Micro economics

Market for slim mobiles is represented by the following functions
(A)Q+1/3P= 36, Q+9=1/2 P (B) Q=4P2-4P , Q=44-3P2
Required
i)Identify the demand and supply functions. Give reasons for your answer
ii) Find the equilibrium price and quantity
b)If supply of fuel increased by 12% due o 540 increase in aggregate prices. Calculate elasticity of supply and suggest ways of stabilizing the supply of fuel in Kenya.
c) Suppose the market demand and market supply for a commodity are given as follows:
Qd = 100-2p
Qs = 4 + 4p
i) Determine the equilibrium price and quantity for the market.
d)Suppose the maximum price is fixed at $20. Illustrate the effect of this price control on a supply and demand diagram. Is there a shortage? If so, what is the excess demand?
e) The popularity of brown ‘chapatis’ causes consumers’ tastes to shift away from bread. Show the effect of this shift on the market demand for blue band, which is used mainly when people eat toast

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. chem

    Use the periodic table to write electron configurations for each of the following elements. (Type your answer using the format [Ar] 4s2 3d10 4p2 for [Ar]4s23d104p2.) 1. Pd thanks

  2. economics

    Market research has revealed the following information about the market for chocolate bars. The demand schedule can be represented by the equation QD=1,600-300P, where QD is the quantity demanded and P is the price. The supply

  3. Chemistry

    N2 + 3H2 =2NH3 How many molecules of H2 are represented in the reaction? How many nitrogen atoms are represented in the reactants? How many moles of NH3 are formed?

  4. geometry

    AB intersects CD at E. If m

  1. Trig

    The point (1/3,1/4) lies on the terminal side of an angle. Find the exact value of the six trig functions, and explain which functions are reciprocal functions to each other.

  2. Algebra

    Use composition of functions to show that the functions f(x) = 5x + 7 and g(x)= 1/5x-7/5 are inverse functions. That is, carefully show that (fog)(x)= x and (gof)(x)= x.

  3. Check my CALCULUS answers please!

    Any short explanation for things I got wrong would be great, too, if possible! Thanks in advanced! :) 8. Which of the following functions grows the fastest? ***b(t)=t^4-3t+9 f(t)=2^t-t^3 h(t)=5^t+t^5 c(t)=sqrt(t^2-5t) d(t)=(1.1)^t

  4. Chemistry

    Write the ground state electron configurations of the following ions. (Type your answer using the format [Ar] 4s2 3d10 4p2 for [Ar]4s23d104p2. If the configuration is a noble gas, enter the noble gas in brackets, for example [Ne]

  1. chemistry

    Write electron configurations for the following ions, and determine which have noble-gas configurations. (Type your answer using the format [Ar] 4s2 3d10 4p2 for [Ar]4s23d104p2.) Ru2+ thanks

  2. Algebra

    The vertex of a parabola represented by f(x)=x^2-4x+3 has coordinates of (2,-1). Find the coordinates of the vertex of the parabola defined by g(x)=f(x-2). Explain how you arrived to your answer. My question: Would you move the

  3. Math

    If the inverses of two functions are both functions, will the inverse of the sum or difference of the original functions also be a function? Explain your reasoning.

  4. stats

    since the stock market began in 1872, stock prices have risen in about 73% of the years. Assuming that market performance is independent from year to year, what's the probability that a) the market will rise 3 consecutive years?

You can view more similar questions or ask a new question.