Supply And Demand

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... more

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... more

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

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... more

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... more

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... more

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

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... more

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)... more

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... more

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)... more

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)... more

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... more

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... more

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... more