The supply curve in the question is Qa = 3P2– 12 while the demand curve is Qx = 24 – P2.
<h3>a. How to ascertain the supply curve</h3>
To know the supply curve we have to be able to make a distinction of the direction of the signs used in the functions.
Supply curves are known to be positive because they are an increasing function that is due to prices. For demand function they are negative because they are a decreasing function.
In 3P2 – 12. the coefficient is positive when we take the first derivative. This gives us 6p= +6
For the demand curve, when we do this we would have -2p. that is -2 hence this is the demand curve.
2. Equilibrium.
At equilibrium we have Qa = Qd
hence 3P² – 12p= 24 – P²
From here we are to take like terms
3P² – 12p= 24 – P²
3P² + P² - 12p - 24 = 0
4p² - 12p - 24 = 0
The solution to the quadratic equation using the quadratic equation calculator is x=4.37228 and x=−1.37228
Read more on demand and supply curve here:
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Answer:
Price elasticity of demand measures how much the quantity increases when price decreases.
Explanation:
Price elasticity is the percentage change in the quantity demanded, divided by the percentage change in the price.
If the percentage in the change in the quantity demanded is bigger than the percentage in the change of the price we talk about elastic demand.
If the percentage in the change in the quantity demanded is smaller than the percentage in the change of the price we talk about inelastic demand.
And if he percentage in the change in the quantity demanded is excatly the same than the percentage in the change of the price we talk about unit elastic demand.
Answer:
26 Miles
Explanation:
As per IRS,
Commuting is a personal nature of expense, which is not allowable as deduction.
The following things are not deductible for Greg:
(i) Distance traveled from office to home and home office is not deductible.
(ii) At the end of day, 7 miles distance traveled towards home from Martin's dry cleaning is not deductible.
Deductible includes the miles traveled to the business sites from the office for Greg.
Therefore,
Deductible transportation miles:
= Distance traveled from office to smith's house + Distance traveled from smith's house to martin's dry cleaning
= 5 miles + 21 miles
= 26 Miles
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