Assume that demand and supply are a simple line. If at the different prices, quantity of demand and price is shows as under, then determine the demand and supply equation. Demand (D) Supply (S) Price (P) 2 40 50 5 20 60
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- A D1 Quantity (per day) Suppose the demand curve shifts to the right and the supply curve shifts to the Right by more than the demand curve. The new demand curve will be upward sloping v and the new supply curve will be downward sloping v(a) Define Price Elasticity of Demand. What are the 3 Types of Price Elasticity of Demand?(b) Calculate the Price Elasticity of Demand from the graph.(c) Depending on the elasticity, what kind of good does the given graph show? ExplainA business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation. You have to solve only iv,v and vi.
- A business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation.Q. Suppose the price elesiticity of demand is estimated to be 3 what does this mean with schedule and graph?Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity? (a) -0.26 (b) -0.34 (c) 0.20 (d) -0.12 (e) None of the above Correct answer is (a) -0.26; Please explain how to solve.
- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)Suppose we know that the price elasticity of demand for organic carrotsis −1.5. If a grocer decreases the price of organic carrots by 12%,what would we expect to happen to the quantity of organic carrotspurchased?(a) Decrease by 18%(b) Decrease by 6%(c) Increase by 6%(d) Increase by 8%(e) Increase by 18%When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
- Question 6 [A new drug called 'LowG', taken together with any food, reduces the glycemic index (a measure of the impact of the food on blood sugar) by 50%. Annual demand for this new medication can be described by the following table:] Quantity (millions of milligrams) 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Price ($) 1000 900 800 700 600 500 400 300 200 100 0 a) [Rache, a pharmaceutical company, holds the patent on LowG and therefore is the only legal producer of the drug for the next 15 years. Calculate total revenue (TR) and marginal revenue (MR) for Rache at each price. Both Total Revenue (TR) and Marginal Revenue (MR) correctly calculated.½ 1.CQLPrecalc.2 The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. Quantity, q S(p) = D(p) = (Type expressions using p as the variable.) 5000- 4500- 4000- 3500- 3000- 2500 2000-€ 1500- 1000- 500-S(p) 0+ 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p).-x 230. If the demand Curve is the form of P= 10e ? where P is the price and x is the demand, what is the Price elasticity of Demand? (a) Kx (b) 는 (c) 5x (d) None