For a particular product, the demand function is d(g) = 40 - 2q and the supply function is 3q. The equilibrium point is (8,24). The integral to find consumer surplus would have form [ Oc- a where c = s(q)dq ||d(g)da – e a = and b =
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- Given the demand function Q=500-3P-2PA+0.01Ywhere P=20, PA=30 and Y=5000, finda)price elasticity of demand b)the cross price elasticity of demandc) if the income rises by 5%, calculate the correspinding percentage change in demand. Is the good inferior or superior?What is the calculation for E= Question is : Adam makes specialized garden figurines in a small shop on his property , and his monthly total sales revenue is $630.00 when he charges $18.00 for each figurine . one month , he tried lowering his price to $17.00 , and his total revenue that month was $646.00 . On the basis of these data , what is the proce elasticity of demand for adams product ? Please show what formula you use and steps to calculate so i can know how thank you.he quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× units
- 3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Bascd on the survey an estimated demand function was derived to represent an average household: P= 200 – 50Q. This is demand per year per household. If there are approximately 2000 households with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.When the price elasticity of demand is for the good is inelastic. Select one: O equal to infinity Ogreater than 1 O equal to 1 Obetween 1 and zero equal to zero demand
- (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve forthebastwillbep=250−q. IfpriceelasticilyisE(p)=dq÷dp. 4qp When |E(p)| < 1, demand is inelastic and when |E(p)| > 1, demand is elastic. (i) Find the price elasticity of demand for Lara′s bats. (ii) Is demand inelastic or elastic?Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curvefor the bast will be p = 250 − q 4 If price elasticity is E(p) =dq ÷ dp q p When |E(p)| < 1, demand is inelastic and when |E(p)| > 1, demand is elastic. (i) Find the price elasticity of demand for Lara′s bats. (ii) Is demand inelastic or elastic?Suppose the income elasticity of demand for ProductZ is -0.8 and the cross price elasticity of demand of Product Z with respect to price of Product M is 2.0. Alex owns a factory producing Product Z. a) State and explain the type of good Product Z is. b) Assuming price of Product Z remains unchanged, state and explain using relevant calculations, specifically how the total quantity demanded of Product Z will be affected when the income of the population decreases by 10%, and the price of Product M increases by 15%.
- If the demand equation is Q=100-10p find the consumer’s surplus when the consumerpurchases 8 units. What is the revenue of the seller?Suppose that when income decreases by 4%, the quantity of margarine demanded rises by 1%. Knowingthis, the income elasticity (EI) for margarine is(A) EI = .25(B) EI = -1/4(C) EI = -4(D) EI = -3Suppose you are the managing director of a firm that produces two goods: A and B. The priceelasticity of demand for good A is 0.75 and for good B it is 2.5. The firm is experiencing seriouscash flow problems and you have to increase total revenue as soon as possible. If you were ina position to set the price for these two goods, what would be your pricing strategy for eachproduct?