Demand Curve or a Supply Curve - Price and Quantity Combinations - Economics Assignment Help

Assignment Task

QUESTION 1: a. Plot the following Price and Quantity combinations: (4, 8), (1, 2), (5, 10)

b. Is it a demand curve or a supply curve? Why?

c. Using the equation of a line, and P for price and Q for quantity, what is the algebraic formula of this curve? (NB: a = intercept where price is 0 & b = slope of curve)

QUESTION 2: a. Plot the following combinations. Note that the points are given in the format (Quantity, Price) (0, 50), (2, 40), (4, 30), (6, 20), (8, 10)

b. Using the equation of a line, what is the algebraic formula of this demand curve?

QUESTION 3: a. Suppose the equation of the line is P= - 5 × Q + 70. Compute the quantity demanded at each indicated price. PRICE 50 40 30 20 10 QTY ? ? ? ? ?

QUESTION 4: Use the following two equations for the demand and supply curves to compute the equilibrium price value. - Demand curve: Qd = 3300-2P - Supply curve: Qs = 500+8P

a. What is the value of the equilibrium price?

b. What is the equilibrium quantity?

QUESTION 5: The table below shows data for the production of Apples for an individual firm

a. At what quantity are marginal revenues equal to marginal costs?

b. What is the profit maximizing quantity? (NB: If there are two quantities with the same level of profits, pick the larger of the two quantities)

c. What is the profit maximizing price? (NOTE: If there are two prices with the same level of profits, pick the larger of the two prices)

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