How much of product xis produced

Assignment Help Business Economics
Reference no: EM132160385

Suppose the supply function for product Xis given by Q: = -30 + 2 Px - 4 P2• (LO1)

a. How much of product Xis produced when Px =$600 and P2 =$60?

b. How much of product Xis produced when Px =$80 and Pz =$60?

c. Suppose Pz = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.

Reference no: EM132160385

Questions Cloud

To discuss deontological and teleological ethical systems : Allow the student to exhibit moral decision making when confronted with hypothetical ethical dilemmas.
Discuss all of the factors that will come into play : Discuss all of the factors that will come into play in determining the Federal Sentencing Guidelines' sentencing range (i.e., the offense level).
Review the given problem to find out the eac : A small town's sewer system costs $1M installed. With proper maintenance, it should last indie- nightly. Twenty percent of the cost will be for the pumping.
How you complete the configuration of the network : ICT535 Case Study - There is considerable flexibility in terms of how you complete the configuration of the network
How much of product xis produced : Suppose the supply function for product Xis given by Q: = -30 + 2 Px - 4 P2• (LO1)
What is the competitive market quantity and price : a) What is the competitive market quantity and price? b) Find the marginal revenue and derive the rent-seeking cartel output and price.
What is the firm short run production function : Production in the long run. Consider the following production function: q=5K0.25L0.5.
Find the project capitalized cost : The right-of-way and the roadbed for a new highway will cost $4.5 million. The pavement will cost $2.5 million, and it has a much shorter life of 20 years.
What is the lindahl equilibrium quantity of s : If the marginal social cost of the project is $10, what is the Lindahl equilibrium quantity of S? What are the Lindahl prices? Show all work/every step

Reviews

Write a Review

Business Economics Questions & Answers

  Firm in truely competitive mkt discovers

A firm in a truely competitive mkt discovers that the price of its product is above its minimum AVC point but everywhere below its ATC. Then the firm: A) minimizes losses by producing at the minimum point of its AVC curve B) maximizes profits by prod..

  Transmission mechanism of monetary policy theory

One of the most important lessons learned from the Transmission Mechanism of Monetary Policy theory is that. For a single−price monopolist to sell one more unit of a? good, it must

  How does wilkinson and colleagues statistically

How does Wilkinson's and colleagues statistically work on inequality and health challenge Rawls' theory of justice? Do you agree with them? Why or why not?

  Explain this result in terms of the example in the question

Explain this result in terms of the example in the question above. How might things change if the border were open, with no restrictions on immigration?

  Is this good for you as a short hedger or not

You are a short hedger, when you initially check the cash market and sell a futures contract, the basis is -$1.00; when you sell in the cash market and off-set your futures position, the basis is -$0.56. (please show work and formulas used for refere..

  Industry certification is critical for it workers

Industry certification is critical for IT workers. It is important to have three main things when you graduate from college:

  Adjust the standard error estimates

Suppose you draw a sample of size 250 from a population of size 1,000. By what factor should you adjust the standard error estimates?

  Demand curve intersects the marginal cost curve

The discussion of price ceilings supposed that the medical industry faces increasing marginal costs of production. Suppose a for-profit, monopolistic hospital is experiencing economies of scale (i.e., downward-sloping average and marginal cost curves..

  What price does the monopoly sell its good in each country

A monopoly sells its good in the United States, where the elasticity of demand is -2, and in Japan, where the elasticity of demand is -5. Its marginal cost is $10. At what price does the monopoly sell its good in each country if resale is impossible?

  Shifting set of priorities based on market conditions

If a currency can be worth too little (e.g. needing $10,000,000,000 to buy a loaf of bread) and worth too much (e.g. being able to buy a loaf of bread for $0.00001), why isn't there an "ideal value" (a point, range, or a shifting set of priorities ba..

  How absolute and comparative advantages were used

Explain how absolute and comparative advantages were used in your simulation.

  Elucidate which following is true in market of a monopoly

Elucidate which following is true  in market of a monopoly

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