Price – NBC Institute

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

Question

A producer wishes to determine the equilibrium price and quantity of his goods in the
market. He estimated the market demand and supply functions as follows:

where P is the price in thousands of naira and q is quantity in thousands of units, calculate
the equilibrium price and quantity for the producer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Equilibrium, Price, Quantity, Supply
Level: Level 1

Topic: Operations Research
Series: MAY 2015

QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

Question

Due to changes in market conditions, the company finds the demand $q$ (in thousands) for their kente strips to be of GH¢ per kente strip.

Required:
(i) Determine the elasticity of demand when the price is GH¢5 and when the price is GH¢15 per kente strip. (6 marks)
(ii) Comment on your results in (i). (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand Function, Elasticity of Demand, Market conditions, Price
Level: Level 1

Topic: Elements of Calculus
Series: NOV 2018

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

Question

A producer wishes to determine the equilibrium price and quantity of his goods in the
market. He estimated the market demand and supply functions as follows:

where P is the price in thousands of naira and q is quantity in thousands of units, calculate
the equilibrium price and quantity for the producer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Equilibrium, Price, Quantity, Supply
Level: Level 1

Topic: Operations Research
Series: MAY 2015

QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

Question

Due to changes in market conditions, the company finds the demand $q$ (in thousands) for their kente strips to be of GH¢ per kente strip.

Required:
(i) Determine the elasticity of demand when the price is GH¢5 and when the price is GH¢15 per kente strip. (6 marks)
(ii) Comment on your results in (i). (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand Function, Elasticity of Demand, Market conditions, Price
Level: Level 1

Topic: Elements of Calculus
Series: NOV 2018

Question Tag: Price

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QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

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QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

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QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

You're reporting an error for "QT – Nov 2018 – L1 – Q2c – Elements of Calculus"

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

You're reporting an error for "QTB – May 2015 – L1 – SB – Q3a – Operations Research"

QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

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