Question: The demand curve for a certain commodity is p = - .001q + 32.5. (a) At what price can 31,500 units of the commodity be

The demand curve for a certain commodity is p = - .001q + 32.5.
(a) At what price can 31,500 units of the commodity be sold?
(b) What quantities are so large that all units of the commodity cannot possibly be sold no matter how low the price?

Step by Step Solution

★★★★★

3.34 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a p 000131500 325 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1385-M-S-L-P(1831).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

The cost function for a certain commodity is C(x) = 84 + 0.16X - 0.0006X2 + 0.000003X3 (a) Find and interpret C'(100). (b) Compare C'(100) with the cost of producing the 101st item.

The cost function for a certain commodity is C(q) = 84 + 0.16q - 0.0006q 2 + 0.000003q 3 (a) Find and interpret C'(100). (b) Compare C'(100) with the cost of producing the 101st item.

The supply curve for a certain commodity is p = .0001q + .05. (a) What price must be offered in order for 19,500 units of the commodity to be supplied? (b) What prices result in no units of the...

i (a) What is the relative price of xd in terms of xh from the prime ministers point of view? (b) Find the policy bundle that maximizes the prime ministers utility subject to the govern- ments budget...

Detailed solu8tions. Problem 1 Slutsky equation Tomas is trying to figure out how to supplement the study allowances of 500 kr a week. He is considering a part-time job at a gas station. The wage is...

please help The demand equation for a certain commodity is given by the following equation. 1 p=EX218x+9?2,05x5108 Find x and the corresponding price p that maximize revenue. The maximum value of R00...

Rent controls create distortions in the housing market by: a. Increasing rents received by landlords. b. Raising property values. c. Encouraging landlords to overspend for maintenance. d....

The supply curve for a certain commodity is $n=2,500 p-500$, and the demand curve for the same product is $n=31,500-1,500 p$, where $n$ is the number of items and $p$ is the number of...

. First, we examine a monopolistic firm. The firm faces a market described by the (inverse) demand function p(y) = A B y, where p is the (maximum) price at which y units of output can be sold on the...

Files 12:56 PM Mon May 16 25% Unit+2+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aAv A v Unit 2-Supply and Demand Name: HR: LAW OF SUPPLY Use the space below to...

Write a function find_maximum(x, y, z) which returns the maximum of the three numbers x, y, z. Do not call any built-in functions, instead use if-else statements. Test the function on the following...

Let Show that (a) A + (B + C) - (A + B) + C (b) (a + b)C = aC + bC 526 317 141 0 -2 3] 3 3 5 9

82 (1 point) Listen If the government makes it easier to buy its bonds online, the default risk premium for corporate bonds will 1) increase. 2) decrease. 3) stay the same. 4) cannot be determined....

Buyers Decisions and Demand

Find an expression for the amount of money after five years when the initial amount is $80 and the annual interest rate is as given. 100% compounded daily

Find an expression for the amount of money after five years when the initial amount is $80 and the annual interest rate is as given. 4% simple interest

Give the difference equation for y n , the amount (or balance) after n interest periods. A bank account into which $20,000 is deposited at 6% interest compounded monthly and $100 is withdrawn at the...

- C www-awn.connectmath.com/alekscgi/x/Isl.exe/10_u-IgNslkr7j8P3jH-liJmDHM1JZm86qHOt4Z19FIBPzcbzAUPNAOLLcvA1bHH3eOWrpv5vq. 3 5 17 8 9 > Question 7 of 9 (5 points) | Attempt 1 of Unlimited View...

Assignment Questions: (Marks: 05) QI. NTL Company is issuing eight-year bonds with a coupon rate of 6.5 percent and semiannual coupon payments. If the current market rate for similar bonds is 8...

ErenCo is an up-and-coming stone quarry company. A recent report, reflecting the general sentiment of all market participants, projected the following prices and probabilities for ErenCo stock on...