Price Quantity demanded Quantity supplied 3 150 60 4 100 100 5 70 130 6 50 150 If the price of chocolate is $5, describe the situation in the market and explain how the price adjust
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|
Price |
Quantity demanded |
Quantity supplied |
|
3 |
150 |
60 |
|
4 |
100 |
100 |
|
5 |
70 |
130 |
|
6 |
50 |
150
|
If the price of chocolate is $5, describe the situation in the market and explain how the price adjust.
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- A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.Relationship between changes in price and corresponding changes in quantity that consumers will demand isvSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
- Draw a supply and demand curve for the iPhone 11. Apple announces that the iPhone 12 is coming out in 1 year, what happens to the supply or demand for iPhone 11s? Why?A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity. b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.What if the product is price inelastic, how will this affect your decision in setting price?
- Draw a supply and demand curve for cheeseburgers. Cattle farmers created a supplement to give to their cows that make them grow twice as large, what happens to the supply or demand of cheeseburgers? Why?Use the point drawing tool to show an increase in demand given the combination of price and quantity-demanded shown at point A. Carefully follow the instructions above, and only draw the required object. C Price Quantity (per month) DDo you think the price of sugar is inelastic or elastic?