4. There is no demand for a certain make of one-time use camera when the unit price is $12. However, when the unit price is $ 8, the quantity demanded is 8000/week.The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera,however, the manufacturer will make available 5000 cameras/week.Given that both the supply and demand equations are linear:(a)Determine the associated linear demand function(b)Determine the linear supply function.(c)At what price should the camera be sold so that there is neither a surplus nor ashortage?

Since the demand and supply function are linear, and we are given 2 points each on the demand and…

Answered: 4. There is no demand for a certain…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: Determine the associated linear demand function Determine the linear supply function. At what price should the camera be sold so that there is neither a surplus nor a shortage?
When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
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