Question: Quantitative modelling The demand and supply functions for a brand of tennis shoes are as follows:Demand function: Pd =500 /Q + 1. Supply function: Ps

Quantitative modelling The demand and supply functions for a brand of tennis shoes are as follows:Demand function: Pd =500 /Q + 1. Supply function: Ps = 16 + 2Q,where P and Q are the price and quantity, respectively. Calculate the equilibrium price and quantity.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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

Students Have Also Explored These Related Mathematics Questions!

1.A competitive market has demand and supply functions Pd = 25 - Q^2 and Ps = 2Q + 1, respectively. At the market equilibrium (Pd = Ps), P* = 9 and Q* = 4. A. What is the total revenue for the...

Exercise one. 1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by a monopolist. Let fixed cost be $10,000 and Marginal Costs (MC)=20Q. a) What is the profit maximizing...

Explain in short details please 54. If TR is 75Q - 4Q-, MR is: (a) 75 (b) 75 -8Q (c)75 Q -4 (d) None of these 55. Given TC = Q' + 7Q + 23, what is 2Q + 7: (a) AC (b) minimum TC (c) maximum TC (d) MC...

calculate and and record your answer please (a) 0.8 (b) 1 (c) 1.5 (d) -1.22 44. The government wants to reduce the consumption of electricity by 5%. The price elasticity of demand for electricity is...

PROGRAMME HANDBOOK: JANUARY 2016 INTAKE ASSIGNMENT 2: HUMAN RESOURCES DEVELOPMENT Read the case study below and answer the questions that follow. National HRD in Finland, Russia, and South Africa...

Based on the selected article answer the following questions: What is the basic theme of the article? Try to state it in just one or two paragraphs. Did the article present a good support base?...

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...

Quantitative modelling: The demand function of a product is Q = 6 500 20P, where Q and P represent the quantity and price respectively. Fixed costs are R65 000 and the variable cost is R50 per...

Quantitative modelling: The demand function of a product is Q = 6 500 20P, where Q and P represent the quantity and price respectively. Fixed costs are R65 000 and the variable costis R50 per...

Premise 21 Human Capital A 22 Strategic HRM B 23 Competitive Intelligence 24 D Demographics Environmental Scanning 25 E 26 Stakeholders F F 27 Delphi Technique Response Interrelated philosophies,...

The binary erasure channel has two inputs and three outputs as described in figure. The inputs are labeled 0 and 1, and the outputs are labeled 0, 1, and e. A traction a of the incoming bits are...

Suppose you are a manager with responsibility for selection, development and implementation of a new information system for your organization (real or imaginary, but designate as one or the other)....

Which inventory cost flow method matches the unit sold to the unit purchased? FIFO 1 : 1 7 0 weighted average cost specific identification

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...