Find the equilibrium quantity and price in the following, Ask an Expert

Economics

Find the equilibrium quantity and price in the following market:

Demand is P=190-3Q

Supply is P=10+5Q

-What is the point elasticity of demand at equilibrium?

-What is the marginal revenue at equilibrium?(use equation connecting MR and P)

- If marginal cost is constant $8 dollars, should we keep producing and selling? until which point we can keep producing?

- If total revenue is P*Q (hint: use the demand function P) calculate TR and MR and find the equilibrium quantity where MC=MR. what is the price?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91387091

Have any Question?Write your Review or question?

Related Questions in Business Economics

What type of exchange rate is associated with a higher

What type of exchange rate is associated with a higher probability of experiencing a crisis? Why?

Suppose that the value of the us dollarnbsp yesterday

Suppose that the value of the US dollar? ($) yesterday was? $1 = 4 yen. Today the exchange rate changed such that? $1 = 2 Yen. Given that the US dollar has? depreciated, the aggregate demand in the United States should A ...

A population has a mean72 and a standard deviation sigma28

A population has a mean=72 and a standard deviation σ=28. Find the mean and standard deviation of a sampling distribution of sample means with sample size n=49.

In a survey ofnbsp3153nbspadultsnbsp1407nbspsay they have

In a survey of 3153 adults, 1407 say they have started paying bills online in the last year. Construct a? 99% confidence interval for the population proportion. Interpret the results. A? 99% confidence interval for the p ...

A sample of 100 individuals was selected for a focus group

A sample of 100 individuals was selected for a focus group to determine information concerning consumer behavior. Among the questions asked was "Have you noticed our advertisements on TV?" Overall, 67 answered yes. 45 ma ...

Suppose the federal reserve sets the reserve requirement at

Suppose the Federal Reserve sets the reserve requirement at 15 percent, banks hold no excess reserves, and no additional currency is held. a. What is the money multiplier? b. By how much will the total money supply chang ...

What is the effect of changes in gasoline prices on the

What is the effect of changes in gasoline prices on the demand for restaurant meals? Is gasoline an economic complement of restaurant meal Are restaurant meals an economic complement of gasoline

A what is gdp deflator and how is it calculatedb if gdp

(a) What is GDP deflator and how is it calculated? (b) If GDP deflator for the year 2014 and 2015 are 105 and 108 respectively, then calculate the increase in price level between 2014 and 2015.

Suppose that 1 of the employees of a certain company use

Suppose that 1% of the employees of a certain company use illegal drugs. This company performs random drug tests that return positive results 99% of the time if the person is a drug use. However, it also has a 2% false p ...

You sell bicycle theft insurance if bicycle owners do not

You sell bicycle theft insurance. If bicycle owners do not know whether they are high- or low-risk consumers, is there an adverse selection problem?

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

Recent Questions

Ask Business Economics Expert