Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Calculating price elasticity of demand.

Suppose the market for widgets can be described by the following equations:

Demand: Q = 90-3P

Supply: Q = 10+P

Where P is the equilibrium price in dollars per unit and Q is the quantity in thousands of units.

Illustrate what is the equilibrium price and quantity. Compute the price elasticity of demand at the equilibrium price and quantity.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917878

Have any Question? 


Related Questions in Business Economics

Streets in bellevue are maintained by public works division

Streets in Bellevue are maintained by Public Works Division; "Street Maintenance". Public Works administrators are planning the workforce of this division for next year. Labor hour requirements for the next year are 8,00 ...

In a 3 pages paper and double space describe the advantages

In a 3 pages paper and double space describe the advantages and disadvantages of magnetic storage, optical storage, and solid state storage using criteria such as versatility, durability, capacity, access time, and trans ...

Discussion questionunderstanding business research methods

Discussion Question 'Understanding Business Research Methods is essential for all successful business managers whether in profit or not for profit organizations.' There is no 'right' answer in relation to the quote above ...

Machine a costs 9000 to purchase and 5000 per year to

Machine A costs $9000 to purchase and $5000 per year to operate. It lasts for 6 years, and has no salvage value at the end of its life. Machine B costs $16,000 to purchase and $4000 per year to operate. It lasts for 9 ye ...

Yoursquore given the following individual demand tables for

You’re given the following individual demand tables for comic books. a. Calculate market demand. Instructions: Enter your responses in the table below. Price John Liz Alex DMarket $2 10 18 28 4 9 16 24 6 8 14 20 8 7 12 1 ...

Public service company of north carolina issued 150 million

Public Service Company of North Carolina issued $150 million worth of bonds this year. The bonds had a face value of $1000 each, and came with a promise to pay the bearer $66.25 a year in interest during the life of the ...

You are evaluating the balance sheet for goodmans bees

You are evaluating the balance sheet for Goodman's Bees Corporation. From the balance sheet you find the following balances: cash and marketable securities = $360,000, accounts receivable = $2,200,000, inventory = $1,900 ...

Discuss the industrial expansion of the late 19th century

Discuss the industrial expansion of the late 19th century identifying the ways it developed within corporate organizations and how workers responded to these changes both outside of and within labor organizations.

Tyler just wrecked his new nissan and the accident was his

Tyler just wrecked his new? Nissan, and the accident was his fault. The owner of the other vehicle got two estimates for the? repairs: one was for ?$796 and the other was for ?$845 . Tyler is thinking of keeping the insu ...

In an advertisement for a professional employment

In an advertisement for a professional employment organization it was stated: “Outsourcing can be a cost-effective alternative to the expense and administrative burden of a traditional employer–employee relationship.” Ev ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate