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- What might you infer about the price elasticity of demand for diesel fuel in the short run? In the long run?Question 7 If a seller's marginal cost is MC-15+4Q, calculate the seller's total cost (TC) of supplying 9 units of the good, and enter your final answer in the answer box. Round to 1 decimal place. Instructions: (a) Round your answer to 1 decimal place. (b) Enter only your final answer in the answer box. (c) Do not put any words, letters, or special symbols in the answer box. (d) Round your answer to 1 decimal place.Saved Answer the question based on the given supply and demand data for wheat. Bushels Demanded Price Per Bushels Supplied Per Month Bushel Per Month 45 $ 5 55 50 4 50 eBook 56 45 61 40 67 1 35 Equilibrium price in this market is Multiple Choice $4. $5. $3. $2. Mc 10
- The owner of a skating rink rents the rink for parties at $1200 if 60 or fewer skaters attend, so that the cost per person is $20 if 60 attend. For each 5 skaters above 60, she reduces the price per skater by $0.50. (a) Construct a table that gives the revenue generated if 60, 70, and 80 skaters attend. No. of skaters Total Revenue 60 70 80 Price per Skater $ $ $ (b) Does the owner's revenue from the rental of the rink increase or decrease as the number of skaters increases from 60 to 80? O The revenue increases. O The revenue decreases. (c) Write the equation that describes the revenue for parties with x groups of five skaters more than 60 skaters. R(x) = (d) Find the number of skaters that will maximize the revenue. skaters (e) Find the maximum revenue. $ (f) When the revenue is at the maximum possible, what price is paid per skater? $Ethanol is again viewed as one part of a solution to the problem of shortages of petroleum products. Ethanol is made from a blend of gasoline and alcohol derived from corn or sugarcane. This program can be expected to Show Transcribed Text 3. Exercise 10.4 the price of sugarcane. Ethanol is again viewed as one pa alcohol derived from corn or suga This program can be expected to J not change C increase n to the problem of shortages of petroleum products. decrease the price of sugarcane.Suppose price elasticity of demand is greater than 1. Which of the following example is correct? (a) If I increase price of oranges by 1%, sales of oranges increase by more than 1%. (b) If I increase price of oranges by 1%, sales of oranges decline by less than 1%. (c) If I increase price of oranges by 1%, sales of oranges increase by less than 1%. (d) If I increase price of oranges by 1%, sales of oranges decline by more than 1%. Consider the following table: Table 2.7 Market Size and Average Winning Percentage in the National Basketball Association: 2004-05 to 2015-16 Variable Market size Coefficient -0.0021 t-Statistic -0.67 (a) Market size impacts average winning percentage negatively and it is statistically sig nificant. (b) Market size impacts average winning percentage negatively but it is statistically in- significant. (c) Average winning percentage is positively correlated with market size and statistically significant. (d) Market size impacts average winning percentage…
- 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**only enter numbers NO $$ and do NOT type in words (e.g. loss/profit, $'s etc - ONLY numbers) PRICE Price Info A Quantities B с D E F G Given this information: H A = $162 1 = 20 I L M Quantity K N B = $144 J-70 O 1 I I I I I I I I I I I I ATC MC K=130 AVC C = $120 D = $88 L = 240 E = $54 F = $40 G = $22 H = $14 Shutdown Point in $ = Quantity Produced ATC ($$ amount) AVC ($$ amount) TC ($$ amount) TVC ($$ amount) Profit/Loss ($$ amount) = BreakEven point in $ = Quantity Produced ATC ($$ amount) L AVC ($$ amount) TC ($$ amount) L TVC ($$ amount) Profit/Loss ($$ amount) L Profit/Loss Point in $ = Quantity Produced = ATC ($$ amount) = AVC ($$ amount) TC ($$ amount) = TVC ($$ amount) Profit/Loss ($$ amount)a. Estimate the demand equation for the product. Month Price Amount January 18 50 February 16 55 March 14 60 April 12 65 May 10 70 June 8 75 b. Estimate the supply equation that the product presents. Month Price Amount January 10 70 February 11 90 March 12 110 April 13 130 May 14 150 June 15 170 c. If that buyer and seller of the above data come together in a market, will it be possible for the breakeven point to be obtained? Use the graphical and mathematical process to find the solution
- 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 5023. The smaller the coefficient of price elasticity of demand for a product, the: A. smaller the resulting price change for an increase in supply. B. more rapid the rate at which the marginal utility of that product diminishes. C. less competitive will be the industry supplying that product. D. smaller the resulting quantity change for a decrease in supply.
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