Questions:1-In a class experiment with 20 subjects, using BDM methodology, we collected the WTP data as presented in table1. Using this data please plot the demand function for this group of 20 subjects. (30 points)IDbid15210(1031141251311146789012341415161718192021211521162217251830193520401-odec2025302-In question 1, assume we choose to sell a single product. (30 points)a- Assuming that the variable cost (marginal cost) of the item sold was 7 tl, draw the profit curve for thisdemand function. What would be the price that maximizes the profits? What would be the resulting profit?

First, we need to organize the Willingness to Pay (WTP) data in descending order. This is because…

Answered: Questions: 1-In a class experiment with…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus isnonrival andnonexcludable . Thus, the visual appearance would be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $61,110. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 2,240 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $20. The benefit of the beautification initiative, as suggested by the survey, is . Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of…
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32. DETAILS Prompt 0/1 Submissions Used 2-D. What is the standard deviation (in whole minutes) for the above flight? O 6400 23 533 12 80 25 O 24 Submit Answer MY NOTES Quantas Airlines quotes a flight time of 20 hours, 15 minutes for its flight from New York (JFK), USA to Sydney (SYD), Australia. Suppose that the actual flight time is uniformly distributed between 19 hours 35 minutes and 20 hours 55 minutes. ASK YOUR TEACHER
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Subject: Manegerial Economics & Policy The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = -5,200 - 42P + 20PX + 5.2l + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500 A (in dollars) = Monthly advertising expenditure = 10,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000 Using this information, answer the following questions: (remaining parts) Interpret your results for each variable. What proportion of the variation in sales is explained by the…
Given: Qd = 800 - 4P Qs = 8P - 400 What is the Arc Elasticity where P = 150 and P = 100?
25 30 T 20 15 хри 10 K 5 0 0 Region B Region A 5 10 13. In which region are both MPPL and MPPK negative? (a) Region A (b) Region B O (c) Region C O (d) Region D O(e) none of the above Region D 15 II Q=100 Region C Q=200 Q=300 Q=300 17 Q=200 Q=100 HHHH 20
Each term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’ responses as MPC March 0.41 June 0.30 September 0.22 December 0.56 What do these MPC’s imply about the students’ thinking over the course of the year? (Enter response here.) What is likely happening in the economy during the same period of time?
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Supply and Demand: End of Chapter Problems 9. Adjust each graph to show the indicated change. In each graph, click on the line or its midpoint to see the options. a. An increase in quantity demanded b. A decrease in demand Quantity Question Source: Chiang 4e- Economics Princidles FoHA Changing World Publisher: Worth 11:06 PI 65°F 10/13/20 Price
The revenue from the sale of a product is, in dollars, R = 1500x + 3000(2x+3)-1 - 1000 where x is the number of units sold. Find the marginal revenue when 200 units are sold. (Round your answer to two decimal places.) $ Interpret your result. If the sales go from 200 units sold to units sold, the revenue will increase by about $ Suppose that the weekly sales volume y (in thousands of units sold) depends on the price per unit (in dollars) of the product according to the following formula. y = 30(3p+ 1) −2/5, p > 0 (a) What is the rate of change in sales volume when the price is $24? (Round your answer to three decimal places.) dy = dp (b) Interpret your answer to part (a). (Round your answer to the nearest whole number.) If the price increases $1, the sales volume will decrease by If the demand for q units of a product priced at $p per unit is described by the equation p = 500 √29 + 7 find the rate of change of p with respect to q. dp = dq 1 units.

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