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The demand equation for a product is given by
P = 30 - 0.1q^2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
(a) At what point price is demand inelastic?Answer:P for q = 15 is; P=30-0.1*〖15〗^2⇨$7.5E_p=-1*7.5/15⇨-0.5As demand is inelastic, when price is $7.5 and quantity demanded is 15. (b) At what price...
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Using appropriate tables and diagrams,distinguish clearly between demand, individual demand schedule and demand curve, and market demand schedule and market demand curve
Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.Individual demand schedule is a set of...
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Market demand is given as Qd = 300 – 2P. Market supply is given as Qs = 2P + 100. In a perfectly competitive equilibrium, what will be price and quantity?
Price will be $50 and quantity will be 200.
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How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is do price and quantity rise, fall, remain unchanged ?
a) Supply decreases and demand is constant. In this case the supply curve will shift upward and the demand curve will remain unchanged, therefore, the equilibrium price will rise, the...
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Given market equilibrium of demand and supply of sugar, what happens to the level of equilibrium price and quantity if market demand increases by 50% while its supply increases by 40%?
Equilibrium price and Equilibrium quantity will increase. If market demand increases by 50% while supply increases by 40% it means that there would be shortage of product. Demand is higher...
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Given that the demand and supply function of commodity X are Qd=20-1/6p while Qs=18+1/6p. Find the equilibrium price and quality for commodity X.
We can determine the equilibrium price and quantity when Qd = Qs 20-1/6p =18+1/6p20-18 = 1/6p+1/6p2=1/3pp=6Q=20-1/6 * 6 = 20-1=19
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The demand of a good is D=100-9.4P; the supply of it is S=9.2P-35. At the current market price, there is a surplus of a 9.0 units on the market. Please find the current market price.
If there is a surplus on the market then S>D, and the surplus is calculated, as supply subtracting demand: S-D= 9.9.2P-35-100+9.4P=918.6P=144P=7.74 - is the current market price
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1 In a competitive market, the industry demand and supply curves are P= 200 - .2Qd and P = 100 + .3Qs, respectively. Find the market’s equilibrium price and output
If in a competitive market, the industry demand and supply curves are P = 200 - 0.2Qd and P = 100 + 0.3Qs, respectively, then the market’s equilibrium price and...
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____ is the market price at which market demand of a product is equal to its market supply
The market equilibrium price is the market price at which the market demand for a product is equal to its market supply.
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Demand Review: fill in the <i>blank</i> 3) Demand Curve - graph showing the ______ ______ at each price. 4) Law of Demand - quantity demand of product varies ( intensely/ directly) with price.
3) quantity demanded 4) directly
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