Solving "Economics"

7:27 PM , 0 Comments

This is the first post for the Pitzviews Learning for the year 2016...
A solving problem with solutions in an Economics 101 Subject....

QUESTION

ANSWERS
     
     1.    a) Qd=a-bP             Qs=c+dP

1        2
B = Δq                         Example: Qd: 24    16                 16-24      = -8       = -80
      Δp                                       P:  .30   .40               .40-.30         .1      

 Thus; Qd = A-80p


Finding a:

16=a-80(.40)
16=a-32
48=-a           Answer: Qd=48-80p

      b)  Example:   1          2
                     Qs:   23        31           D = Δq                31-23        = ­8       = 80
                      P:  .30       .40                 Δp               .40-.30         .1      
Thus; Qs=c+80p

Finding c:
23=c+80(.30)
23=c+24
-1=c             Answer: Qs= -1+80p

     c) Qd=Qs
              48-80p = -1+80p
             
                 49   =   160p
                160       160       Answer: p= 0.30625

     d) Substitute
              Qd = 48-80(0.30625)    = 23.5 - Answer
              Qs = -1+80(0.30625)     = 23.5 – Answer


     2.    Qd = 1000-80p
     Qs = -500+80p

1000-80p = -500+80p

1500   =        160p
 160             160       Answer for p = 9.375

Qd = 1000-80(9.375) = 250 - Answer
Qs = -500+80(9.975) = 250 – Answer


    3.    P= (.30625 x.25) + .30625 = 0.3828125 – Answer for p
Q = 23.5-(23.5/ .75) = 5.875 – Answer for q

     4.    N = (q1-q0)/(q1+q0)          = (5.875-23.5)/(5.875+23.5)
      (p1-p0)/(p1+p0)      (.382815-.30625)/ (.382815+.30625)     Ans = -5.3998 or 3.40%
     5.    (Answer shown on no. 4. It’s up to you to interpret it. <3

Pitz Orpiano

He is a blogger and a college student. Out of mere interest, he write articles and blogs for the common good.

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