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- Define the term substitute goods. Please explain in details.answer #4 onlyThe following table shows a housing index that can be used to compare housing prices in different cities. Suppose you see a house valued at $280,000 in City E. Find the price of a comparable house in City F, City B, and City A. If you know the price of a particular home in your town, you can use the index to find the price of a comparable house in another town with the formula below. index (other town) index (your town) price price (other town) (your town) = X A comparable house in City F would cost about $. (Round to the nearest dollar.) A comparable house in City B would cost about $. (Round to the nearest dollar.) *** A comparable house in City A would cost about $ (Round to the nearest dollar.) City Index City Index City A 58 City F 49 City B 164 City G 200 City C 100 City H 50 City D 367 City J 92 City E 195 City K 482
- Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demand for these two cameras are as follows (DS = demand for the Sky Eagle, Ps is the selling price of the Sky Eagle, DH is the demand for the Horizon and PH is the selling price of the Horizon): Ds = 225 - 0.6 Ps + 0.3 PH DH = 270 + 0.1 Ps - 0.58 PH The store wishes to determine the selling price that maximizes revenue for these two products. Select the revenue function for these two models. Choose the correct answer below. (i) Ps Ds + PHDH = PH(270 - 0.1 Ps - 0.58 PH) + Ps(225 - 0.6 Ps + 0.3 PH) (ii) Ps Ds - PH DH = Ps(225 - 0.6 Ps + 0.3 PH) - PH(270 - 0.1 Ps - 0.58 PH) (iii) Ps Ds + PH DH = Ps(225 - 0.6 Ps + 0.3 PH) + PH(270 + 0.1 Ps - 0.58 PH) (iv) Ps Ds - PH DH = Ps(225 + 0.6 Ps + 0.3 PH) - PH(270 - 0.1 Ps - 0.58 PH) Find the prices that maximize revenue. Do not round intermediate calculations. If required, round your answers to two decimal places. Optimal Solution: Selling price of…Which of the following is NOT an example of currency : A) Shells B) Animals C) Metals D) Stones E) Hair Answer ASAP and justify. Will give a positive rating.Equilibrium price ? P =-3Qp+150 P= 6Qs +60
- Question 2b - Part 2 Given the following information Qp = 240 - 5P %3D Qs = P where Qp is the quantity demanded, Qs is the quantity supplied and P is the price. Seller's reservation priceFill in the blank by typing 'increase', 'decrease', 'no change, or 'uncertain'. To receive credit, make sure to type the words in exactly as I have above. Do not include the apostrophes ('). In March of 2021 there was a fire in a major Japanese computer chip factory. This event would have caused the market price of computer chips to and the market quantity to Computer chips are a necessary input in the production of cars. Therefore, the factory fire would cause the market price for new cars to and the market quantity to Around the end of March 2021, the number of COVID-19 cases began to drop. As a result, people began to return to work and subsequently demanded more cars. The effects of this in conjunction with the factory fire would cause the market price for cars to and the market quantity toWhen the covid-19 shock started in early 2020, supermarkets quickly ran out of toilet paper as panic buying took place and its price remained the same. In that case demand was higher as compare to supply and by the time goods was disappear from the market?
- A popular brand of decorative clay floor tile is priced at $7 per square until a surge in supply forces the price, for a short time, down to Drag the appropriate curve(s) to show the effect of the price drop. $3. To refer to the graphing tutorial for this question type, please click here. Price ($) 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 DSR 3 3 S1 DLR Quantity (thousands)Identify and distinguish between the functions of price .[4th_itemA] *problem situation in the photo below* Required: Solve for the equilibrium price and quantity.