Question: The demand function of a product is given as: The supply function is given as: Determine the equilibrium price and quantity Determine the producer surplus

  • The demand function of a product is given as:

q4p + 10 = 0

The supply function is given as:

  • Determine the equilibrium price and quantity    
  • Determine the producer surplus under market equilibrium
     
     

q4p + 10 = 0

Step by Step Solution

★★★★★

3.52 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The equil i bri um pric e is 25 0 a nd the equ ili brium qua n ti ty i s 7 5 The equilibrium price a... View full answer

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!

Q:

What is the citation of a 1993 ALR annotation that discusses the admissibility of polygraph test results in an action for malicious prosecution? What Am. Jur. 2, Evidence research references are...

Q:

The demand function for a product is given by P = 200 / 2 + 0.1x Where x is the number of units and p is the price in dollars. (a) Graph this demand function for 0 ( x ( 250, with x on the horizontal...

Q:

The demand function for a product is given by p = 3000e-q/3. (a) At what price per unit will the quantity demanded equal 6 units? (b) If the price is $149.40 per unit, how many units will be...

Q:

The demand function for a product is given by p = 4000 ln (x =10), where p is the price per unit in dollars when x units are demanded. (a) Find the rate of change of price with respect to the number...

Q:

The supply schedule of long-distance phone calls is Price Quantity supplied (cents per minute) (millions of minutes per day) 10 200 20 400 30 600 40 800 Calculate the elasticity of supply when a. The...

Q:

The demand curve for a product is given by q = 300 3p, where p is the price of the product and q is the quantity that consumers buy at this price. (a) Write the revenue as a function, R(p), of...

Q:

The demand curve for a product is given by Q x = 1,000 2Px + .02Pz, where Pz = $400. a. What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What...

Q:

The demand curve for a product is given by where Pz = $ 300. a. What is the own price elasticity of demand when Px = $ 140? Is demand elastic or inelastic at this price? What would happen to the...

Q:

Suppose the demand curve for a product is given by Q 10 2P PS, where P is the price of the product and PS is the price of a substitute good. The price of the substitute good is $2.00. a. Suppose P...

Q:

Suppose the demand curve for a product is given by Q 300 2P 4I, where I is average income measured in thousands of dollars. The supply curve is Q 3P 50. a. If I 25, find the market-clearing...

Q:

Suppose the supply and demand functions for a product are given by 6p q = 180 and (p + 20)q = 30,000, respectively. Find the equilibrium price and quantity.

Q:

When a bill is entered using the Enter Bills window, QuickBooks records a journal entry that: Debits Checking account, Credits Expense account Credits Expense account, Debits Checking account Debits...

Q:

From the standpoint of a selling division that has idle capacity, what is the lowest acceptable transfer price for an item?

Q:

Evaluate the integral. ( 4 x - 7 ) d x x 2 - 9 x 2 0 ( Use symbolic notation and fractions where needed. Use C for the arbitrary constant. ) ( 4 x - 7 ) d x x 2 - 9 x 2 0 =

Q:

1 dz ('z- z)Xz z).

Q:

Great Slate, a medium-sized slate flooring and finishes company, is located in Castleton, VT. Great Slate maintains more than a thousand customers who order slate products as often as weekly or as...

Q:

The Ag + ion is larger in a square planar environment than it is in a tetrahedral one. For Ni +2 the reverse is true. Explain.

Q:

It was determined that 1.4 x 1024 carbon dioxide molecules are produced when propane is combusted according to the equation below. Calculate the number of moles of propane that was burned. C3 Hg +...

Q:

How many grams of sodium sulfate will be formed if you start with 10.00 grams of sodium hydroxide and you have an excess of sulfuric acid? How many grams of water will be formed? 2 NaOH + H2SO4 -> 2...

Q:

Top 3 Website to Buy Verified Payoneer Accounts - Fast & Secure Delivery In today's fast-paced digital world, the need for seamless global transactions has never been greater. Whether you're a...

Q:

(1) Given the market demand function P+ Q 2 + Q 11 And the market supply function 2p-2Q 2 +Q - 4=0 Calculate the equilibrium price and quantity in the market. (2) A monopolist's demand function is P=...

Q:

The following are the demand and supply functions for key soap Ghanaian economy produced by the Uniliver Ghana Ltd and made available by the research department of the company: Q -70 = - P Q -4P = -...

Q:

The following are the demand and supply functions for key soap Ghanaian economy produced by the Uniliver Ghana Ltd and made available by the research department of the company: Q -70 = - P Q -4P = -...

Q:

Explain the following statements. Que 1. 1. John just bought shares of stock in IBM for $10,000 and paid a $90 commission to his broker. How did this affect GDP? A) It had no impact on GDP. B) GDP...

Q:

a) The demand function of a product is given as: (p+10) (q + 20) = 1000 The supply function is given as: q- 4p + 10 = 0 i) Determine the equilibrium price and quantity ii) Determine the producer...

Q:

Suppose the demand function is p = 1 0 0 0 . 0 1 x and the supply function is p = 1 0 + 0 . 0 2 x . 4 . 1 . Find the equilibrium price and quantity. Plot the supply and demand function. 4 . 2 . Find...