16 Answered Questions for the topic Supply And Demand

02/02/21

#### I need help solving an equilibrium point problem, how do I even write out this equation?

A company makes hammers and for $20, they will make 90 hammers. Consumers will only buy 73 of them. If the company lowers the price to $14, consumers will purchase 94 hammers, but the company...
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#### What are "the fundamental categories of economics"?

I had an introductory class in marketing last week, and the professor wanted to test our previous knowledge of economics (we are juniors). He asked us this simple question: "What are the...
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04/01/19

#### What are Giffen Goods?

What exactly are Giffen goods and are they of purely theoretical interest or has there been empirical evidence of their existence?

03/27/19

#### The supply and demand of Virtual Products?

We know that the fundamental economic problem is scarce resources relative to unlimited wants. Does this apply to apps and Ebooks? They are essentially virtual products who have in theory have...
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03/19/19

#### Which utility function yields a constant price elasticity of demand function?

How do I know which utility function I can use to find an isoelastic demand function. And similarly, which cost function can I use to find an isoelastic supply function?Does it work through trial...
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Supply And Demand Microeconomics

03/14/19

#### What do supply-demand curves really look like?

In my basic high school economics course, we've always used supply-demand curves that are lines to simplify calculations. In real markets for real goods, what do the supply and demand curves look...
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Supply And Demand

10/22/17

#### demand equation; q=(-8p^2 + 100) / 5. Supply equation; (6p^2 -p -5) /3. q=millions of gallons of fuel. p=price in dollars.

At what price range will there be a shortage? A) when the price is greater than $2 B)When the price is less than $2 C) when the price is greater than $2.50 D) when the price is less than $2.50

09/08/17

#### taxes and supply and demand

The supply curve for a certain industry is given by S(p) = p−2 and demand by D(p) = 30 − 3p. What is the total tax revenue and the producer and consumer surplus under a $2 tax? What is the...
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Supply And Demand College Algebra

09/07/17

#### Cost Equation: Suppose that the cost of making 20 cell phones is $6800 and the cost of making 50 cell phones is $9500.

(a) Find the cost equation.
(b) What is the fixed cost?(c) What is the marginal cost of production?
(d) Draw the graph of the equation.

Supply And Demand

04/11/17

#### Supply and Demand

Natali has decides she wants to run a daycare. Her monthly expenses include $800 for rent of the building and $400 for insurance. She will provide each child with breakfast (~$2) and lunch (~$3.50)...
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Supply And Demand

03/09/17

#### An economist models the market for corn by the following equations (p is price per bushel (in dollars), y is the

y is the number of bushels produced and sold (in billions):
Supply: y = 4.18 - 11.5
Demand: y= -1.06 p + 19.3
a) Based on the models, how much corn would be produced at a price of...
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Supply And Demand

09/22/15

#### Help with word problem

At a unit price of $55 , the quantity demanded of a certain commodity is 1000 units. At a unit price of $85, the demand drops to 600 units. A) given that it is linear , find the demand equation. B)...
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Supply And Demand

09/22/15

#### Please answer

At a unit price of $55 , the quantity demanded of a certain commodity is 1000 units. At a unit price of $85, the demand drops to 600 units. A) given that it is linear , find the demand equation. B)...
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Supply And Demand

03/19/15

#### Sunny Mountain Company will make 1970 snow blowers available when the unit price is $690. At a unit price of $780, they will market 5330 snow blowers.

Sunny Mountain Company will make 1970 snow blowers available when the unit price is $690. At a unit price of $780, they will market 5330 snow blowers. Find the equation relating the unit price of a...
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Supply And Demand

09/04/14

#### 1.3 Supply and Demand

The market price for a certain product is $5.00 per unit and occurs when 14,000 units are produced. At a price of $1, no units are manufactured and, at a price of $19.00, no units will be...
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08/15/14

#### Find the consumer's and producer's surplus for an item with the following.

Supply: p=5q^2 Demand= 4800-q^2/3. Professor said this had multiple steps. I know you set Supply=Demand to get equilibrium but how do you solve for X and then after how do you find the consumers...
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