Question

ULeth Links Use the General Demand and Supply functions provided below to answer the following 10 questions: $Q_D = 250 - 4P_x - 3P_y$ $Q_S = -24 + 6P_x - 2P_R$ Time left 0:10:57 where $P_x$ is the price of X, $P_y$ is the price of good Y and $P_R$ is the price of a resource R. Suppose the present price of good X is $P_x = $20$, $P_y = $20$ and $P_R = $18$. 1 - Based on the demand equation X and Y are substitutes 2 - The simplified demand function is: $Q_D = 250 - 4P_x$ 3 - The simplified supply function is: $Q_S = 2P_R + 6P_x$ 4- When the price of good X is $20 the Quantity Demanded is 110 and the Quantity Supplied is 60 5- When the price of good X is $20 the there is a of units. 6 - The equilibrium price and quantity are: $P^* = $35.75$ and $Q^* = 110$? 

          ULeth Links
Use the General Demand and Supply functions provided below to answer the following 10
questions:
$Q_D = 250 - 4P_x - 3P_y$
$Q_S = -24 + 6P_x - 2P_R$
Time left 0:10:57
where $P_x$ is the price of X, $P_y$ is the price of good Y and $P_R$ is the price of a resource R.
Suppose the present price of good X is $P_x = $20$, $P_y = $20$ and $P_R = $18$.
1 - Based on the demand equation X and Y are substitutes
2 - The simplified demand function is:
$Q_D = 250 - 4P_x$
3 - The simplified supply function is:
$Q_S = 2P_R + 6P_x$
4- When the price of good X is $20 the Quantity Demanded is 110 and the Quantity
Supplied is 60
5- When the price of good X is $20 the there is a of units.
6 - The equilibrium price and quantity are: $P^* = $35.75$ and $Q^* = 110$?
Show more…
ULeth Links Use the General Demand and Supply functions provided below to answer the following 10 questions: QD = 250 - 4Px - 3Py QS = -24 + 6Px - 2PR Time left 0:10:57 where Px is the price of X, Py is the price of good Y and PR is the price of a resource R. Suppose the present price of good X is Px =20,Py = 20 and PR =18. 1 - Based on the demand equation X and Y are substitutes 2 - The simplified demand function is:QD = 250 - 4Px3 - The simplified supply function is:QS = 2PR + 6Px4- When the price of good X is20 the Quantity Demanded is 110 and the Quantity Supplied is 60 5- When the price of good X is 20 the there is a of units. 6 - The equilibrium price and quantity are:P^* = 35.75 and Q^* = 110?

Added by Christopher F.

Close

Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
AceChat toggle button
Close icon
Ace pointing down

Please give Ace some feedback

Your feedback will help us improve your experience

Thumb up icon Thumb down icon
Thanks for your feedback!
Profile picture
ULeth Links v Use the General Demand and Supply functions provided below to answer the following 10 questions: Time left 0:10:57 Qp=250-4Px-3Py Qs=-24+6Px-2PR where Px is the price of X, Py is the price of good Y, and PR is the price of a resource R. Suppose the present price of good X is Px=$20, Py=$20, and PR=$18 1-Based on the demand equation X and Y are substitutes 2-The simplified demand function is: QD= 250/Px 3-The simplified supply function is: Qs= 2PR+6/Px 4-When the price of good X is $20 the Quantity Demanded is 110 and the Quantity Supplied is 60 5-When the price of good X is $20 there is a 6-The equilibrium price and quantity are: p*=$35.75 and Q=110
Close icon
Play audio
Feedback
Powered by NumerAI
Kathleen Carty Danielle Fairburn
Ivan Kochetkov verified

Manasvee Singh and 81 other subject Microeconomics educators are ready to help you.

Ask a new question
*

Labs

-

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs
*

Key Concepts

-
Key Concept
Premium Feature
Explore the core concept behind this problem.
Play button
Key Concept
Premium Feature
Explore the core concept behind this problem.
Your browser does not support the video tag.
*

Recommended Videos

-
question-1-given-the-following-cost-functiontc-1500-15q-6q2-q3i-determine-the-total-fixed-cost-for-producing-1000-units-of-output-and-500-units-of-outputii-what-is-afc-ata-1000-units-of-outp-77266

Question 1: Given the following cost function:TC = 1500 + 15Q – 6Q2 + Q3i. Determine the total fixed cost for producing 1000 units of output and 500 units of output.ii. What is AFC at:a) 1000 units of outputb) 500 units of outputiii. Determine TVC, AVC, MC and AC at 50 units of output. Question 2: The demand function equation faced by PTCL for its computers is given by:P = 50,000 – 4Qi. Write the marginal revenue equationii. At what price and quantity marginal revenue will be zero?iii. At what price and quantity will total revenue be maximized? Question 3: Suppose the following demand and supply function:Qd = 750 – 25PQs = -300 + 20 Pi. Find equilibrium price and quantityii. Find consumer and producer surplus Question 4: Given production function:Q = L 3/4 . K1/4Find out the optimal quantities of the two factors using Lagrangian method, if it is given that price of labor is Rs.6 and price of capital is Rs.3 and total cost is equal to Rs.120.Question 5: Given the cost function isTC = 6L + 3KFind out the optimal quantities of the two factor using Lagrangian method, if it is given thatoutput is equal to 13.46 = L3/4 . K1/4 Question 6: Suppose that the production function of the firm is:Q = 100L1/2.K1/2K= 100, P = $1, w = $30 and r = $40. Determine the quantity of labor that the firm should hire in order to maximize the profits. What is the maximum profit of this firm? Question7: Solve the above problem for w = $50. Question 8: Given TC = 100 + 60Q – 12Q2 + Q3Finda. The equations of the TVC, AVC, and MC functions.b. The level of output at which AVC and MC are minimum, and prove that the AVC andMC curves are U-shaped.c. Find the AVC and MC for the level of output at which the AVC curve is minimum. Question 9: Answer the same questions as in the above problem if:TC = 120 + 50Q – 10Q2 + Q3 Question10: If the demand function faced by a firm is:Q = 90 – 2PTC = 2 + 57Q – 8Q2 + Q3Determine the level of output at which the firm maximizes the profit.

