Microeconomics (7th Edition)
7th Edition
ISBN: 9780134737508
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 4.A, Problem 1RQ
To determine
The information from the intercepts of linear
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Q:
Q:
Q:
Assume that the demand curve D(p) given below is the market demand for widgets:
Q = D(p) = 1604 - 16p, p > 0
Let the market supply of widgets be given by:
Q = S(p) =
4 + 8p, p > 0
where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and
supplied at a given price.
What is the equilibrium price?
Please round your answer to the nearest hundredth.
What is the equilibrium quantity?
Please round your answer to the nearest integer.
What is the consumer surplus at equilibrium?
Please round the intercept to the nearest tenth and round your answer to the nearest integer.
What is the producer surplus at equilibrium?
Please round the intercept to the nearest tenth and round your answer to the nearest integer.
Price & Demand
In economic theory, we let z represent the number of items (called demand) a supplier will produce if the
price of the item is p.
For a particular item, if the price is $10 per item, then the demand is 577 items. However, if the price is
raised to $33 per item, then the demand decreases to 393 items.
Using this information, find the demand equation as a function of the price p?
r(p)
The demand for coffee is given by the following equation, where QD�� stands for the quantity demanded and P stands for price.
QD=100−4PQD= 100- 4P
The supply of coffee is given by the following equation, where QS�� stands for the quantity supplied and P stands for price.
QS=-10+2PQS= -10+ 2P
For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis.
What is the slope of demand?
Slope =
At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)?
P =
What is the slope of supply?
Slope =
At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)?
P =
Chapter 4 Solutions
Microeconomics (7th Edition)
Ch. 4.A - Prob. 1RQCh. 4.A - Prob. 2RQCh. 4.A - Prob. 3RQCh. 4.A - Why would economists use the term deadweight loss...Ch. 4.A - Prob. 5PACh. 4.A - Prob. 6PACh. 4.A - Prob. 7PACh. 4.A - Prob. 8PACh. 4.A - Prob. 9PACh. 4 - Prob. 1TC
Ch. 4 - Prob. 2TCCh. 4 - Prob. 4.1.1RQCh. 4 - Prob. 4.1.2RQCh. 4 - Prob. 4.1.3RQCh. 4 - Prob. 4.1.4RQCh. 4 - Prob. 4.1.5PACh. 4 - Prob. 4.1.6PACh. 4 - Prob. 4.1.7PACh. 4 - Prob. 4.1.8PACh. 4 - Prob. 4.1.9PACh. 4 - Prob. 4.1.10PACh. 4 - Prob. 4.1.11PACh. 4 - Prob. 4.1.12PACh. 4 - Prob. 4.1.13PACh. 4 - Prob. 4.1.14PACh. 4 - Prob. 4.2.1RQCh. 4 - Prob. 4.2.2RQCh. 4 - Prob. 4.2.3PACh. 4 - Prob. 4.2.4PACh. 4 - Prob. 4.2.5PACh. 4 - Prob. 4.2.6PACh. 4 - Prob. 4.2.7PACh. 4 - Prob. 4.2.8PACh. 4 - Prob. 4.2.9PACh. 4 - Prob. 4.2.10PACh. 4 - Prob. 4.3.1RQCh. 4 - Prob. 4.3.2RQCh. 4 - Prob. 4.3.3RQCh. 4 - Prob. 4.3.4RQCh. 4 - Prob. 4.3.5PACh. 4 - Prob. 4.3.6PACh. 4 - Prob. 4.3.7PACh. 4 - Prob. 4.3.8PACh. 4 - Prob. 4.3.9PACh. 4 - Prob. 4.3.10PACh. 4 - Prob. 4.3.11PACh. 4 - Prob. 4.3.12PACh. 4 - Prob. 4.3.13PACh. 4 - Prob. 4.3.14PACh. 4 - Prob. 4.3.15PACh. 4 - Prob. 4.3.16PACh. 4 - Prob. 4.3.17PACh. 4 - Prob. 4.3.18PACh. 4 - Prob. 4.3.19PACh. 4 - Prob. 4.4.1RQCh. 4 - Prob. 4.4.2RQCh. 4 - Prob. 4.4.3RQCh. 4 - As explained in the chapter, economic efficiency...Ch. 4 - Prob. 4.4.5PACh. 4 - Prob. 4.4.6PACh. 4 - Prob. 4.4.7PACh. 4 - Prob. 4.4.8PACh. 4 - Prob. 4.4.9PACh. 4 - Prob. 4.4.10PACh. 4 - Prob. 4.2CTE
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