15 Answered Questions for the topic Supply And Demand

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

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

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?

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

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

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

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

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... more

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)... more

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... more

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)... more

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)... 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.

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

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... more

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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