Business, 09.10.2019 19:10 bryamp4268

Suppose we are studying the market for iphones, quantity of iphones is denoted q (the price of iphones is denoted p). there are only 45 consumers in this market; 15 consumer’s have the following inverse demand function: p(q)=2 - q10, and the other 30 consumer’s have the following inverse demand function: p(q) = 45 - 3q2 . the market supply of iphones is given by the function qs(p) = 30p, where qs(p) denotes quantity supplied as a function of the market price. (hint: can we derive the market demand curve from individual inverse demand curves? probably (a) what is the market equilibrium quantity and price for iphones? (b) what is the price elasticity of demand at the equilibrium price and quantity?

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:20

Lusk corporation produces and sells 14,300 units of product x each month. the selling price of product x is $25 per unit, and variable expenses are $19 per unit. a study has been made concerning whether product x should be discontinued. the study shows that $72,000 of the $102,000 in monthly fixed expenses charged to product x would not be avoidable even if the product was discontinued. if product x is discontinued, the annual financial advantage (disadvantage) for the company of eliminating this product should be:

Answers: 1

Answer

Business, 22.06.2019 13:50

When used-car dealers signal the quality of a used car with a warranty, a. buyers believe the signal because the cost of a false signal is high b. it is not rational to believe the signal because some used-car dealers are crooked c. the demand for lemons is eliminated d. the price of a lemon rises above the price of a good used car because warranty costs on lemons are greater than warranty costs on good used cars

Answers: 2

Answer

Business, 23.06.2019 23:30

Question 1 is the process of moving the organization toward its vision. a. strategic planning b. contingency planning c. security planning d. enterprise information planning

Answers: 1

Answer

Business, 24.06.2019 02:00

During the troubleshooting of an issue, it is determined that the most probable cause of the issue is not within the administrator's area of responsibility. what is the next step in the problem solving process

Answers: 1

Answer

You know the right answer?

Suppose we are studying the market for iphones, quantity of iphones is denoted q (the price of iphon...

Questions