Q + 1/3 P = 36 and Q + 9 = 1/2 P
Where P = Price of the Commodity in 00' KSH and Q = Quantity is number of pieces
Required:
a) Identify the Demand and Supply function giving the reason for your answer (Show
ALL your workings)
b) Determine the Market equilibrium
c) Estimate the Total Surplus on the market and interpret it
d) With the aid of a well-labeled diagram, illustrate and explain the impact of
simultaneous increase in household income and an increase in the tax on sale of the
Samsung S7 mobile phones.
e) (1). With the aid of a diagram distinguish between "Price Maximization" and "Price
Minimization
(11). Explain the two main objectives of Price Minimization in the economy
Answers: 1
Business, 22.06.2019 23:50, clickbaitdxl
Melissa buys an iphone for $240 and gets consumer surplus of $160. a. what is her willingness to pay? b. if she had bought the iphone on sale for $180, what would her consumer surplus have been?
Answers: 3
Business, 23.06.2019 01:50, breannaasmith1122
The de mesa family will soon be occupying their newly renovated house. however, the bathroom measuring 10ft. by 16 ft. still needs to be covered by tiles. if the tile that they desire measures 2/5 ft by 2/5 ft., how many tiles will they need to cover the bathroom floor?
Answers: 3
Q + 1/3 P = 36 and Q + 9 = 1/2 P
Where P = Price of the Commodity in 00' KSH and Q = Quantity is nu...
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