We obtain the following supply curve of computers from a regression of quantity supplied on price in a market: Q = 7.527 + 0.00063 P, where Q is quantity supplied of computers measured in units, P is price measured in dollars per unit. We know 674.725 and 2930.549. Based on this information, if price increases by one dollar, quantity supplied increases by ____ units. (Only type in the number in your answer, do not type in "units" again.)
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1. We obtain the following supply curve of computers from a regression of quantity supplied on price in a market: Q = 7.527 + 0.00063 P, where Q is quantity supplied of computers measured in units, P is price measured in dollars per unit. We know 674.725 and 2930.549. Based on this information, if price increases by one dollar, quantity supplied increases by ____ units. (Only type in the number in your answer, do not type in "units" again.)
2. We obtain the following demand curve of beef in a market: Q = 44506.941 - 3338.553 ln(P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know 8.781 and 13016.956. Based on this information, if price increases by 1 dollar, quantity demanded decreases by ____%. (Only type in the number in your answer, do not type in the percentage sign "%" again.) |
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