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Suppose the supply function for a good was given by: 05 = 2Px - 68. The inverse supply function for this good is: Px = + 0.505. 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 $5, suppliers produce 0 units. When the price is $8, suppliers produce 3 units. Derive the supply function for Good X based on that information. QSX = PX Suppose the demand function for Good X was given by: QDx = 78 - 5px. Calculate the reservation price for the 63rd unit. (Do not include a $ sign in your response.) Answer: Suppose the demand for Good X is given by: OD: 304 - 0.2P and the supply for Good X is given by: 03: 10P - 3470. Calculate the equilibrium quantity of Good X in a competitive market. Answer: Suppose the multivariable demand for Good X was given by the function: QDx = 89 - 5Px + 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 $30, 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 was given by: QDx: 51 -4Px. Calculate the ownprice elasticity of demand when the price of Good X (PX) is $1. (Round to three decimal places if necessary. Remember to use the negative sign. ) Answer: Suppose the demand function for Good X was given by: OD: 427 - 0.1P and the supply function for Good X was given by: OS: 7P - 1490. Calculate the equilibrium price in a competitive market for Good X. (Do not include a $ sign in your response.) Answer: Suppose the own-price elasticity of demand for Good X was -0.5. If the price of Good X goes down by 4%, determine the percentage change in quantity demanded. (Remember to include the appropriate sign. Do not include a % sign in your response.) Answer: Suppose the demand for a good was given by the function: QD : 340 - P. Calculate the choke price of this demand function. (Do not include a 59 sign in your response.) Answer: Suppose the supply function for Good X is given by: QSX = 4Px - 100.5. Calculate the price that would cause quantity supplied to be 39.5 units. (Do not include a $ sign in your response. Round to the nearest decimal place if necessary.) Answer: Suppose that the demand function for Good X is given by: QDx = 68- Px - 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 $52 and the price of Good Y is $30. (Round to the nearest decimal if necessary.) Answer: Suppose the supply function for Good X is given by the function: QSx = 5x - 0.2W - 58. 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 $80 and the wage rate is $338. (Round to the nearest decimal place if necessary.) Answer: Suppose a 1% increase in price of Good X, led to a 5% 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 price of Good X (PX) was $8 and that the demand function for Good X is given by: QDx = 71- 3 Px. Calculate the quantity demanded of this good. Answer: Suppose that, holding all else constant, when the price of Good X (PX) is $2, consumers demand 10 units. When the price is $4, consumers demand 6 units. Derive the demand function for Good X based on that information. QDX: : Choose... 3 Px Suppose the demand for Good X is given by: QDx = 100 - 2Px + 0.5Py + 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 demand function for Good X was given by: QDx= 81 -3Px +0.2Py. Caclulate the cross-price elasticity of demand when the price of Good X (Px) is $13 and the price of Good Y (Py) is $30. (Be sure to include the appropriate sign in your response. Round to three decimal places if necessary.) Answer:Suppose the demand for Good X was given by: OD: 415- 0.5P and the supply for Good X was given by: Q3: 6P - 950. The current price in the market is $514. 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: Determine the inverse demand function for this demand function: QD = 69 - 2Px. P= Choose... Choose... + QDSuppose the supply function for Good X is given by: OS: 3Px - 107. Calculate the quantity supplied of Good X when the price is $62. (Round to the nearest decimal if necessary.)