The supply function for a product is p = 5q + 1500, and the demand function is
Question:
The supply function for a product is p = 5q + 1500, and the demand function is p = – 3q + 3100. Find the quantity and price that give market equilibrium.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
S p5q1500 D p3...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Mathematical Applications For The Management, Life And Social Sciences
ISBN: 9781337625340
12th Edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Question Posted:
Students also viewed these Mathematics questions
-
The supply function for a product is given by p = 40 + 100 2x + 9, where x is the number of units supplied and p is the price in dollars. If the price is increasing at a rate of $1 per month, at what...
-
The supply function for a product is given by p = q2 + 300, and the demand is given by p + q = 410. Find the equilibrium quantity and price?
-
(a) Suppose the supply function for a product is p = 0.1q2 + 1 and the demand function is p = 85 - 0.2q - 0.1q2. Sketch the first-quadrant portion of the graph of each function. Use the same set of...
-
You are helping your very rich aunt Molly decide where to invest her portfolio. She is planning to take a 10-year world tour after she invests the bulk of her portfolio. She thinks that picking a...
-
Convert to decimal notation. (a) 7.6 105 (b) 3.4 10-6 (c) 1.09 10-7
-
Start with the partial model in the file Ch21 P08 Build a Model.xlsx on the textbook's Web site. Kasperov Corporation has an unlevered cost of equity of 12% and is taxed at a 40% rate. The 4-year...
-
A company can borrow for five years at 4%. Five-year interest rate swaps are quoted as bid 3.21%, ask 3.25%. What floating borrowing rate can be obtained using a swap?
-
Park Electronics Company is known for its high-quality products and on time deliveries. Six months ago, it installed a computer-integrated manufacturing system in its Sensitive Components Department....
-
Section 001 / 002 / 003 Group Members: Based on the discussion in your group, summarize the key elements of the Worldcom situation which lead to the fraudulent reporting. Incentive or Pressure:...
-
A 2003 New York Times/CBS News poll sampled 523 adults who were planning a vacation during the next six months and found that 141 were expecting to travel by airplane (New York Times News Service,...
-
In Problems, solve each system by elimination or by any convenient method. Sx - y = 1 l3x y = 1
-
In Problems, solve each system by elimination or by any convenient method. Sx- 3y = -1 7. 8 + 3 11
-
This spreadsheet assignment is a continuation of the spreadsheet assignments given in earlier chapters. If you completed those spreadsheets, you have a head start on this one. 1. Handyman wishes to...
-
We took Loblaws and trying to enter in French Market. We need to asses Human Resource Management?
-
Formulating an objective performance management system that would increase employee productivity and improve performance, in addition to enhancing justice and equality among employees and enhancing...
-
MNO is a calendar year taxpayer. On March 1, MNO signed a 36-month lease on 2,100 square feet of commercial office space. It paid a $3,240 fee to the real estate agent who located the space and...
-
The China Tee Store sells 100,000 tea bags a year. Additional data are presented below: Selling price per bag Purchase cost per bag Ordering cost per order Carrying cost Number of days the company...
-
12. How many times will the following for loop be executed? for (int count = 10; count
-
Why are robots a major component of a flexible manufacturing cell?
-
Catherine (aged 42) and Johnson (aged 45) have been married for 12 years. Johnson is a project manager of an event company at a monthly salary of $55,000 with an additional one-month salary of...
-
Given that a randomly selected individual is in favor of oil drilling in national parks, find the probability that he or she is a Republican. Suppose the table summarizes the opinions of various...
-
Given that a randomly selected individual is opposed to oil drilling in national parks, find the probability that he or she is a Democrat. Suppose the table summarizes the opinions of various groups...
-
Find the probability that a person who favors oil drilling in national parks is non-White Suppose the table summarizes the opinions of various groups on the issue of oil drilling in national parks....
-
It is important to measure customer satisfaction frequently, i.e. every month. Do you agree/disagree with this statement. What empirical evidence would you use to support your answer? If a manager...
-
Poor communication will lead to demotivated staff and a lack of overall direction for the organization. Discuss.
-
What would be an effective hedge ? A U.S. firm holds an asset in Great Britain and faces the following scenario: Probability Spot rate State 1 25% $ 2.20/ State 2 50% $ 2.00/ State 3 25% $ 1.80/E P'...
Study smarter with the SolutionInn App