Page |64. Calculate demand functions with different intercept and draw on graph.Qd = 1,400 – 10POdz = 1,700 – 10PQdz= 1,100 – 10P160140Demand =1,400 – 10P 1.700 – 10P | 1.100 – 10PPriceDemandz = Demand; =1201002040806060801004012020 F1401601000110012004005006007009005. Calculate demand functions with different intercept and draw on graph.Qs = -400 – 20POs2 =-100 – 20PQs3 =-700 – 20P160140120Supply =-400 + 20PSupply2 =-100 + 20PSupply; =-700 + 20PPrice1008020406060So40100| 120| 140| 16020 P400500600700800900 10001100 1200

4) Qd = 1400 - 10P Qd = 1700 - 10P Qd = 1100 - 10P

4. Calculate demand functions with different intercept and draw on graph. Qd=1,400 – 10P Qdz = 1,700 – 10P Qds= 1,100 – 10P 160 140 Price Demand2 = Demands = 120 | 1,400 – 10P | 1,700 – 10P | 1,100 – 10P ]100 Demand = 20 80 40 60 60 80 100 40 120 140 160 20 400 500 600 700 900 1000 1100 1200

4. Calculate demand functions with different intercept and draw on graph. Qd=1,400 – 10P Qdz = 1,700 – 10P Qds= 1,100 – 10P 160 140 Price Demand2 = Demands = 120 | 1,400 – 10P | 1,700 – 10P | 1,100 – 10P ]100 Demand = 20 80 40 60 60 80 100 40 120 140 160 20 400 500 600 700 900 1000 1100 1200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hans is a butcher in Washington. The following contains data on prices and weekly sales at his shop Good Beef Chicken Price 9.00/lbs $4.00/lbs Quantity 400 lbs 300 lbs ShS He estimates that the own price elasticity for beef is 2 and for chicken is .75. He also estimates that the cross price elasticity for chicken is .60. His current revenue from the sale of these two goods is making a total of $4800/week. In the spirit of the return to good times and outdoor grilling, he has decided to lower the price of beef for the summer, from $9.00 to $8.55. Overall, Hans can expect to take in dollars in revenue, given the information in this problem? (Revenue = Price x sales). Record your answer without a dollar sign and without a comma. Helpful Hint: In this problem, we are not changing the price of chicken.
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