Find the approximate equilibrium quantity and price

Assignment Help Business Economics
Reference no: EM131007132

If 3000 two-bedroom houses are demanded per year, at a price of $500,000 per unit. However, for every $40,000 increase in the price per unit, the quantity of units demanded falls by 200. Contractors are unwilling to build and sell any two-bedroom houses for any price less than $100,000 but are willing to sell as much as 7700 unit per year at a price of $1 million. If the demand and supply curves are assumed to be linear.

(i) Find the demand curve.

(ii) Find the supply curve.

(iii) Find the approximate equilibrium quantity and price.

Reference no: EM131007132

Questions Cloud

Identify the questions about media law : Then explain the issues, or identify the questions about media law that the court was attempting to answer? What were the court's decisions regarding each one of the issues- present them
What is the own-price elasticity of demand : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..
Find the approximate equilibrium quantity and price : If 3000 two-bedroom houses are demanded per year, at a price of $500,000 per unit. However, for every $40,000 increase in the price per unit, the quantity of units demanded falls by 200. Find the demand curve. Find the supply curve. Find the approxim..
What specific olap operations should one performin order : A flight data warehouse for a travel agent consists of six dimensions: traveler, departure(city), departure time, arrival, arrival time, and flight; and two measures: count, andavg fare, where avg fare stores the concrete fare at the lowest level ..
Calculate the price elasticity of demand for appetizers : The South Beach Café recently reduced appetizer prices from $10 to $8 for afternoon “early bird” customers and enjoyed a resulting increase in sales from 75 to 125 orders per day. Beverage sales also increased from 400 to 550 units per day. Calculate..
Draw the entity-relationship diagram for the above scenario : Prepare a document of requirement analysis and justify the need to create the system for the above case study. Draw the entity-relationship diagram for the above scenario
Do you believe that most criminal activity is a product : Do you believe that most criminal activity is a product of their environment in which the criminals are raised? Do you believe that criminal activity is a product of a combination of both genetics and environment

Reviews

Write a Review

Business Economics Questions & Answers

  Function of exchange rate and total domestic consumption

Consider a small open economy in the short run where the government decreases the tax rate. You own a hat company which sells both domestically and abroad. Therefore your total sales are a function of the exchange rate and total domestic consumption...

  1 price discriminationa indicate the types of price

1. price discriminationa. indicate the types of price discrimination for the cases below. based on the above examples

  Economic boom raises the cost of labor and raw materials

John Richards, CEO of Richards Construction builds custom high end garages for car collectors in a booming community in California. Although sales have slowed because of a national recession, it now looks as if the recession is about to end. Suppose ..

  Find the herfindahl index for an industry composed

Find the Herfindahl index for an industry composed of (a) three firms- one with 70 percent of the market, and the other tow with 20 and 10 percent of the market

  Nuclear safety devices installed several years

Nuclear safety devices installed several years ago have been depreciated from a ?rst cost of $200,000 to zero using MACRS. The devices can be sold on the used equipment market for an estimated $15,000. Use a 5-year study period, an effective tax rate..

  Examples to highlight events that affected currency values

After watching the NBC Learn video clip Some U.S. Businesses Profit from a Falling Dollar , consider who benefits and who gets hurt from a falling (depreciating) currency. What factors influence the value in a currency? Use real-world examples to hig..

  Technology transfer in the solow model

Technology transfer in the Solow model: One explanation for China’s rapid economic growth during the past several decades is its expansion of policies that encourage “technology transfer.” Draw a graph showing what happens to output in China over tim..

  Youngstown sold most of its output in the midwest

Youngstown sold most of its output in the Midwest. Was this fact relevant.

  Traditional open market purchases of treasury securities

etween February 2008 and Summer 2009 the Fed supplemented its open market operations with a greatly expanded program of direct lending (both overnight and short term 28 and 84 day loans) to commercial banks, investment banks, brokerage and primary de..

  Identify components of domestic demand policies affect

What government policies are available to reduce domestic demand in the medium run. Identify which components of domestic demand each of these policies affect.

  Largest gdp decline in a postwar u.s. recession

Elucidate how much income did this represent for each of the 300 million U.S. citizens. Illustrate what was the largest GDP decline in a postwar U.S. recession.

  Behavior of both a monopoly and a dominant firm

By showing the behavior of both a monopoly and a dominant firm in the same graph, show that monopoly profits are greater than the profit of a dominant firm in the no-entry equilibrium. Show how much consumers benefit from buying from a dominant firm-..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd