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- Which graph shows an increase in quantity demand? Choose from 1, 2, or 3.Assignment 2 1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 B. GHe25.00 D1 D2 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)-pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GHc25.00 per gallon. calculate thhe change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2?Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
- Which of these products would have the lowest elasticity of demand? A. public transportation B. cosmetic surgery C. frozen pizza D. electricityDraw a hypothetical demand-and-supply diagram and show equilibrium price, equilibrium quantity, and the total revenue received by the suppliers.Part B On the same graph paper, draw the Demand Curve for the Demand Schedule belo, after Reiko's doctor said that apple juice would prevent colds. Reiko'a New Demand Scheđule Price of a Bottle of Apple Quantity Demanded per Week Juice $0.75 $1.00 7. $1.25 6. $1.50 $1.75 $2.00 3. What happened to the graph? Which direction did it move (right or left) ? 4. Make a prediction: What would happen to the graph if Reiko developed an allergy to apple juice, which made her sneeze?
- n paragraph form: List and describe the determinants of demand include 4 paragraphs.2. Graph the two demand curve and mark Z the point where price is 4 and demand is 20. Price 1 | 2 3 4 Demand (A) Demand 60 50 40 30 20 10 24 20 16 12 4 (B) lcoT E. Price Refer to Figure 5.5. Use the midpoint method to calculate the price elasticity of demand as the price of a gardenburger is increased from $6 to $7, the price elasticity of demand equals B. 8. 7. 1 2 3 4 5 Q Number of gardenburgers Edit View Insert Format Tools Table 12pt Paragraph, tv MacBook Pro 000 F4 F8 OLS F2 F5 $ % 3. 5. R
- 3. Price 5 graphs Of price elasticity of demand?1. Your younger brother needs $600 to buy a new computer. He has opened a sandwich stand to make the money he needs. Your father is paying for all of the ingredients. He currently is charging $2 per sandwich, but he wants to adjust his price to earn the $600 faster. If you know that the demand for sandwich is elastic, what is your advice to him? Explain.Answer each of the questions on your paper and/or in a computer file. To receive credit, youmust show all work. The price elasticity of demand for business air travel is -0.75 and for nonbusiness air travel is-1.50. a. Give an interpretation of the price elasticity of demand for business air travel. b. In what category does the price elasticity of demand for nonbusiness air travel fall? c. Show graphically how airlines could use third-degree price discrimination in thiscase.