Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Assignment

QUESTION 1: If the demand and supply curve for iPhone 7 are:

D = 100 - 6P, S = 28 + 3P

Where D = Demand; S = Supply and P is the price of an iPhone, what is the quantity of iPhones bought and sold at equilibrium? (5 Marks)

QUESTION 2: Given the following data:

Play Station 4 (PS4) P = 80 - Q (Demand); P = 20 + 2Q (Supply)

Given the above demand and supply equations for PS4, find the equilibrium price and quantity

QUESTION 3:

The weekly demand function for butter in the province of Hubei is Qd = 20000 - 500Px + 25M + 250Py, where Qd is quantity in kilograms purchased per week, P is price per kg in dollars, M is the average annual income of Hubei Province consumer in thousands of RMB, and Py is the price of a kg of margarine. Assume that M = 20, Py = $2, and the weekly supply function is such that the equilibrium price of one kilogram of butter is $14.

Calculate the price elasticity of demand for butter at the equilibrium. What can we say about the demand for butter at this price-point? What significance does this fact hold for suppliers of butter?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92410935

Have any Question?


Related Questions in Microeconomics

Question in 1993 the funds rate fell to 3 while the rate of

Question: In 1993 the funds rate fell to 3% while the rate of inflation was also 3%. Bond yields also fell sharply that year. Since the funds rate was well below its equilibrium value, why didn't inflationary expectation ...

Question the following diagram shows the market situation

Question: The following diagram shows the market situation for the perfectly competitive market for wheat. The wheat market is currently at short-run equilibrium E, where the price P* is not high enough to generate posit ...

Question an economy is characterized by the production

Question: An economy is characterized by the production functionY = A (K^a ) (L^(1-a) ). The capital share of output is 50%, the depreciation rate is 10%, the investment rate is 10%, the technology constant is 6 and the ...

Question from september 2000 to march 2001 the sampp 500

Question: From September 2000 to March 2001, the S&P 500 index fell 27% and the US economy headed into a recession. From March 2002 to July 2002, the index fell another 27%, yet this time the recovery that was already un ...

Question you are an assistant to a senator who chairs an ad

Question: You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over 15 million on related paperwork and compliance cost ...

Question think of the last two major things you bought why

Question: Think of the last two major things you bought. Why did you buy them? What were your opportunity costs in making the purchase? What would have been the opportunity cost, if you had NOT made the purchase? (Not al ...

Question you are on the city council and are considering a

Question: You are on the city council and are considering a law to control rents below the free-market rent. What would be the effect of this rent control law in the short-run? In the long run? Be sure to explain why you ...

Question in 1964 and 1965 a 20 reduction in personal and

Question: In 1964 and 1965, a 20% reduction in personal and corporate income tax rates was followed by a budget surplus. In 1982 and 1983, a 20% reduction in personal and corporate income tax rates was followed by a budg ...

Question in an effort to move the economy out of recession

Question: In an effort to move the economy out of recession, the federal government would engage in expansionary economic policies. Respond to the following points in your paper on the action the government would take to ...

Question joe is graduating from college and is currently

Question: Joe is graduating from college and is currently faced with a decision of choosing between two competing job offers for the same position from equally reputable companies. The jobs are in two different cities A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved