Question: The supply function for a product is 2p - q - 10 = 0, while the demand function for the same product is (p +

The supply function for a product is 2p - q - 10 = 0, while the demand function for the same product is (p + 10)(q + 30) = 7200. Find the market equilibrium point?

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

2p q 10 0 p 10q 30 7200 So ... 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)

1386-M-C-L-A-D(2573).docx

120 KBs Word File

Students Have Also Explored These Related Calculus Questions!

For the product in Problem 31, if a $22 tax is placed on production of the item, then the supplier passes this tax on by adding $22 to his selling price. Find the new equilibrium point for this...

(a) Suppose the supply function for a product is p = 0.1q2 + 1 and the demand function is p = 85 - 0.2q - 0.1q2. Sketch the first-quadrant portion of the graph of each function. Use the same set of...

The supply function for a product is given by p = q2 + 300, and the demand is given by p + q = 410. Find the equilibrium quantity and price?

The supply function for a product is 2p -9 - 10 =0, while the demand function for the same product is (p+ 10)(q +30) = 7,500. If a $22 tax is placed on production of the item, then the supplier...

Suppose the supply function for a product is 2 p q 30 = 0, while the demand function for the same product is ( p + 10)( q + 30) = 8,400. Solve the supply function for q . q = Substitute this value...

Suppose the supply function for a product is 2p -q-50-0, while the demand function for the same product is (p + 10)(q+30) = 7,000. Solve the supply function for q. 9- Substitute this value for q in...

1. Supply Function of a good is: P = 3Q + 10 , and it's demand function is: P = 50 - Q2. If the market is under pure competion , find: a. Draw Supply and demand function of this good on a graph ! b....

1 . Price of cake is Rp . 6 , 0 0 0 / piece , and the seller can sell 4 , 0 0 0 pieces. If the seller decrease the price to be Rp . 5 , 0 0 0 / piece , she can sell this cake of 5 , 0 0 0 pieces. If...

Use the following formulas as a reference: Q. = a + bP (in some websites/videos, this will be Q, = a - bP as they accounted for the fact that b is negative anyways) b = AQ,/ AP Qs = c + dP b = AQ, /...

MPE781 T3 2019Exam Question Bank (Question answers will not be given and discussed by instructors) Section A: A.1. a. Define the price elasticity of demand. b. Suppose that government would like to...

Unlike Data Set 4, Data Set 7 in Appendix B records precipitation levels and temperatures in terms of deviations from seasonal norms, rather than in absolute terms. Use the columns in Data Set 7 in...

The following graph setups depict the dollar amount of fixed cost on the vertical axes and the level of activity on the horizontal axes: Required a. Draw a line that depicts the relationship between...

In recent years, central banks have placed greater emphasis on what financial management tool? Group of answer choices liquidity swaps discount window and rate interest rate targeting closed market...

Consider reasons why confirmatory bias and the law of small numbers may matter in health care.

Find the probability that a z-score from the standard normal distribution will lie within each of the intervals in Problem. 1.85 z 2.85

For the binomial experiments in Problem, find the normal approximation of the probability of between 65 and 70 successes (inclusive) in 120 trials if p = 0.5.

Use a normal approximation to a binomial distribution to find the probability that x 10 if n = 50 and p = 0.3.

What is a worldwide collection of interconnected public telephone networks that was designed primarily for voice traffic?

Which tool lets you create system maintenance tasks that are performed on a regular schedule or when system events occur?

Comfy Home is a retail business selling a broad range of homeware, kitchen, and electrical appliances to consumers and small businesses. In addition to the home and kitchen appliances, Comfy Home...