Using the demand function Q = 8.56 - p - 0.3p s + 0.1Y and supply function
Question:
Using the demand function Q = 8.56 - p - 0.3ps + 0.1Y and supply function Q = 9.6 + 0.5p - 0.2pc, determine the amount of any excess demand or excess supply at a price of $4 and explain the mechanism that would cause the equilibrium price to be reached.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
At a price of 4 the demand function yields a quantity of 7 96 Q 8 56 4 0 3 ps 0 1 Y and the supply ...View the full answer
Answered By
DHRUV RAI
As a tutor, I have a strong hands-on experience in providing individualized instruction and support to students of all ages and ability levels. I have worked with students in both one-on-one and group settings, and I am skilled in creating engaging and effective lesson plans that meet the unique needs of each student.
I am proficient in using a variety of teaching techniques and approaches, including problem-based learning, inquiry-based learning, and project-based learning. I also have experience in using technology, such as online learning platforms and educational software, to enhance the learning experience for my students.
In addition to my teaching experience, I have also completed advanced coursework in the subjects that I tutor, including mathematics, science, and language arts. This has allowed me to stay up-to-date on the latest educational trends and best practices, and to provide my students with the most current and effective teaching methods.
Overall, my hands-on experience and proficiency as a tutor have equipped me with the knowledge, skills, and expertise to help students achieve their academic goals and succeed in their studies.
0.00
0 Reviews
10+ Question Solved
Related Book For
Managerial Economics And Strategy
ISBN: 9780134899701
3rd Edition
Authors: Jeffrey M. Perloff, James A. Brander
Question Posted:
Students also viewed these Business questions
-
A firm with market power faces the demand function q = 4,000 - 40P. The firm's total cost function is TC(q) = 10q + 0.001q2 + 1,000. a. If the firm behaves as a single-price monopoly, identify the...
-
A monopoly faces the demand function Q = 30 p. Its inverse demand function is therefore p = 30 Q, so its marginal revenue function is MR = 30 2Q. The firms cost function is C = 6Q + Q 2 , so its...
-
Suppose a monopolist has the demand function Q = 1,000P-3. What is the monopolist's optimal markup of price above marginal cost?
-
At the beginning of 2020, Braun Corporation had the following stockholders equity balances in its general ledger: Common stock, $10 Par Value $2,500,000 Paid-in capital in excess of par 1,500,000...
-
What is the percent error in specific volume if the ideal gas model is used to represent the behavior of superheated ammonia at 40C, 500 kPa? What if the generalized compressibility chart, Fig. D.1,...
-
Write a query to display the largest average product price of any brand.
-
Explain double materiality. Do you think stakeholders are interested in the impact of climate-related risks on the firm or the impact of the firm on climate? Which stakeholders would they be? If you...
-
Radar Company sells bikes for $ 300 each. The company currently sells 3,750 bikes per year and could make as many as 5,000 bikes per year. The bikes cost $ 225 each to make; $ 150 in variable costs...
-
At a fundamental level, all input ( as well as output ) is done on a character - by - character basis. A . True B . False
-
Consider two portfolios, one composed of 4 securities and the other of 10 securities. All the securities have a beta of 1 and unique risk of 30%. Each portfolio distributes weight equally among its...
-
The estimated monthly U.S. demand function for avocados is Q = 144 - 40p + 20pt where p is the price of avocados and pt is the price of tomatoes, a substitute for avocados. The estimated supply...
-
The demand function is Q = 5,000 - 10p, and the supply function is Q = 200 + 6p. Determine the equilibrium price and quantity.
-
Example 2.3 shows that changing the pair of bases can change the map that a matrix represents, even though the domain and codomain remain the same. Could the map ever not change? Is there a matrix H,...
-
How much money (assume equity) does Mented need to raise? a. What assumptions are included in your estimate? b. How is this amount of capital aligned with Mented's Pro Forma Income Statement?
-
Doyon Corporation purchased factory equipment that cost $50,000. It plans to keep the equipment for 10 years and sell it for $30,000. The asset is expected to have a total life of 12 years and then...
-
an employee working in quebec receive salry of $1500 bi weekly and a cash allowance of $100 per pay how much will he pay on quebec parental insurnce plan premium assuming the employee will not reach...
-
A particle with mass m = 2x 10-12 kg and charge q =-4 nC is released from rest along an equipotential line as shown below. -5 V OV 5 cm 5 cm 5 V I a) What direction will the charge start moving? b)...
-
Karina is a North Carolina resident. She is required to file a North Carolina return. She received $580 in North Carolina state bond interest. She also received $1,800 in Texas local bond interest....
-
Show that the limit of the function as z tends to 0 does not exist. Do this by letting nonzero points z = (x, 0) and z = (x, x) approach the origin. f (2) =
-
The May 2014 revenue and cost information for Houston Outfitters, Inc. follow: Sales Revenue (at standard).............. $ 540,000 Cost of Goods Sold (at standard) ..........341,000 Direct Materials...
-
Using Excel or another program, estimate the linear OLS demand regression for the iTunes focus group data in the Managerial Solution. What is the R2? What are the coefficient estimates, the standard...
-
Give as many reasons as you can why we believe that economists assume that the more-is-better property holds and explain how these explanations relate to the results in the Mini- Case You Cant Have...
-
Give as many reasons as you can why we believe that indifference curves are convex to the origin.
-
What are some of the most effective ways that companies can detect and prevent inventory and noncash assets fraud? How can companies establish robust internal controls over their inventory and asset...
-
Nina has been with Elora Enterprises for 5 years and is a Customer Service Representative. She earns $2000.00 bi-weekly working 35 hours per week. She does not work any overtime. She has not reached...
-
The Oracle Database Upgrade Assistant (DBUA) is a GUI tool but can also run in silent command line mode. As a DBA, in what circumstances would you recommend using silent mode?
Study smarter with the SolutionInn App