The following is a hypothetical estimate of a demand curve for butter over the period 2001-10. Qu = 145 – 1.5P-0.001r+2P. Where Qa is the quantity of butter sold in grams per person per week; Pis the price of butter (in pence per kg, at 2000 prices); Yis the annual disposable income per head (in £s at 2000 prices); Pa is the price of margarine (in pence per kg, at 2000 prices). (a) If Pis 50 pence, Yis £20 000 and Pa is 40 pence, what is the estimated value of Q? (b) If the price of buttr went up by 6 pence per kilo, all other things equal, what would happen to the estimated demand for butter? Going back to the original price of 50 pence, if the value of Y now rose to £22,000 what would happen to the estimated demand for butter?

The following is a hypothetical estimate of a demand curve for butter over the period 2001-10. Qu = 145 – 1.5P-0.001r+2P. Where Qa is the quantity of butter sold in grams per person per week; Pis the price of butter (in pence per kg, at 2000 prices); Yis the annual disposable income per head (in £s at 2000 prices); Pa is the price of margarine (in pence per kg, at 2000 prices). (a) If Pis 50 pence, Yis £20 000 and Pa is 40 pence, what is the estimated value of Q? (b) If the price of buttr went up by 6 pence per kilo, all other things equal, what would happen to the estimated demand for butter? Going back to the original price of 50 pence, if the value of Y now rose to £22,000 what would happen to the estimated demand for butter?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q9
The demand function for potatoes per month is given by Q = 104 – 40p + 20pt + 0.01Y, where Q = the quantity of potatoes, p = price of potatoes, pt = price of tomatoes, and Y = income per month. Pt is currently $0.80 per pound). Derive the demand curve for potatoes from the data provided when income is $4,000 per month. Derive the new demand curve when income increases to $5,000 per month. ON a graph show the change in the demand curve resulting from the growth in income.
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give me solution within 30-40 mins I'll give you multiple upvote.
The coconut oil demand function (Buschena and Perloff, 1991) is Q = 1,200 - 9.5p + 16.2 pp + 0.2Y, where Q is the quantity of coconut oil demanded in thousands of metric tons per year, p is the price of coconut oil in cents per pound, Pp is the price of palm oil in cents per pound, and Y is the income of consumers. Assume that p is initially 45 ¢ per pound, Pp is 31 ¢ per pound, and Q is 1,275 thousand metric tons per year. Calculate the income elasticity of demand for coconut oil. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Answer only subpart 4
H11.
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