Q1. Fill the table below for price levels 60 and 50. TT MC MR R MR T qP P=60 C P=60 P=60 P=60 P = 50 P=50P = 50 0 60 1 60 2 60 3 60 4 60 5 60 6 60 7 60 8 60 9 60 10 60 11 60 R 100 150 178 198 212 230 250 272 310 355 410 475
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- A toy manufacturing firm makes a toy $5 and decide a markup of 3$. Calculate the selling price.Refer to the demand schedule below: Price ($) 80 70 60 50 40 30 20 10 0 Quantity demanded 0 50 100 150 200 250 300 350 400 Price increases from $60 to $70. Demand is (Click to select) V 9 and total revenue (Click to select)On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120, $140, and $160 per bike. 6250 5820 Total Revenue 5390 4960 4530 4100 3670 3240 2810 2380 20 40 60 80 100 120 140 160 180 200 220 240 PRICE (Dollars per bike) According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of bikes is currently $80 per bike, shown as point A on the initial graph. Because the demand between points A and B is , a $20-per-bike decrease in price will lead to in total revenue per day. In general, in order for a price increase to cause an increase in total revenue, demand must be TOTAL REVENUE (Dollars)
- Demand and Supply Schedule for Good X: Unit price of x Quantity demanded of x Quantity supplied of x Price elasticity of demand of x (2 decimals) Price elasticity of supply of x (2 decimals) $100 0 5 n/a n/a $95 2 4.5 $90 4 4 $85 6 3.5 $80 8 3 $75 10 2.5 $70 12 2 $65 14 1.5 $60 16 1 $55 18 0.5Title The demand function for bicycles in Holland has been estimated to be Q = 2,000 + 15Y – 5.5P... Description The demand function for bicycles in Holland has been estimated to be Q = 2,000 + 15Y – 5.5P where Y in income in thousands of euros, Q is the quantity demanded in units, and P is the price per unit. When P = 150 euros and Y = 15(000) euros, determine the following: a.Price elasticity of demandb.Income elasticity of demandQD ($) 16 3,000 2,800 20 18 2,600 2,400 2,200 2,000 22 24 26 28 1,800 30 1,600 Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 2,200 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be
- M Quantity PricePrice (dollars) 9. 7 10 14 18 22 26 30 Quantity (units per year) In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to A) 0.62. B) 0.40. C) 2.50. D) 1.00.QD (S) 16 3,000 2,800 | 2,600 2,400 24 18 20 22 | 2,200 26 2,000 28 1,800 30 1,600 Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 2,200 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall?
- The monthly demand and supply schedules for new cars at a large California dealership are shown in the table below. Market for New Cars Price (dollars) $40,000 35.000 30,000 25 000 20,000 Quantity of Cars Demanded 108 200 300 400 500 Quantity of Cars Supplied ase Ltd 350 3250 300 250 If the dealership is currently charging $35,000 for a new car, at the end of the month there will be a shortage of 125 cars. O a surplus of 25 cars. a surplus of 125 cars. a shortage of 100 cars. O neither a surplus nor a shortage; the market will be in equilibrium.When same units are demanded at a higher price, it shows: (a) Increase in demand (b) Expansion in demand (c) Decrease in demand (d) Contraction in demandCalculate the market equilibrium level of price and quantity for housing unit? Calculate price elasticity of demand using point elasticity method when the construction industry is in equilibrium and interpret the result? Qd = 25000-2P Qs = 10000+1p
