Suppose that the inverse demand curve for a product is given by: P = 100 -Q°. +. 2M, where M is the average income in 1000 USD. The inverse supply is P = 0.5Q - 20. If M = 15 the equilibrium price is equal to and the equilibrium %3D quantity is equal to
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- Suppose that the inverse demand curve for a product is given by: P = 100-Qd +2M, where M is the average income in 1000 USD. The inverse supply is P 0.50 - 20. If M 15 the equilibrium price is equal to and the equilibriu.n quantity is equal to 40, 60 C 100, 30 30, 100 60, 40Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?Demand for Magnum Ice Cream is given by an equation as Q = 70 – 10P + 4 Px + 50 I Where, Q = Quantity of Magnum demanded, P = Price of Magnum Ice Cream, Px = Price of Walls Ice Cream, I = Per Capita Incomea. Assume P = Rs 100, Px = Rs 120 and I = Rs 25 (Rs in thousands). Calculate (i) Price Elasticity of Demand(ii) Cross Price Elasticity of Demand(iii) Income Elasticity of Demand
- Assume that the demand curve is a straight line. If the price per unit of a good rises from $10 to X1, it is expected that monthly demand will fall from X2 units to 400,000 units. Give your own appropriate X1 and X2. What is the point price elasticity of demand when the price is $10? What is the arc price elasticity of demand over these ranges of price and output? Is the demand for this good price sensitive?Use the price-demand equationp+0.001x=45, 0sps45. Find the elasticity of demand whenp%3$25. If the $25 price is decreased by 4%, what is the approximate percentage change in demand? The elasticity of demand whenp%3 25 is (Type an integer or a simplified fraction.) If the price is decreased by 4%, the demand approximately %. (Type an integer or a simplified fraction.) is increases by decreases byA TV channel has estimated the demand for its service to be givenby the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4whereQ = monthly sales in unitsP = price of the service in $A = promotional expenditure in $’000Y = average income of the market in $’000P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is$120,000, average income is $28,000, and the price of ‘homemovies’ is$45.Indicate whether the following statements are true or false, givingyour reasons and making the necessary corrections h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its price this will reduce its profit.
- Assume your demand for “Ipek su” water increases from 1 bottle to 3 when “Sirab su”increases the price per bottle from 18 azn to 25 azn.a) Calculate cross price elasticity of “Ipek su” water and comment on it.b) Based on your answer in a) comment whether the two goods are substitutes or complements.Assume when Sirab increases the price for a bottle of water from 18 to 25 anz, thedemand for Sirab decreases from 2 bottles to 1 bottle.c) Is the demand for Sirab price elastic?d) How will the revenue of a company producing Sirab change?Suppose the demand for a product is given by D (p) = - elasticity of demand at a price of $27. Elasticity what price do you have unit elasticity? (Round your answer to the nearest penny.) Price 5p+227. A) Calculate the == (Round to three decimal places.) B) At = $The demand x is the number of items that can be sold at a price of $p. For x = p" - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. The rate of change of the price p with respect to the demand x is
- Suppose the demand for commodity X is estimated as follows: X=68-1.6Px + 0.6Py + 0.08M Where: X=quantity of commodity X Px=N20 is the price of X Py= N40 is the price of Y M=N1000 is the income of the consumer Calculate: A. The price elasticity of X B. The cross-price elasticity of demand for X with respect to the change in the price of Y C The income elasticity of demand X .Also interpret your result is in 1,2, and 3Your research estimates the (own) price elasticity of demand for coffee as0.78 in absolute terms. If quantity demanded of coffee increases by 14%what do you predict will be the percentage change in coffee prices?Suppose the income elasticity of demand for ProductZ is -0.8 and the cross price elasticity of demand of Product Z with respect to price of Product M is 2.0. Alex owns a factory producing Product Z. a) State and explain the type of good Product Z is. b) Assuming price of Product Z remains unchanged, state and explain using relevant calculations, specifically how the total quantity demanded of Product Z will be affected when the income of the population decreases by 10%, and the price of Product M increases by 15%.