15 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... more
Supply And Demand Business Marketing Theory

07/03/19

#### 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... more

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... more

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... more
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... more
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
Supply And Demand Microeconomics Taxes

09/08/17

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... more

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