have extremely strong, near-monopoly positions in other sectors?

Answered: 1 week ago

Question

★★★★★

2. Faceblock, Gargle+, and SnapHat are rival firms in an oligopoly industry. If kinked-demand theory applies to these three firms, Faceblocks demand curve will be: LO14.3 a. More elastic above the...

Answered: 1 week ago

Previous Question Next Question