Write your final answers and solutions in the spaces after each question. =))

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Question description

  1. Given the demand function D(x) = 4850 -5x,
    1. What is the highest price a consumer would pay for the commodity?

 

 

 

 

 

    1. How many units would be demanded when the commodity is given away for free?

 

 

 

 

 

  1. 1,250 units of a product can be made available if the unit price is Php54, 000. If for each Php3, 000 increase in the price, 600 more units become available. Set up a supply function assuming that it is linear.

 

  1. A manufacturer sells 850 units of a commodity when the unit price is Php1,560. For every Php100 reduction in the price, he is able to sell 300 more items. Find the demand function assuming that it is linear.

 

 

 

 

 

 

  1. If the supply function for a particular product is ys – 3x – 112 = 0, find the lowest price at which the product would be supplied.

 

 

 

 

 

 

  1. The supply and demand functions for a particular food product are S(x) = 0.275x + 316.8 and

D(x) = 1,340 – 1.25x, respectively. Determine the market equilibrium price and quantity.

 

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: University of Virginia
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