The demand curve for a truckload of firewood for college students in a small town is Q = 500-p. It is sometimes convenient to rewrite a demand curve equation with price on the left hand side. We refer to such a relationship as the inverse demand curve. Therefore, the inverse demand curve for college students is p=500-Qc- The demand curve for other town residents is Q₁ =350-2p. What is the inverse demand curve for other town residents? The inverse demand curve for other town residents is Р p, Price per unit of lumber 600 550- 500- 450- 400- 350- 300- 250- 200-Other residents a 150- 100- 50- to College students 0 100 200 300 400 500 600 700 800 900 1000 Q, Quantity of lumber Q After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.

The demand curve for a truckload of firewood for college students in a small town is Q = 500-p. It is sometimes convenient to rewrite a demand curve equation with price on the left hand side. We refer to such a relationship as the inverse demand curve. Therefore, the inverse demand curve for college students is p=500-Qc- The demand curve for other town residents is Q₁ =350-2p. What is the inverse demand curve for other town residents? The inverse demand curve for other town residents is Р p, Price per unit of lumber 600 550- 500- 450- 400- 350- 300- 250- 200-Other residents a 150- 100- 50- to College students 0 100 200 300 400 500 600 700 800 900 1000 Q, Quantity of lumber Q After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1QP

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The demand curve for a truckload of firewood for college students in a small town is Q = 500-p. It is sometimes convenient to rewrite a demand curve equation with price on the left hand side. We refer to such a relationship as the inverse demand curve. Therefore, the inverse demand curve for college students is The demand curve for other town residents is p=500-Q Q, 300-2p. What is the inverse demand curve for other town residents? The inverse demand curve for other town residents is p = 150-0.5Q At a price of $300, will any firewood be sold to college students? College students will demand 200 units of firewood. (Enter your response as a whole number.) What about other town residents? Other town residents will demand units of firewood. p. Price per unit of lumber 600- 550- D College students 500- 450- 400- 350- 300- 250- 200- Other residents D 150- 100- 50- 0- 0 100 200 300 400 500 600 700 800 900 1000 Q, Quantity of lumber ♫ After plotting the final point of your multipoint curve,…
I need help with how to draw the total demand curve in part 3. I am using Excel. The demand function for a truckload of firewood for college students in a small town is QC = 400 − p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse demand function for college students is p = 400 − Qc. The demand function for other town residents isQr = 400 − 2p. 1. What is the inverse demand function for other town residents? 2. At a price of $300, will college students buy firewood? What about other town residents? At what price is the quantity demanded by other town residents zero? 3. Draw the total demand curve, which sums the demand curves for college students and other residents.
Suppose the market for cars has two segments, businesses and home users. The demand curve for cars by businesses is p = 120 - 40qb where q is the quantity of cars demanded by businesses with the price is p. The demand curve for cars by home users is p = 40 - 10gh where q is the quantity of cars demanded by home users when the price is p. Both businesses and home users will never demand negative amounts of cars, so for sufficiently high prices, the demand will be 0. Which of the following figures represent the market demand curve for cars? a. b. C. p 120 110 P 120 110 р 120 110 100 90 100 90 100 90 80 80 80 70 70 70 60 60 60 50 50 50 40 40 40 30 30 30 20 20 20 10 10 10 1 2 3 4 5 6 7 8 9 10 11 12 Q 1 2 3 4 5 6 7 8 9 10 11 12 Q d. p ea p e. 120 120 110 100 90 80 70 60 50 40 30 20 10 10 b C d e 1 2 345 6 7 8 9 10 11 12 Q 110 100 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 8 9 10 11 12 Q 1 2 3 4 5 6 7 8 9 10 11 12 Q
Demand for lift tickets at a popular ski resort is given by: where: Q=2,500 -0.25p+2Palt-4Plodging +0.005Y p = price of a lift ticket Q=quantity demanded = Palt price of a tropical vacation package = $750 Plodging price of ski resort lodging = $250 Y = consumer income = $60,000 The inverse demand curve for lift tickets as a function of the quantity of lift tickets demanded (Q) can be written p=
The demand function for a truckload of firewood for college students in a small town is QC = 400 − p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse demand function for college students is p = 400 − Qc. The demand function for other town residents isQr = 400 − 2p. 1. What is the inverse demand function for other town residents? 2. At a price of $300, will college students buy firewood? What about other town residents? At what price is the quantity demanded by other town residents zero? 3. Draw the total demand curve, which sums the demand curves for college students and other residents.
