Ask questions and get helpful responses.
Ask a New Question
  1. Questions

Math

The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=800/p barrels, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the decrease in demand if p rises to 56 and the increase in demand if p is decreased to 54.

The demand D(55) = .

The decrease in demand = barrels.

The increase in demand = barrels

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩
Anonymous

Respond to this Question

First Name

Your Response

Similar Questions

  1. Economics

    3. Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the

  2. economics

    The demand and supply functions of a commodity are as given as follows CD=20-2p,Qs=6p-12 where p = price in naira ,Qd=quantity demand and Qs=quantity supplied, find the equilibrium price

  3. Calculus

    The consumer demand equation for tissues is given by q = (97 − p)2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $26.

  4. math

    noone has helped me? . Suppose that the total market demand for a product consists of the demands of individual 1 and individual 2. The demand equations of the two individuals are given by the following equations: QD,1 =20-P QD,2

  1. economics

    suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00. a)suppose P=$1.00, what is the price

  2. Business Math

    3.) The demand equation for a certain product is q=500-40p+p^2 where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p = 15. If this price of 15

  3. microeconomics

    When agricultural production increases , the total amount paid for agricultural products tends to a. increase because demand is price elastic b. decrease becasue deamn is price elastic c. increase because demand is price inelastic

  4. mathematics

    If the supply and demand functions for a commodity are given by p − q = 10 and q(2p − 10) = 5500, what is the equilibrium price and what is the corresponding number of units supplied and demanded

  1. Economics 201

    Determine the price elasticity of demand for a microwave that experienced a 20% drop in price and a 50% increase in weekly demand quantity. I know I have to use the price elasticity of demand formula, but I keep getting the wrong

  2. Macroeconomics

    (Supply and Demand) How do you think each of the following affected the world price of oil? (Use basic supply and demand analysis.) a. Tax credits were offered for expenditures on home insulation. b. The Alaskan oil pipeline was

  3. brief calculus

    I have everything right but the last question asking how many cases per week The consumer demand equation for tissues is given by q = (97 − p)^2, where p is the price per case of tissues and q is the demand in weekly sales. (a)

  4. managerial

    The demand curve for haircuts at Terry Bernard's Hair Design is P=20-0.20Q where Q is the number of cuts per week and P is the price of a haircut. Terry is condering raising her price above the current price of $15. Terry is

Still need help? You can ask a new question.