Purchase Solution

supply and demand for posters

Not what you're looking for?

Ask Custom Question

The following relations describe the supply and demand for posters.
Q d = 65000- 10000 P
Q d = -3500 + 15000 P
Where Q is the quantity and P is the price of the posters, in dollars.
A. Complete the following table.

Price Qs Qd Surplus or Shortage
$.6.00
5.00
4.00
3.00
2.00
1.00

B. What is the equilibrium price?

Chapter 4 Page 108 question 3

The for a demand curve has been estimated to be Q- 100 - 10P +.05Y, where Q is quantity, P is price, and Y is income. Assume P = 7 and Y=50.

a. Interpret the equation.
b. At a price, what is income elasticity?
c. At an income level of 50, what is income elasticity?
d. Now assume income is 70. What is the price elasticity at P=8?

Attachments
Purchase this Solution
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

View More Free Quizzes
Related BrainMass Solutions

  • current state of supply and demand analysis

    167539 Current State of Supply and Demand Analysis Address the current state of supply and demand analysis and the impact of government regulations on McDonald's Corp.

  • Average Costs

    This solution calculates the average fixed cost, average total cost and output level for shutdown based on different market demand levels.

  • Demand and Supply Equations with Equilibrium and Graphing

    The following relations describe the supply and demand for posters. Qᴅ = 65,000 - 10,000P and Qs = -53,000 + 15,000P Where Q is the quantity and P is the price of a poster, in dollars. a. Complete the following table. b.

  • Supply Management

    The criteria for assessing the posters are listed below. Title and subheadings (Eligibility and relevance to content) Content (Comprehensiveness, Accuracy) Graphics (pictures, graphs, etc.)

  • Making Short Run & Long Run Decisions for a Small Playhouse

    I can also make decisions such as what shows to produce, what actors to cast and what additional products to sell (such as snacks, posters and cast recording CDs). My playhouse is small but the demand for tickets is large.

  • Organizational Change in Supply Towards Decentralization

    Below is the link for the poster - just in case if you need it. http://www.ncsu.edu/project/posters.

  • Political Campaign Posters: Soticism & Neo-Colonialism

    The posters were made with Adobe Photoshop Cs3 and are print ready. A text-guide to the ideas presented in the posters is also attached.

  • Integer programming problem

    99638 Find the integer solution that will maximize her profit. 11-14 Student Enterprises sells two sizes of wall posters, a large 3- by 4-foot poster and a smaller 2- by 3-foot poster.

  • Customer Role in Supply Chain Management

    605718 Customer Role in Supply Chain Management Understanding supply chain and how the consumer can play a critical role in the supply chain is an important part of developing and implementing a strategy.

View More Related Solutions