The director of a theater company in a small college town is considering changing the way he prices tickets. He has hired an economic consulting firm to estimate the demand for tickets. The firm has classified people who go to the theater into two groups and has come up with two demand functions. The demand curves for the general public (Qgp) and students (Qs) are given below: Qgp 500 - 5P Qs = 200 - 4P a. Graph the two demand curves on one graph, with P on the vertical axis and Q on the horizontal axis. If the current price of tickets is $35, identify the quantity demanded by each group. = b. Find the price elasticity of demand for each group at the current price and quantity. c. Is the director maximizing the revenue he collects from ticket sales by charging $35 for each ticket? Explain. d. What price should he charge each group if he wants to maximize revenue collected from ticket sales?
Imagine you work as an economist for a particular airline (A). Your job entails estimating the passenger demand for airline travel provided by A. Accordingly, you estimate the following: Price elasticity of demand for A’s service = 3 Cross elasticity of demand for A’s service (with respect to airline B’s price) = 2 Income elasticity of demand for A’s service = 1 Making sure to show all of your work, if consumer income falls by 5% (due to a recession), and at the same time airline B lowers its price by 10%, all else equal, what would you specifically recommend A due to its price to maintain its quantity of passengers (i.e., lower or raise its price and by what percent)? Hint: Elasticities are ratios of percentage changes.
In the regional market for housing, demand for single detached homes depends on the price of the house, PH, consumer income, N, and the price of a related good, townhouses, P-. The demand equation is Qda = 0.3N + 0.05PT -0.02PH. Initially, average consumer income is N = $50,000 and the average price of townhouses is $290,000. Making these substitutions, we get Qda = 29,500 - 0.02PH. This is our current demand equation. Suppose N = 50,000 and PH = 230,000. If the price of townhouses decreases from $290,000 to $255,000, what is the cross-price elasticity of demand for housing? i Click the icon to view the derivation of the current demand equation. The cross-price elasticity of demand for housing when N = 50,000, PH = 230,000, and the price of townhouses decreases from $290,000 to $255,000 is Ea b This is Single detached homes and townhouses are (Round to two decimal places as needed.) perfectly elastic. elastic. unit elastic. perfectly inelastic. inelastic.
For theater tickets, the demand curve for students is QS=100−4PQS=100−4P and for the general public is QGP=200−4PQGP=200−4P. Graph demand for students, the general public, and the market. (Hint: Don’t forget the kink.) What is the equation(s) for market demand?
Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 29.0. When the price is $7.75, the quantity supplied of motorcycles is 65.0 and the quantity supplied of pancakes is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.
In the regional market for housing, demand for single detached homes depends on the price of the house, PH, consumer income, N, and the price of a related good, townhouses, P-. The demand equation is Qd = 0.3N + 0.08PT - 0.02PH. Initially, average consumer income is N= $50,000 and the average price of townhouses is $315,000. Making these substitutions, we get Qd = 40,200 – 0.02PH: This is our current demand equation. Suppose income changes from $50,000 to $60,000. What is the income elasticity of demand for housing when the price is $220,000? Click the icon to view the derivation of the current demand equation. The income elasticity of demand for housing when the price is $220,000 and income changes from $50,000 to $60,000 is EN = |. This is Housing is good. (Round to two decimal places as needed.) perfectly inelastic. perfectly elastic. inelastic. elastic. unit elastic.
The quantity demanded of Fitbit devices is 8,025 units when the price is $260. At a unit price of $200, demand increases to 10,000 units. The manufacturer will not market any of the device at a price of $100 or less. However for each $50 increase in price above $100, the manufacturer will market an additional 1,000 units. Assume that both the supply equation and the demand equation are linear. a) Find the supply equation. b) Find the demand equation. c) Find the equilibrium quantity. d) Find the equilibrium price.