A demand equation for a product is given by

Q = 67 – 4P

Find the total revenue generated by sales in the market at a price of P = 10.

A demand function is given by the equation Q = 119 – 4P.

Suppose the price is P = 18.

At this price, find the price elasticity of demand. USE THE POINT SLOPE METHOD to find this elasticity. Hint: You’ll have to find the quantity at this price as well. Round your answer to the nearest tenth.

A demand function is given by the equation Q = 113 – 4P.

Suppose the price is P = 8.

At this price, find the price elasticity of demand. USE THE POINT SLOPE METHOD to find this elasticity. Round your answer to the nearest tenth.

Suppose the market is defined by

Demand: Q = 147 – 2P

Supply: Q = 6 + 3P

At a price of P = 33, what is the size of the shortage that will exist in the market?

Type in the amount of the surplus at price P = 33. Once again, just enter in the number, and do not put in any other text or symbols.

This problem involves using supply and demand equations.

Suppose the market is defined by

Demand: Q = 154 – 2P

Supply: Q = 2 + 2P

At a price of P = [psurp], what is the size of the shortage that will exist in the market?

Type in the amount of the shortage at price P = 16. Once again, just enter in the number, and do not put in any other text or symbols.

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