Reference no: EM133496585
Problem
The following functions describe the demand and supply conditions in the forest product industry. Q=80,000-20,000P Q=-20,000 20,000P Where Q is the quantity measured in thousands of boards, and P is the price. From the information provided;
Question 1. Using clear explanations, determine which is the demand and supply function.
Question 2. Observing the demand function identified in (1) explain what is the autonomous demand (i.e demand when prices equal zero).
Question 3. Using clear guide, find the equilibrium price and quantity.
Question 4. Using the demand function attained in (1) find the elasticity of demand if price changes from 3/= to 2.5/=.
Question 5. What is the nature of elasticity of demand attained in (4).
Question 6. Suppose the market price equals 3, what is expected in terms of quantity in the market.
Question 7. Suppose the supply function identified in (1) doubles, what effect will be witnessed on price and quantity.
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