Suppose the market for hdtvs in the usa can be expressed by

Assignment Help Microeconomics
Reference no: EM13375060

Suppose the market for HDTV'S in the USA can be expressed by the following demand and supply equations:

Qd = 7500 - 2400PQs = 600P

Where Q is the number of HDTV'S and the price P is in thousands of dollars.

a) draw demand and supply on a graph

b) calculate the equilibrium price and quantity that will prevail in a free market.

c) calculate the price elasticity of demand and the price elasticity of supply at the equilibrium.

Reference no: EM13375060

Questions Cloud

Consider the following discrete probability mass function : consider the following discrete probability mass function for the variables health insurance and income. health
Write a 1000 to 1500 word paper exploring the differences : write a 1000 to 1500 word paper exploring the differences between terrorism and criminal activity from an economic
A temperature sensor has a static transfer function of 015 : a temperature sensor has a static transfer function of 0.15 mvcdeg and a time constant of 3.3 s. if a step change of
Q1 the following graph shows the cost curves for a : q1. the following graph shows the cost curves for a perfectly competitive firm. identify the shutdown point the
Suppose the market for hdtvs in the usa can be expressed by : suppose the market for hdtvs in the usa can be expressed by the following demand and supply equationsqd 7500 - 2400pqs
A doctoral student has just completed a study for her : a doctoral student has just completed a study for her dissertation and found the following demand and supply schedules
A consultant gives you the following equation which : a consultant gives you the following equation which represents the demand for new cars as a function of the price of
1 jose has 15 to spend this week on apple juice and : 1. jose has 15 to spend this week on apple juice and cookies.juice costs 0.5 per bottle and cookies cost 2.00 each.a
1 the file corruptionxls contains country-level data on two : 1 the file corruption.xls contains country-level data on two variables. one of these is a measure of perceptions of

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Included in calculating gdp

Discuss what is, and what is not, included in calculating GDP

  Do firms earn accounting profit under perfect competition

Do firms earn accounting profit under perfect competition Do firms earn economic profit Viewing yourself as a firm, would you say that most of your career choices will be made in a competitive market Explain.

  How does a current budget deficit affect future workers

1. How does a current budget deficit affect future workers How could a policy by the current government to reduce the national debt hurt these future workers 2. Monetary and fiscal policies are said to have "lags." What are lags and why do they exi..

  How many firms are in this industry

A market contains a group of identical price-taking firms. Each firm has a marginal cost curve SMC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds $20 per unit and will shut down

  Describe economy that abides by the classical mode

Consider an economy that abides by the classical mode. The production function is unspecified, but we know that the Theory of Distribution (ToD)[W/P=MPN] holds. Suppose there is adrop in the level of capital.

  Estimate the value of tvc for sales

At what sales/output level will marginal costs (MC) reach a minimum and estimate the value of TVC for sales/output level 250,000 units, and calculate the 95% confidence interval for your estimate.

  Explain how the introduction of policy

Relatively little pollution is emitted initially in the production process, but as the factory is used more intensively, pollution per unit of output increases and Explain how the introduction of this policy will affect the production decision of f..

  Economic technological revolution

Select 5-innovations associated with Industrial Revolution and five innovations from Technological Revolution. For each innovation, recognize the effects it had on individuals, societies, businesses, and politics.

  Determine what is the independent variable

When a bank raises its interest rates on loans, it typically sees fewer customers visiting to apply to borrow funds. 1. What is the independent variable 2. What is the dependent variable 3. What is the mathematical relationship between these two vari..

  Factors in michael porter five forces model

What are the major reasons a multinational corporation would engage in Foreign Direct Investment (FDI)? Explain the factors in Michael Porter's "Five Forces Model" which affect the capability of any firm in an industry to earn the profit.

  What is the inflation rate

Suppose that the resident of vegopia spend all of their income on cauliflower,broccoli and  carrots. Calculate the price of each vegetable in each year.

  Determine profit-maximizing price

If the price elasticity of demand for bananas is -1.5 and the price elasticity of demand for grapefruit is -2.5, and the marginal cost of producing each of the items is $0.50 each, what is the profit-maximizing price for each?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd