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.1zAt Webs-R-Us, a website design company, the new manager has decided to increase the price of Webs-R-Us services by 45%. She estimates that the price elasticity of demand for Webs-R-Us is −0.70. The manager expects the number of websites designed to decrease by?
- The demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2Given the inverse demand function: P = 60 - 34Q the price elasticity of demand can be expressed as: O(-4/3). (Q/P) (-3/4). (P/Q) O(-4/3). (Q/P) (-4/3). (P/Q) None of theseCalculate the numerical value of cross-price elasticity, exy, in each of the following situations. Do not round your interim calculations before obtaining the final solution (i.e. do not clear your calculator). In each case, express the number to two decimal places and include a negative sign where appropriate (i.e. -1.67, not-1.7 or 1.667) but leave positive values without a plus sign (i.e. 1.67, not +1.67). Identify whether the two products in italics are substitute or complementary products. a. The price Consumer X pays each month for access to the Internet decreases from $50 to $35, causing his quantity demanded of e- magazines he reads on his computer to rise from 4 to 5. The numerical value of cross-price elasticity is The Internet and e-magazines are complementary products. b. The quantity demanded of do-it-yourself hair-cutting sets increases from 5,000 to 15,000 when the average price of a hairstylist's cut rises from $30 to $50 per hour. The numerical value of cross-price…
