Compute to three decimal places. (See attached)Initial values are: PX = $9500 PY = $10000 I = $15000 A = $170000 W = 160This function is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W 5.(a). Weather forecasters point out that the number of favorable weather days is an importantdeterminant of sailboat sales. Calculate the point elasticity of demand for Smooth Sailing boatsassuming Ps = $9000 (thus Qs = 101600 boats) and W = 160. The other variables and their valuesare as given at the top before #1. The formula is:ƏQs Waw QsEA=5.(b). Does this elasticity coefficient indicate that the demand for Smooth Sailing boats is relativelyresponsive to changes in income? Explain why or why not.

Given: # Px = 9500 , Py = 10,000 , I = 15,000 , A = 1,70,000 , W = 160 # Demand function is given…

Answered: Compute to three decimal places. (See…

Compute to three decimal places. (See attached) Initial values are: PX = $9500 PY = $10000 I = $15000 A = $170000 W = 160 This function is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Compute to three decimal places. (See attached)

Initial values are: P_X = $9500 P_Y = $10000 I = $15000 A = $170000 W = 160

This function is: Qs = 89830 -40P_S +20P_X +15P_Y +2I +.001A +10W

5.(a). Weather forecasters point out that the number of favorable weather days is an important
determinant of sailboat sales. Calculate the point elasticity of demand for Smooth Sailing boats
assuming Ps = $9000 (thus Qs = 101600 boats) and W = 160. The other variables and their values
are as given at the top before #1. The formula is:
ƏQs W
aw Qs
EA
=
5.(b). Does this elasticity coefficient indicate that the demand for Smooth Sailing boats is relatively
responsive to changes in income? Explain why or why not.

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