Ln Qx= 7.3 – 2 Ln Px+ 0.5 Ln I + 0.25 Ln Py- 1.5 Ln Pz, where Qx represents unit sales of brand X, Px is the price of brand X, I is per-capita income, Py is the price of brand Y, and Pz is the price of brand Z. (A) Write this demand equation in its multiplicative form. (B) What is the price elasticity of demand for brand X? is demand price elastic or inelastic? (C) What is the income elasticity of demand for brand X? What type of good is brand X? (D) What is the cross-price elasticity of demand for brand X in relation to the price of brand Y? What is the relationship between brand X and brand Y? (E) What is the cross-price elasticity of demand for brand X in relation to the price of brand Z? What is the relationship between brand X and brand Z? (F) What effect will an increase in Px by 10% have on the firm's total revenues?

Q: A business has found that it can sell 710 items if it sets its price to $61.38. However, if it…

A: Given: A business can sell 710 items if it sets the price to be $61.38. Can sell 880 items if it…

Q: In the 1930s a prominent economist devised the following demand function for corn: 6,530,000 where…

A: The given demand function is , where  is the number of bushels of corn that could be sold at…

Q: The market for a particular product is characterised by the following demand and supply functions:…

A: Sol:- At equilibrium price :- Qd = Qs 25-3P+0.2P2=-5+3P-0.01P221P2-600P+3000=0P1, 2=--600±-6002-4·…

Q: Consider the market for lollies where if the price per lolly is $4, total market demand for lollies…

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Q: Answer the following questions for the price-demand equation. p+0.005x = 30 (A) Express the demand x…

A: a) x=6000-200p  Domain of this function 0≤p≤30 b)E(p)=pp-30 c) E(20)=-2 The demand falls…

Q: If the demand curve for a particularly commodity is p=-0.09×+51 and the titakcist function…

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Q: In a certain firm, the total production cost function and a demand function are given by the…

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Q: If the revenue function for a particular commodity is R(p) = −5 q(p) = -56p² + 62p, what is the…

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Q: (b) Given the demand function P = 120 – 3Q, fixed cost, FC of 50 and variable cost, VC of 5 per unit…

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Q: The demand function for a good is given by the equation P = a − bQ while the total cost function is…

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Q: The demand curve for a product is given by q= 120, 000 – 500p and the supply curve is given by q=…

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Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products. 

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.