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- Compute marginal revenues from the following data on market demand: Price per unit $38 36 34 32 30 28 26Units demanded 10 11 12 13 14 15 16Marginal revenue — — — — — — —At what price does MR = 0? At what price is MR < 0? At what price is MR < p?Supply and Demand The supply function for a product is given by p = q2 + 500 and the demand function for this product is p = 1124 - 40q, where p isthe price in dollars and q is the number of hundredsof units. Find the price that gives market equilibriumand the equilibrium quantityV4. : B1, C2, B2 A theatre charges 12$ per tickets for musical shows. Average attendance at these shows is 16,000. However, last year they charged 13$ and the average attendances were 13,5000. Required Assuming attendance to be purely price dependent. What is demand function for the theatre?
- The table below shows the demand and supply for soybean in Anderson County, South Carolina. A) Graph the demand and supply curves below and indicate the equilibrium price and quantity. B) Based on the market equilibrium above, compute the total income of soybean growers in the region. Supply Price Demand 60 4 150 80 8 140 100 12 130 120 16 120 140 18 110The manager of the Sell-Rite drug store accidentally mismarked a shipment of 20-pound bags of charcoal at $4.38 instead of the regular price of $5.18. At the end of a week, the store's inventory of 200 bags of charcoal was completely sold out. The store normally sells an average of 150 bags per week. (a)What is the store's arc elasticity of demand for charcoal? (b)Give an economic interpretation of the numerical value obtained in part (a)It has been mentioned that there should be a match of supply and demand in a company that produces spare parts.Department A can produce parts at a rate of 80/day.Department B uses those parts at the rate of 10/day.Each day unused parts are added to inventory.At what rate does inventory of unused parts buid up?
- he market supply curve of rubber erasers is given by QS = 35,000 + 2,000P. The demand for rubber erasers can be segmented into two components. The first component is the demand for rubber erasers by art students. This demand is given by qA = 17,000 - 250P. The second component is the demand for rubber erasers by all others. This demand is given by qO = 25,000 - 2000P. Derive the total market demand curve for rubber erasers. Find the equilibrium market price, quantity, and consumer surplus for the total market demand for rubber erasers. The Equilibrium Price is $______, the equilibrium Quantity is ____ erasers, and the consumer surplus is $_____..What effect would each of the following factors have on elasticity of demand for resource A, which is used to produce product Z? There is an increase in the number of resources substitutable for A in producing Z.You are the Economic Consultant for Zuku Farms Ghana Limited. Zuku produces cowpea in a community where producers are able to switch back and forth between cowpea and groundnut depending on market conditions. Consequently, you were tasked by the management of Zuku and you estimated the demand function for cowpea as follows: where is the quantity of cowpea demanded in bags per month, is the average price of cowpea in Ghana Cedis, is the average price of groundnut in Ghana Cedis, and Y is the income of consumers. Assuming is initially GH¢31.00 per bag, Y is GH¢1001.50. Also that your estimated supply function for cowpea is as follows: QS = -25 + 3.5PC -1.5Pf – 0.5Pg + 0.25R Where Qs is the quantity supplied of cowpea in bags, Pc and Pg are as defined above, Pf is the price of fertilizer per bag, R is the amount of rainfall (in inches). If Pf = GH¢10, R= 40 inches and Pg= GH¢31.00 Find the resulting supply function for cowpea and determine the equilibrium price and quantity.…
- Hariri Shuttles (HS) makes two types of shuttles (for looms), type A and type B. The demand for equations for HS shuttles are 9A [Select] = ¶B where PÅ and pÅ are the prices set by HS for type A and type B shuttles, respectively, and 9₁ and q are the corresponding weekly demands for these goods. HS's weekly production cost is c = 30qA+40qB + 1000. (a) The prices that HS should set to maximize their weekly profit are p [Select] [Select] and PB = 100 - 3PA +2PB and 120+ PA 1.5PB (b) The corresponding weekly demands are (c) HS' maximum weekly profit is * = = [Select] [Select] = and B =Market Equilibrium A retail chain will buy 900 cordless phones if the price is $10 each and 400 if theprice is $60. A wholesaler will supply 700 phonesat $30 each and 1400 at $50 each. Assuming that thesupply and demand functions are linear, find the market equilibrium point and explain what it means.Draft a graph which shows the law of supply and demand to explain to conditions as below: You are operating a budget hotel. Coincidently, this is matching the trend/ popularity that a large group of budget concerned travellers are seeking for the stay which charge lower room rates. Government has announced to subsidise for the firms which are involving in tourism industry. Government has implemented the increase of company tax for 2% as to raise the fund to develop the infrastructure of the nation. Surge in household disposable income.