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For some product products n a developing country ,the estimated demand was x = 224.125 - 0.097 p and the supply was x =-49.375 + 1.721 p
a. Find the equilibrium price and quantity.
b. Make a graph of the demand and supply functions on the same axes and mark the equilibrium point.
A producer sells items at P1.20 each if his cost of production is given by C(x) =0.60x +420 where x is the number of items sold ,find the breakeven point .If he can change his cost function to C(x) = 0.48x + 432, would it be to his advantage to do so? Why?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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