7. Given the following data, calculate the average demand and the standard deviation.Period1235678910TotalActual Demand1700210019002200200018002100230021001800DeviationDeviation Squared

The standard deviation demonstrates how widely distributed the numbers are from the mean. A fair…

7. Given the following data, calculate the average demand and the standard deviation. Period 1 2 3 4 5 6 7 8 9 10 Total Actual Demand 1700 2100 1900 2200 2000 1800 2100 2300 2100 1800 Deviation Deviation Squared

7. Given the following data, calculate the average demand and the standard deviation. Period 1 2 3 4 5 6 7 8 9 10 Total Actual Demand 1700 2100 1900 2200 2000 1800 2100 2300 2100 1800 Deviation Deviation Squared

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a. P1 = 250 P2 = 300 Q1 = 500 Q2 = 400 Compute the elasticity and determine its type.
6. Best Buy sells Q units of áat-screen TVs each year. Best Buy executives also know that the price elasticity of demand for áat-screen TVs is eQ;P = 1:5. They propose a 20% reduction in the price of áat-screen TVs claiming that total revenue (a) will increase by 15%. (b) will increase by 30%. (c) will increase by 3:5%. (d) will decrease by 30%. (e) will increas
11.) In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?
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45 2 39 35 33 30 42+ 39 + 36- 27 24 229 21 18 Frice 15 12 9 6 3 Demand 200 400 600 800 1000 1200 1400 Quantity Refer to Figure 5-12. If the price increases from $12 to $24, total revenue would increase by $4,800, and demand is elastic increase by $2440, and demand is inelastic O decrease by $4,800, and demand is inclastic between points X and Z. decrease by $7,200, and demand is inclastic between points X and Z. 4
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34. The point price elasticity of demand for red herring is −4. The demand curve for redherring is: Q = 120 − P. What is the price of red herring?(a) $96(b) $80(c) $100(d) $120(e) None of the above.
Price $20 18- 16 14 124 10- 8 100 200 300 400 + 500 600 Quantity Starting at P = $18, if we increase the price by 1%, the total revenue will increase and demand is inelastic at P = $18. Not change, and demand is unit-elastic at P = $18. increase and demand is elastic at P = $18. decrease and demand is inelastic at P = $18. decrease and demand is elastic at P = $18.
In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?