Suppose the demand curve for oranges is given by the equation Q = 200 P +
Question:
Q = −200 • P + 1,000
With quantity (Q) measured in oranges per day and price (P) measured in dollars per orange. The supply curve is given by
Q = 800 • P
Compute the equilibrium price and quantity of oranges.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
The demand equation for oranges Q 200P 1000 ...View the full answer
Answered By
Pinaky Shankar Rahul Bhowmik
Hard-working, enthusiastic undergraduate student pursuing a BSS in Economics at East West University. Eager to apply a clear understanding of my abilities to make a positive contribution. Strong theoretical background in Micro & Macro Economics, Public Finance, Development Economics, International Trade and Finance, Contemporary Issues in International Economics. It's one of my goals to enhance my skills and abilities by taking more challenging tasks which are related to my career path to achieve my goal and objectives of reaching my highest professional level through my hard work, dedication, honesty, and team spirit. I also worked as a teaching assistant at my university.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Great Auto Repair (GAR) wants to expand its business significantly by adding an auto assembly plant at a cost of 100 million. The land for the plant, valued at 10 million, will be provided by GAR....
-
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...
-
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...
-
The inequality describes the range of monthly average temperatures T in degrees Fahrenheit at a certain location. (a) Solve the inequality. (b) If the high and low monthly average temperatures...
-
(a) What is a catalyst? (b) What is the difference between a homogeneous and a heterogeneous catalyst? (c) Do catalysts affect the overall enthalpy change for a reaction, the activation energy, or...
-
The uniform 24-kg plate is released from rest at the position shown. Determine its initial angular acceleration and the horizontal and vertical reactions at the pin A. A -0.5 m- 0.5 m
-
Consider the gasoline mileage data in Table B.3. a. Fit a multiple linear regression model relatmg gasoline mileage $y$ (miles per gallon) to engine displacement $x_{1}$ and the number of carburetor...
-
An Evaluation of the Dilemma at Benevento Foods: Understanding Cause and Effect and Recommendations for Improvement For this Assignment, you will continue to evaluate the same scenario from the...
-
Riverwood Accounting Company has the following account in its cost records: Work in Process Jones Audit Direct labor 2 0 0 , 0 0 0 Services completed 4 2 2 , 5 3 0 Project overhead 2 7 0 , 0 0 0...
-
The position of a particle as a function of time is given by r(vector) = (5.0i + 4.0j)t 2 m, where t is in seconds. a. What is the particles distance from the origin at t = 0, 2, and 5 s? b. Find an...
-
Customer centricity is a business philosophy that puts a company's customer at the heart of operations. Rather than adopting a "build it and they will buy it" mentality, a customer-centric...
-
Suppose the enrollment at your university unexpectedly declines. True or False: Apartment owners in the area will face higher vacancy rates and might raise their rents to compensate.
-
Selected information from the income measurement process for a service company and a merchandising company is shown below. (a) Determine the missing amounts [1] through [5]. (b) Identify which of the...
-
The following T-accounts provide selected data about Blossom's financial results for the year. Sadly, several key components went missing after a thief broke into the Blossom accounting office: Beg....
-
Indigo Corporation was starting a new style of jacket and was monitoring the costs of its first production run of these items during the month. The costs and transactions associated with this jacket...
-
The 2020 comparative balance sheet and income statement of Perfect Supply Corp. follows: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Perfect...
-
A company has a 11% WACC and is considering two mutually exclusive investments (that cannot be repeated) with the following cash flows: Project A Project B 0 1 -$300 - $400 $132 -$387 -$193 240.64 2...
-
Create a class named 'Parent', and inside the class, create a function named 'fun1' and pass the following message in the print()- This is the message from the fun1'. a. Now create a class named...
-
How does the valuation of current assets differ from that of noncurrent assets?
-
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
-
Describe three audit procedures related to each of the three triple constraints model elements.
-
Investors require a 15 percent rate of return on Levine Companys stock (rs =15%). a. What will be Levines stock value if the previous dividend was D0 = $2 and if investors expect dividends to grow at...
-
Wayne-Martin Electric Inc. (WME) has just developed a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, WME is expected to...
-
Tausig Technologies Corporation (TTC) has been growing at a rate of 20 percent per year in recent years. This same growth rate is expected to last for another 2 years. a. If D0 = $1.60, rs = 10%, and...
-
Problem 2 [55 marks] Consider a thin solid disk of radius a and material properties, E and v, which is placed inside a disk with a hole of the inner radius b = a and the outer radius a with materials...
-
(1) The volume of the cylinder was 1L at 50 C. What will be the new volume Vat T=100 C? Assume that the mass on top of the cylinder is kept the same. (Hint: P1=P2) P=const n=const V2 T2 = V V Ti (2)...
-
8. Mr. McCloskey is driving his truck along a straight road when he notices a small dark object 500 ft ahead. He steps on the brakes, then recognizes that the object is a duck standing in the middle...
Study smarter with the SolutionInn App