Question: A certain product has supply and demand functions p = 4q + 5 and p = -2q + 81, respectively. (a) If the price is

A certain product has supply and demand functions p = 4q + 5 and p = -2q + 81, respectively.

(a) If the price is $53, how many units are supplied and how many are demanded?

(b) Does this give a shortfall or a surplus?

(c) Is the price likely to increase from $53 or decrease from it?

Step by Step Solution

★★★★★

3.40 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

S p 4q 5 D p 2q 81 a S 53 4q 5 D ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1386-M-C-L-A-D(2494).docx

120 KBs Word File

Students Have Also Explored These Related Calculus Questions!

Q:

Find the equilibrium point for the following supply and demand functions. Demand: p = 480 - 3q Supply: p = 17q + 80

Q:

Find the equilibrium point for the following supply and demand functions. Demand: p = -4q + 220 Supply: p =15q + 30

Q:

1. (a) If the tax is doubled, how many units will be sold? (b) Can a government lose money by increasing taxes? 2. If a $38 tax is placed on each unit of the product of Problem 47, what are the new...

Q:

A certain product has supply and demand functions given by p= 40q+400 and p=9400 - 50q, respectively. (a) If the price p is $1400, how many units q are supplied and how many are demanded? (b) What...

Q:

A certain product has supply and demand functions PUE respectively. P =4q +5 p =- 2q +81 a. Write the supply function q in terms of p. b. Identify the q-intercept and slope of the supply function you...

Q:

MATH 1101 SUMMER 2022 DR. STINSON MW 3:30-5:50 imari brown 07/19/22 2:00 PM This quiz: 12 point(s) Quiz: Quiz 5 (Sections 2.3 and possible 2.4) Question 7 of 12 This question: 1 point(s) possible...

Q:

A certain product has supply and demand functions given by p = 40q + 300 and p = 9300 - 50q, respectively. (a) If the price p is $1300, how many units q are supplied and how many are demanded? (b)...

Q:

A certain product has supply and demand functions given by p=50q + 200 and p =5700 -60q, respectively (a) If the price p is $1200, how many units q are supplied and how many are demanded? (b) What...

Q:

4. [-I2 Points] DETAILS HARMATHAP12 2.1.015.Ml. Solve the equation by using the quadratic formula. (Enter your answers as a comma-separated list. If there is no real solution, enter NO REAL...

Q:

MATH 234 Mock Final Exam x+2 . 2 x 8x 5 1. Find the value of lim (a) 1/8 (b) -2/5 (c) 0 (d) + 2. Find the value of lim x2 2x+5 |x+2| . (a) 2 (b) + (c) -2 (d) 3. Find f 0 (x) if f (x) = (a) f 0 (x) =...

Q:

Show that the equation x101 + x 51 + x 1 = 0 has exactly one real root.

Q:

Current Attempt in Progress By examining relationships between items in the statement of cash flows, investors and creditors can do all of the following except make predictions of the amounts,...

Q:

4.1 For each of the following, state whether you agree or disagree. Explain your answer. a. Monopolistically competitive firms generate economic profits because they are protected by barriers to...

Q:

If an investment of $1000 grew to $13,500 in 9 years, what interest rate compounded annually did this investment earn?

Q:

Find the sum of the first 60 terms of the arithmetic sequence 1/3, 1/2, 2/3, . . . .

Q:

$20,000 is invested for 6 months at an annual simple interest rate of 2%. (a) How much interest will be earned? (b) What is the future value of the investment after 6 months?

Q:

Braemar Corp. issued 30-year bonds two years ago at a coupon rate of 7.1% with a par value amount of $1,000. The bonds make semiannual payments. If these bonds currently sell for 105% of par value,...

Q:

2 . Has encontrado un error en un software de terceros mientras trabajabas en un compromiso con un cliente. Esto est causando graves retrasos. Puedes descompilar el cdigo de terceros para eliminar el...

Q:

The following table presents sales forecasts for Golden Gelt Giftware. The unit price is $50. The unit cost of the giftware is $30. Year Unit Sales 1. 31,000 2. 39,000 3. 13,000 4. 7,000 Thereafter 0...