Answer to Question #2308 in Quantitative Methods for nawara

Question

Extensive reaserch on the market for the popular "plonker" product had yielded the following results:
Consumer Demand: Market price is inversely proportional to consumer demand. when the market price is 32, consumers are willing to buy 32(000's of units) in any given month.
Supply: Market price os directly proportional the square root of the quantity that the firms are willing to collectively suplply. when the market price is 10, firms are willing to supply 25(000's of units) in any given month.
required:
A.using the information givven above, deduce an equation relating the market price,pd($) and quantity demand qd(000's)
B. complete the following table:
qd: 20 40 60 80 100 120 140 160
pd:
C. hence, plot fully - labelled graph of market price against consumer demand, joining your plotted points with a smooth curve.
D. uding the information above, deduce an equation the market price, ps($) and the quantity supplied, qs(000's)
E. complete the following table:
qs: 20 40 60 80 100 120 140 160
ps:

Answer 1

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