Answer to Question #165050 in Economics for Owie

Question

1.Imagine the market for Good X has a demand function of QDX = 100 – 2PX – 4PY + 0.05M + 0.1AX and a supply function of QSX = 4PX – 10, where PX is the price of Good X, PY is the price of Good Y, M is the average consumer income and AX is the amount spent to advertise Good X.

      If the price of Good Y is $5, M is $5000 and AX is $10,000, find the equilibrium price of Good X.

2. Suppose the market for X has a demand function of Q­DX = 1000 – PX − 2PY + 0.2M and a supply function of QSX = 4PX – 500, where PX is the price of Good X, PY is the price of Good Y, and M is the average consumer income. 

If PY is $50, and M = $1,000, find the equilibrium price of Good X.

3. Imagine the market for Good X has a demand function of Qdx = 200 – 2Px – Py + .1M and a supply function of Qsx = 2Px – 2Pw, where Px is the price of Good X, Py is the price of Good Y, and M is the average consumer income. Pw is the price of Good W, which is an input to the production of Good X.

If Py = 10,  Pw = 50,  M = $2700, what's the price of X in equilibrium?

4. MacGuffins have a demand function of QD = 70 – P and a supply function of QS = 2P + 10. Determine the price for a supplied quantity is 0.

5. Imagine the market for Good X has a demand function of QDX = 100 – 2PX – 4PY + .05M + .1AX and a supply function of QSX = 4PX – 10, where PX is the price of Good X, PY is the price of Good Y, M is the average consumer income and AX is the amount spent to advertise Good X.

      If PY is $3, M is $24,000, AX is $500, find the equilibrium quantity of Good X.

6. Imagine the market for a phone card has a demand function of QDX = 38 – 2PX and a supply function of QSX = 4PX - 10, where PX is the price of the phone card.  If PX is 10, calculate the producer surplus (PS).

Answer 1

Dear Owie, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order