11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curvefor TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q206 as shown in the diagram below. When the market quantity demanded is 600,what is the market price?337206JacobJulius1031348A. R312.34B. R189.11C. R56.00D. R206.22E. R807.00

From the equations in the question, we see that the demand of Jacod abd Julius is given.From the…

Answered: 11. Suppose Jacob and Julius are the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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16. Consider a market in which high-quality and low-quality television sets are sold. Before consumers make a purchase, they do not know the quality of the sets , but the sellers do know . As compared to a situation where both consumers and sellers know the quality of the sets, this situation would ) A)cause no change in the ratio of low to high-quality sets sold B)increase the fraction of high-quality sets sold (C) increase the fraction of low-quality sets sold (D) cause the average price of goods sold to rise.
etion A 1. Suppose that there were 20 people are interested in buying good X who had a reservation price of Ksh 100, and the 15th person had a reservation price of Ksh50. What would the demand curve look like? 50 750 is the
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Price 180 150 120- 90- 60- 30 04 5 10 Quantity 15 20 The figure above shows the demand curve. Which if the following represents the inverse demand equation? OQD = -12 P + 15 OP=-0.083 QD + 180 P= -12 QD + 180 QD = -0.083 P + 15 P= -12 QD + 15 QD = -12 P + 15 P=0.083 QD + 15 QD = -0.083 P + 180
Refer to the graph below. Assume that the initial equilibrium in the market for bus rides is point A (30 rides per week). The price of bus rides increases and the equilibrium shifts to point B (20 rides per week). The income effect of the change in consumer behavior is the $ of other consumption 45 40 35 30 25 20 15 10 5 T T T T T T L B C A 5 10 15 20 25; 30 35 40 45 26 # of bus rides per week decrease of consumption by 4 decrease of consumption by 6 increase of consumption by 6
1. Suppose you are the economic adviser of a company producing three brands of mobile phones; Nokia 10, Samsung X and iPhone Z. Suppose further that, your company currently sells 120 Units of iPhone Z at ¢800 per unit, 150 units of Samsung X at ¢800 per unit and 200 units of Nokia 10 at ¢100 per unit, but in a bid to maximize profit, the company’s managing director proposes an increase in price of Samsung X from ¢800 to ¢1000 per unit for which quantity demanded is anticipated to fall from 150 to 100 units; iPhone Z from ¢800 to ¢1200 per unit for which quantity demanded is anticipated to fall from 120 to 100 units; and Nokia 10 from ¢100 to ¢200 per unit for which quantity demanded is expected to fall from 200 to 100 units. I. Using the mid-point formula, compute the price elasticity of demand for each brand. II. From your answer in i, what is the type and economic interpretation of each brand’s value of elasticity
Suppose a local supermarket runs a discount campaign on the sales of shampoos using discount coupons – any customer who shows a discount coupon will be offered an X% discount on the original retail price. BLACK :X% FRIDAY OFE dreamstime Briefly explain the economics behind this discount campaign. а. dieamtme. eame dreamstime

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