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Suppose the demand for Good X was given by: OD: 190 - 0.25P and the supply for Good X was given by: 05: GP - 310. The current price in the market is $59. Find the quantity of units in the shortage or surplus that results from this price. Be sure to use a negative sign (-) if it is a shortage since some units are missing from the marketplace. (Round to the nearest two decimal places if necessary.) Answer: Suppose the demand function for Good X was given by: OD: 273 - 0.1P and the supply function for Good X was given by: QS=10P - 3060. Calculate the equilibrium price in a competitive market for Good X. (Do not include a $ sign in your response.) Answer: Suppose the supply function for Good X is given by: QSx = Px - 67. Calculate the price that would cause quantity supplied to be 9 units. (Do not include a $ sign in your response. Round to the nearest decimal place if necessary.) Answer: Suppose the demand for a good was given by the function: QD : 296.25 -0.125 P. Calculate the choke price of this demand function. (Do not include a $ sign in your response.) Answer: Suppose the demand function for Good X was given by: QDx = 57 - 3Px. Calculate the reservation price for the 36th unit. (Do not include a 3' sign in your response.) Answer: Suppose the multivariable demand for Good X was given by the function: QDx = 85 -3Px -0.2 Py. Where, Px represents the price of the good and Py represents the price of another good. If the price of Good Y (Py) is $40, then what is the choke price of Good X? (Do not include a $ sign in your response. Round to the nearest 2 decimal places if necessary.) Answer: Suppose the demand for Good X is given by: QDx = 100 - 2Px + 3Py + 41. Where Px is the price of Good X, Py is the price of Good Y and I is income. Good X and Good Y are Choose... Good X is Choose... good.Suppose the supply function for a good was given by: 05 = 4Px - 58. The inverse supply function for this good is: Px = + 0.2505. Enter the missing constant from the inverse supply function. (Round to the nearest decimal place if necessary.) Suppose that, holding all else constant, when the price of Good X (Px) is $9, suppliers produce 6 units. When the price is $5, suppliers produce 5 units. Derive the supply function for Good X based on that information. QSX: c PX Choose... Suppose the supply function for Good X is given by: OS: 4px - 96. Calculate the quantity supplied of Good X when the price is $26. (Round to the nearest decimal if necessary.) Answer: Suppose the price of Good X (PX) was $11 and that the demand function for Good X is given by: QDx = 68- 2 Px. Calculate the quantity demanded of this good. Answer: Suppose the demand for Good X was given by: QDx: 64 -5Px. Calculate the own-price elasticity of demand when the price of Good X (PX) is $12. (Round to three decimal places if necessary. Remember to use the negative sign.) Answer: Suppose the demand for Good X is given by: DD: 273 - (MP and the supply for Good X is given by: 08: 10P - 3060. Calculate the equilibrium quantity of Good X in a competitive market. Answer: Suppose the demand function for Good X was given by: QDx= 74 -Px +0.25Py. Caclulate the cross-price elasticity of demand when the price of Good X (Px) is $74 and the price of Good Y (Py) is $20. (Be sure to include the appropriate sign in your response. Round to three decimal places if necessary.) Answer:Suppose that, holding all else constant, when the price of Good X (PX) is $7, consumers demand 5 units. When the price is $3, consumers demand 7 units. Derive the demand function for Good X based on that information. QDx: Choose... Choose... PX Suppose a 5% increase in price of Good X, led to a 15% decrease in quantity demanded of Good X. Calculate the own-price elasticity of demand of Good X. (Remember to include a negative sign. ) Answer: Suppose the supply function for Good X is given by the function: 03): = 3Px - 0.2W - 59. Where Px is the price sellers can sell Good X at and W is the wage rate sellers pay their workers. Calculate the quantity supplied when the price of Good X (PX) is $90 and the wage rate is $30. (Round to the nearest decimal place if necessary.) Answer: Suppose the own-price elasticity of demand for Good X was -2.0. If the price of Good X goes down by 10%, determine the percentage change in quantity demanded. (Remember to include the appropriate sign. Do not include a % sign in your response.) Answer: Suppose that the demand function for Good X is given by: QDx = 60 - 4Px +0.2 Py. Where PX represents the price of Good X and Py represents the price of Good Y. Determine the quantity demanded of Good X when the price of Good X is $11 and the price of Good Y is $20. (Round to the nearest decimal place is necessary.) Answer: Determine the inverse demand function for this demand function: QD = 47.5- 5Px. P = Choose... QD