Manasvee S.
3-20-pt-while-the-quantity-of-a-product-demanded-by-consumers-is-often-a-function-of-the-price-of-the-product-the-demand-for-a-product-may-also-depend-on-the-price-of-other-products-for-inst-85814

While the quantity of a product demanded by consumers is often a function of the price of the product, the demand for a product may also depend on the price of other products. For instance, the demand for blue jeans at Old Navy may be affected not only by the price of the jeans themselves, but also by the price of khakis. Suppose we have two goods whose respective prices are x and y. The demand for these goods, q1 and q2, depend on the prices as q1 = 150 - 2x - y and q2 = 200 - x - 3y. The seller would like to set the prices x and y in order to maximize revenue. We will assume that the seller meets the full demand for each product. Thus, if we let R be the revenue obtained by selling q1 items of the first good at price x per item and q2 items of the second good at price y per item, we have R = x * q1 + y * q2 = x * (150 - 2x - y) + y * (200 - x - 3y) = 150x + 200y - 2xy - 2x^2 - 3y^2. (a) Find all critical points of the revenue function, R. (Hint: You should obtain a system of two equations in two unknowns which can be solved by elimination or substitution.) (b) Apply the Second Derivative Test to determine the type of any critical point(s). (c) Where should the seller set the prices x and y to maximize the revenue?

Adi S.
records-he-has-prices-are-p-and-p-and-he-has-income-i-a-find-macs-demand-functions-individual-marshallian-demand-functions-bfind-macs-utility-as-a-function-of-prices-and-income-what-is-his-u-18159

a. Find Mac's demand functions. b. Find Mac's utility as a function of prices and income. What is his utility if Pc=10, Pr=20, I=200? c. Find Mac's utility if the price of CDs rises to Pc=12.50. d. How much money would you have to give Mac to make him just as happy as before the price change? Draw the picture of the relevant budget constraints and indifference curves. e. Imagine instead that the price change has not happened yet. How much money would you have to take away from Mac to give the same change in utility that the price change would give? Draw the picture of the relevant budget constraints and indifference curves.

Akash M.
*

Recommended Textbooks

-
Principles of Economics

Principles of Economics

Gregory Mankiw 8th Edition
achievement 1,633 solutions
Principles of Microeconomics for AP® Courses

Principles of Microeconomics for AP® Courses

Steven A. Greenlaw, David Shapiro, Timothy Taylor 2nd Edition
achievement 1,821 solutions
Economics

Economics

Michael Parkin 12th Edition
achievement 1,587 solutions
*

Transcript

-
00:01 Hello everyone.
00:02 So the question says that determine the total fixed cost for producing 1 ,000 units of output and 500 units of output.
00:10 And what is the afc at 1 ,000 units of output? 500 units of output.
00:16 As well as third says, determine tvc, avc, mc and ac at 50 units of output.
00:24 Now talking about total cost.
00:27 So it is given that total cost is equals to 1500 plus 15 ,000 plus 15 ,000.
00:33 Q minus 6 q square plus q q q fixed cost is the constant part of the total cost and constant part of total cost is 1500 so fixed cost is also 1500 now as we know that a fc is equals to fixed cost divided by q total fixed cost is constant irrespective of the quantity produce now total fixed cost at 1 ,000 units and 500 units is 15 so total fixed cost at q is equals to 1000 is fixed cost is equals to 1500 and when q is equals to 500 so fixed cost is equals to 1500 similarly a fc is equals to fixed cost divided by q so at q is equals to 1000 afc is equal to 1 ,000 afc is equals to 1500 divided by 1000 that is equals to 1 .5 whereas q is equals to 500 so afc is equals to 1500 divided by 500 that gives 3 so a a fc at q is equals to 1 ,000 will be 1 .5 and afc at q is equal to 500 will be 3.
02:39 Coming to the third part that says tvc is the variable part of total cost.
02:49 So, tvc is equals to total cost minus total fixed cost...
Need help? Use Ace
Ace is your personal tutor. It breaks down any question with clear steps so you can learn.
Start Using Ace
Ace is your personal tutor for learning
Step-by-step explanations
Instant summaries
Summarize YouTube videos
Understand textbook images or PDFs
Study tools like quizzes and flashcards
Listen to your notes as a podcast
Continue solving this problem
Create a free account to:
  • View full step-by-step solution
  • Ask follow-up questions with Ace AI
  • Save progress and study later
Continue Free
Join the community

18,000,000+

Students on Numerade

Trusted by students at 8,000+ universities

Numerade

Get step-by-step video solution
from top educators

Continue with Clever
or



By creating an account, you agree to the Terms of Service and Privacy Policy
Already have an account? Log In

A free answer
just for you

Watch the video solution with this free unlock.

Numerade

Log in to watch this video
...and 100,000,000 more!


EMAIL

PASSWORD

OR
Continue with Clever