MHB Price, Supply, and Demand Questions II

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The discussion revolves around solving assignment problems related to price, supply, and demand in economics. Participants seek assistance with demand curve equations and calculations for choke price, slope, price elasticity, market demand and supply, equilibrium price and quantity, as well as consumer and producer surplus. A participant points out a potential error in one of the demand curves, noting that it should typically have a negative slope according to the law of demand. The conversation highlights the complexities of economic mathematics and the need for clarity in demand curve representations. Overall, the thread emphasizes the importance of accurate equations in understanding market dynamics.
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I need some help finishing a few problems on my assignment. Any help is appreciated

3. The followin equations represent demand curves for a commodity; q. A. q=100-p B. q=10+p C. q=50. What is choke price, slope and price elasticities of demand in the neighborhood of q=100 and q=50.

4. Assume market demand is created by P=120-6Q and P=60-30Q. Supply is created by 10 firms with cost curves of TC=q^2. What is market demand and supply? What is equilibrium price and quantity? How big is CS and PS?

Thanks in advance for any help!
 
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Fuzzyllama said:
3. The following equations represent demand curves for a commodity; q. A. q=100-p B. q=10+p C. q=50. What is choke price, slope and price elasticities of demand in the neighborhood of q=100 and q=50.

Hi Fuzzyllama, :)

I don't know much about economics and the mathematics associated with it, but I think that the second demand curve that you have given is incorrect. Except under special circumstances, demand curves should have a negative slope according to the law of demand. But the curve, \(q=10+p\) seem to have a positive slope. Is there a typo?

Kind Regards,
Sudharaka.
 
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