A hot dog stand finds that if they charge $5 for a hotdog, they sell 100 hotdogs per day. For each 50 cent decrease in price, they sell 20 more hot dogs. Write a demand function for quantity in terms of the price.
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- Isabella always spends $50 on red roses each month and simply adjusts the quantity she purchases as the price changes. What can you say about Isabella's elasticity of demand for roses?The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decayfigh ter, reduced the price of its electric toothbrush from $35 to $30. As a result, Stopde cays sales declined by 1,500 units per month. What is the arc cross elasticity of demand between Stopdecays toothbrush and Decayfighters toothbrush? What does this indicate about the relationship between the two products? If Stopdecay knows that the arc price elasticity of demand for its toothbrush is 1.5, what price would Stopdecay have to charge to sell the same number of units as it did before the Decayfighter price cut? Assume that Decayfighter holds the price of its toothbrush constant at $30. What is Stopdecays average monthly total revenue from the sale of electric toothbrushes before and after the price change determined in part (b)? Is the result in part (c) necessarily desirable? What other factors would have to be taken into consideration?You have just opened a new grocery store. Every item you carry is generic (generic beer, genericbread, generic chicken, etc.). You recently read an article in the Wall Street Journal reporting thatthe price of recreation is expected to increase by 15 percent and cross price elasticity is 0.15. will this affect your store’s salesof generic food products?
- 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.suppose a pharmaceutical company considers increasing the price of insulin tm $125 per vial to $300 per vial. whenthe price was $125, the company sold 100, 000 vials per day. the company knows its price elasticity is .25. calculate thepercentage change in quantity demanded that would result in a price elasticity of .25. show your workO WORDS POWERED BY TINY QUESTION 11 Explain why is it unlikely that a firm would sell at a price and quantity where its demand curve is price inelastic? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIU S Paragraph Arial 14px 三v A v O WORDS POWERED
- 1) Walkers’ Shoes reports the following demand schedule for its black brogues.Price 1600 800 400 200 100 50 25 12.5Quantity demanded 2 4 8 16 32 64 128 256a) For an increase in price from 50 to 100, calculate:i) The proportional change in price.ii) The proportional change in quantity demanded.iii) The price elasticity of demand for Walkers’ black brogues.b) Considering the demand schedule in the table, what do you conclude about the value of the price elasticity of demand for Walkers’ black brogues at every level of output? How would you classify the demand for such a good?c) What is the effect on Walkers Shoes’ total revenue of doubling the quantity of shoes which it supplies? What is the value of its marginal revenue? How does your answer relate to the value of the price elasticity of demand?d) The income elasticity of demand for Walkers’ Shoes is estimated to be 1.8. By how what percentage do you expect demand to increase if its customers’ incomes increase from 31,500 to 38,500?c. Will Erin's total revenue rise if she increases the price from $90 to $110? d. Calculate the price elasticity of demand between $110 and $130.When Maha earned AED 17,000 per month, he used to spend 1,000 dirham a months in supermarket A. Now that he earns AED 28,000 per month, he spends 1200 dirham in supermarket A every month. A. Calculate income elasticity of demand B. What type of products do supermarket A sells according to your result in A? Explain.
- Walkers’ Shoes reports the following demand schedule for its black brogues. Price 1600 800 400 200 100 50 25 12.5 Quantity Demand 2 4 8 16 32 64 128 256 For an increase in price from 50 to 100, calculate: i) The proportional change in price. ii) The proportional change in quantity demanded. iii) The price elasticity of demand for Walkers’ black brogues.Shalimar Foods sells Vegetarian Corn Samosa plates for INR 30 each, and serves an average of 625 customers per week. During a recent promotion on the eve of India’s Independence Day , Shalimarcut its price to INR 25 each and observed an increase in sales to 750 plates per week.a. Calculate Shalimar’s price elasticity of Demand b. Shalimar is considering permanently lowering its price to INR 28 to increase revenue. Explainc. How many plates should Shalimar expect to sell at the new price?d. Does the move make sense in the light of Shalimar’s intent to increase revenue?For which product is the income elasticity of demand most likely to be negative? A. BreadB. GasC. Generic beerD. Milk
