1. In economics, the equilibrium point is the meeting point between the function representing the demand...

 

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1. In economics, the equilibrium point is the meeting point between the function representing the demand for a product and the function the supply of a product (see the following graphic representation) pa Offre SC SP E 9 a) Determine the equilibrium point E(qe, Pe) between supply and demand for a product if a company believes that the product offering is O(q) = 2.5q+3.5 and product demand, D(q) 54,85-5,4q Where q2 0 and 0(q) and D(q) are expressed in dollars. b) Graph the previous functions and indicate the point of equilibrium. c) When q = qe, determine: i. The consumer surplus SC, which corresponds to the area of the region SC; ii. The producer surplus SP, which corresponds to the area of the region SP; iii. The total surplus ST, where ST = SC + SP. Question 2. a) Consider the following equivalent staggered matrices: [1 1 2 1 2 1151 5 [1 1 2 8 →0 2 1 2 4 a b c 0 Idl L1 -1 -2 -1 -1. Lo 0 Determine the values of a, b, c and d. Demande b) Use the result obtained in a) to determine the solution set of the following system of linear equations: (S) ii. z=1 and w=1; iii. y=-3 and w=5. x + y +2z+w=5 x+2y + 4z + 2w = 8 x-y-2z-w=-1 c) Determine the particular solution when i. z=0 and w=0; 1. In economics, the equilibrium point is the meeting point between the function representing the demand for a product and the function the supply of a product (see the following graphic representation) pa Offre SC SP E 9 a) Determine the equilibrium point E(qe, Pe) between supply and demand for a product if a company believes that the product offering is O(q) = 2.5q+3.5 and product demand, D(q) 54,85-5,4q Where q2 0 and 0(q) and D(q) are expressed in dollars. b) Graph the previous functions and indicate the point of equilibrium. c) When q = qe, determine: i. The consumer surplus SC, which corresponds to the area of the region SC; ii. The producer surplus SP, which corresponds to the area of the region SP; iii. The total surplus ST, where ST = SC + SP. Question 2. a) Consider the following equivalent staggered matrices: [1 1 2 1 2 1151 5 [1 1 2 8 →0 2 1 2 4 a b c 0 Idl L1 -1 -2 -1 -1. Lo 0 Determine the values of a, b, c and d. Demande b) Use the result obtained in a) to determine the solution set of the following system of linear equations: (S) ii. z=1 and w=1; iii. y=-3 and w=5. x + y +2z+w=5 x+2y + 4z + 2w = 8 x-y-2z-w=-1 c) Determine the particular solution when i. z=0 and w=0;

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Lets tackle the first part of the question related to economics a To determine the equilibrium point Qe Pe between supply and demand for a product we set the supply function equal to the demand functi... View the full answer