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The demand schedule for chicken feet, a dim sum delicacy served at some Chinese restaurants, 1s shown in the table. Although some people find the texture strange, others have developed a taste for it. Price of chicken feet (per Quantity of chicken feet demanded (millions of Quantity of chicken feet demanded (millions of pound) pounds) in 2008 pounds) in 2018 $3.00 30 9.2 $2.50 32 99 $1.25 i6 10.3 $1.00 4.1 122 $0.50 5.7 150 How many more chicken feet were demanded in 2018, at a price of $1.00 a pound, than in 20087 million pounds. Based on the demand schedule, you conclude (choose one of the options below). a. the demand curve shifted to the left b. the demand curve shifted to the right
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Related Questions
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hey im confused. when i enter this into my calculator 50/(1+0.05) + 50/(1+0.05)2 + 1000/(1+0.05)2 i get a 1000.so shouldnt quantity demanded be 2000?
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The figure below represents the weekly demand for GPS units.
Price (dollars)
220
200-
180-
160
140
120
100-
80
60
40
20
0
Demand for GPS Units
40 80 120 160 200 240 280 320 360 400 440
Quantity (GPS units)
< Prev
***Y
3 of 18
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www
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Maternit
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What is total revenue if price and quantity and $5 and 20 units
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A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day.
Kindly Answer ONLY (d)
a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please
d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.
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QUESTION ONE
The demand function for a product is quadratic in nature. Three points, which lie
on the function, are (10, 3800), (30, 1000) and (15, 2800).
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(ii) Compute the quantity demanded at a market price of Ksh 20?
(a)
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Dashboard for Online Pricing
Online the timing and tailoring of prices to specific models of products is the key to successful pricing in online markets. And “Thanks to the ready availability of data in online markets, a pricing manager can easily approximate the elasticity of demands for the different products it sells online.” Assuming a 10 percent decrease in price increases sales by 25 percent, calculate the price elasticity of demand? If the wholesale price of the online product is $50 and sells at a price comparison site that charges $.50 per click and boasts a conversion rate of 5 percent (an average of 20 clicks are needed to generate a sale). What price should you charge for the product? What is the optimal markup on cost?
The authors assert that price sensitivity is affected by (1) product life cycles, and (2) numbers of competitors. In fact, “when the number of competing sellers doubles, a firm’s elasticity of demand is expected to double (and you should be able to…
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Only typed answer
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PRICE
P₁
Graph (a)
Q₂ Q₂
QUANTITY
MC
Figure 14-7
ATC
PRICE
P₁
P₁
Graph (b)
W
QQ, Q, Q₂
QUANTITY
D₁
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Only typed answer
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# Are coffee and tea Substitute goods or compliment goods? Why?
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Which term is used to describe the want satisfying power of a commodity or a service?[A] Demand[B] Want[C] Utility[D] Consumption Please dont use any ai tool. Thank you
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A business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation.
You have to solve only iv,v and vi.
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A business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation.
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M10
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Typed and correct answer please. I ll rate accordingly
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vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
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Change in
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Sending regular
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Effect on quantity of:
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-1.5
Sending parcels 0
Home broadband +0.05
0
-1
-0.7
+0.01
-0.11
-0.5
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The diagram to the right illustrates a hypothetical demand curve representing the
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unit of time).
AAPS
you
100-
The area of the triangle shown on the diagram is $
an integer.)
90-
(Enter your response as
80-
70-
65
60-
50-
40-
30-
20-
15
10-
D
25
0-
0.
75
70
10
20
30
40
50
60
80
90
100
Quantity (1,000s of units per unit of time)
Price (dollars per unit)
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1.75
1.25
Demand
175000 200000
Quantity of Pepsi (bottes per week)
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Price
Quantity Demanded
Item
Last Month
This Month
Last Month
This Month
Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Ticket
$8.00
$9.00
428
300
Q1: Calculate the price elasticity of demand for small drinks. (Show your work.
Q2: Is the price elasticity of demand for small drinks price elastic, inelastic, or unit (unitary)?
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Price
Quantity Demanded
Item
Last Month
This Month
Last Month
This Month
Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Ticket
$8.00
$9.00
428
300
Q1: Calculate the price elasticity of demand for candy.
Q2: Is the price elasticity of demand for candy price elastic, inelastic, or unit (unitary)?
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Price
Quantity Demanded
Item
Last Month
This Month
Last Month
This Month
Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Ticket
$8.00
$9.00
428
300
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Quantity Demanded
Item
Last Month
This Month
Last Month
This Month
Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Ticket
$8.00
$9.00
428
300
Q1: Calculate the price elasticity of demand for small popcorn
Q2: Is the price elasticity of demand for small popcorn price elastic, inelastic, or unit
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Quantity Demanded
Item
Last Month
This Month
Last Month
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Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Ticket
$8.00
$9.00
428
300
Q1: Calculate the price elasticity of demand for hot dogs
Q2: Is the price elasticity of demand for hot dogs price elastic, inelastic, or unit (unitary)?
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Quantity Demanded
Item
Last Month
This Month
Last Month
This Month
Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Ticket
$8.00
$9.00
428
300
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Q3:
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