Simplify each of the following expressions (where possible): (a) 2a + 5a − 3a (b) 4P − 2Q (c) 3w + 9w2 + 2w (d) 3xy + 2y2 + 9x + 4xy − 8x
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The demand and supply functions of a good are given by P = −2QD + 50 P = 1 /2QS + 25 Where P, QD and QS denote the price, quantity demanded and quantity supplied, respectively. (a) Determine the equilibrium price and quantity. (b) Determine the effect on the market equilibrium if the government decides to impose a fixed tax of $5 on each good
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A potter makes and sells ceramic bowls. It is observed that when the price is $32, only 9 bowls are sold in a week; but when the price decreases to $10, weekly sales rise to 20. Assuming that demand can be modelled by a linear function, (a) Obtain a formula for P in terms of Q; (b) Sketch a graph of P against Q; (c)Comment on the likely reliability of the model.
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Sketch a graph of the demand function P = −2Q + 50 Hence, or otherwise, determine the value of (a) P when Q = 9 (b) Q when P = 10