Answered: Star wars coffee mugs are traded in a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Star wars coffee mugs are traded in a competitive world market with a price of R180 per cup. Unlimited quantities are available for import into South Africa at this price. On average 10 000 kg are traded each month. The elasticity of demand has been estimated at -0.81 and elasticity of supply at 3.51. Derive the demand equation for the star wars coffee mug.

A. Qd = 12 800 - 45P
B. Qd = 15 200 - 35P
C. Qd = 18 100 - 45P
D. Qd = 20 000 - 50P

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