c. During the fasting month, the demand for the Crispy Chicken Burger changed as per the data below: Price Quantity Demanded (MYR) (QD) 3.00 3,500 3.50 3,100 4.00 2,500 4.50 2,100 5.00 1,500
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Plot the new
3,500 3,100 2,500 2,100 1,500
the Crispy Chicken Burger into the first demand and supply graph
B. Identify and plot the equilibrium point for the Crispy Chicken Burger.
Step by step
Solved in 2 steps with 1 images
- Q1. A manufacturer of computer workstations gathered average monthly sales figures from its 56 branch offices and dealerships and estimated the following demand for its product: Q= 15000 – 2.8P + 150A + 0.3 Ppc + 0.35 Pm + 0.2Рс (5.234) (1.29) (175) (0.12) (0.17) (0.13) R^2 = 0.68 Numbers in brackets are standard error of coefficient (SEC) t statistics = b^/SEC Q= Quantity P = Price of basic model=7000 A= Advertising expenditures (in thousands) = 52 Ppc = Average price of a personal computer = 4000 Pm= Average price of a minicomputer = 15000 Pc= Average price of a leading competitor's workstation = 8000 a. Compute the elasticities for each variable. b. Conduct a t-test for the statistical significance of each variable. c. Discuss the results of the t-tests in light of the policy implications mentioned.When the price of a gallon of milk increases from $6 to $8, quantity demanded decreases to 27 gallons. Assuming the price elasticity of demand for milk is -0.3, what is the original quantity demanded? (assuming further that this is the point elasticity relative to the original point on the demand curve.) Please make sure you give a numerical answer with no units and/or space or period (.) or comma (,) before or after your answer. Enter your answer hereEstimated Demand Function:ln(Q) = -6.758 – 2.116ln(P) + 1.331ln(l) – 0.44ln(A) + 2.99ln(Psub) + 0.908ln(Pop) How sensitive are our consumers to changes in the rival good’s price? Explain in detail.
- You are an economist. Your friend started a new business selling masks. She asked for your help in making some important decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found absolute PED in February was 1.26, and since then the absolute PED of Masks declined by 30% in June. (a) Based on the PED of June, you would advise your friend for an increase/decrease/unchanged in the price - Insert one word answer (increase/decrease/unchanged) (b) The market price of the mask in July was Tk15 per unit. The total revenue earned in July was Tk300. You received the data for August and observed that the price now in August is Tk26 per unit and the quantity of masks sold in August is 9 units. Calculate the absolute value of Price Elasticity of Demand (PED) for masks from July to August. Do not convert into percentage. Give your answer in 2 decimal places. Eg. If you get PED = -0.253 then submit 0.25Your firm, Content Colleague, is similar to Happy Worker, a Canadian company that designs and manufactures toys and collectibles. Your research analyst has estimated the demand function for your stuffed toy animals is: If you set the price of a plush toy at $6, the number of toys that consumers will buy is [ million. Q=30 million - (4 million x P).You are an economist. Your friend started a new business selling masks. She asked for your help in making some important decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found absolute PED in February was 1.86, and since then the absolute PED of Masks declined by 55% in June. (a) Based on the PED of June, you would advise your friend for an increase/decrease/unchanged in the price - (b) The market price of the mask in July was Tk20 per unit. The total revenue earned in July was Tk300. You received the data for August and observed that the price now in August is Tk28 per unit and the quantity of masks sold in August is 12 units. Calculate the absolute value of Price Elasticity of Demand (PED) for masks from July to August.
- John, a restaurant consulting firm estimates that in Accra a 10% reduction in the price of roasted groundnut will increase kelewele demand by 20%. The restaurant further estimates that a 10% reduction in price of roasted plantain will decrease kelewele by 15%. (a) What is the implied cross price elasticity of kelewele with respect to changes in the price of roasted groundnut. (a) What is the implied cross price elasticity of kelewele with respect to changes in the price of roasted plantain.A large company in the communication and publishing industry hs quantified the relationship between the price of one of its products and the demand for this product as Price = 160 -0.01 xDemand for an annual printing of this particular product. The foxed costs per year (ie. per printing) = $4T 000 and the variable cost per unit = $35. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 7,000 units per year. The maximum profit that can be achieved is S. (Round to the nearest dolar.) The unit price at the point of optimal demand is S per unit (Round to the nearest cent)If the cross-price elasticity of demand between good A and good B is -1.25, then the goods are A substitute goods. B complimentary goods. (c) not related to each other at all.
- Suppose Government of Pakistan wants to put a curb on public smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs Rs.175 and the government wants to reduce smoking by 30 percent, by how much should it increase the price? Kindly type only percentage change in the box given below. Do not use percentage sign in the box. Also, do not use any plus or minus sign in the box.1zRaul is the marketing manager for a line of skin care products targeted to males between 16 and 35 who have active outdoor lifestyles. He has found through market research the the price elasticity for his most popular sunscreen, which is priced at $22.00 for a 6 oz. tube, is -1.20. Last year Raul sold 125,000 units of the sunscreen. Raul is considering a price reduction on the sunscreen to $18.00. His manager has asked Raul for a forecast of the units he should expect to sell at the reduced price. What forecast should Raul provide to his manager? Group of answer choices about 145.000 units about 130,000 units about 152,000 units about 27,000 units
