Suppose the Price P of Bolts Is Related to the Quantity

question 135

Multiple Choice

Suppose the price p of bolts is related to the quantity q that is demanded by: $p = 620 - 4 q ^ { 2 }$ where q is measured in hundreds of bolts. Suppose the supply function for bolts is given by $p = 4 q ^ { 2 }$ where q is the number of bolts (in hundreds) that are supplied at price p. Find the equilibrium price.

• A) $620
• B) $310
• C) $9
• D) $325

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Definitions:

Problem Recognition

The initial step in the consumer decision process where the consumer identifies a need or realizes the difference between the current and a desired state.

Alternative Evaluation

The process in which consumers compare different products or brands on various attributes to make a purchasing decision.

Consideration Set

A group of brands or products a consumer evaluates when making a purchase decision.

Criteria

Standards or benchmarks used to evaluate or make decisions about something.