Suppose the Demand and Supply Curves for Units of University

question 64

Essay

Suppose the demand and supply curves for units of university credits are given by
Q^D = 5,000 - P
Q^S = -1,000 + 4P
where Q^D is the quantity of credits demanded, Q^S is the quantity supplied, and P is the price in dollars for each unit.
a. Calculate the equilibrium price and quantity.
b. Calculate the consumer surplus at the equilibrium price.

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Definitions:

Repressor Protein

A protein that binds to specific DNA sequences, preventing the transcription of genetic information from DNA to mRNA.

DNA Binding

The interaction of molecules, particularly proteins, with specific sequences of DNA, influencing the DNA's function and activity.

Operon

A unit of genetic material that functions in a coordinated manner, consisting of genes and control sequences, which are transcribed together in bacteria.

Eukaryotic Transcription Factors

Proteins in eukaryotic cells that bind to specific DNA sequences to regulate the transcription process, influencing gene expression.