The producer of product Z has gathered some information regarding product Z: • in 2020 the price was £4.95 • in 2020 the firm sold 58,000 units of product Z . in 2021 the price was £4.50 • the firm sold 60,000 units of product Z in 2021 . product Z is an inferior product. a) Calculate the price elasticity of demand for product Z. Show your calculations b) Is your answer at question a) elastic or inelastic? Explain your answer c) Based on your answer of question a), did total revenue increase or decrease in 2021? Explain your answer

The producer of product Z has gathered some information regarding product Z: • in 2020 the price was £4.95 • in 2020 the firm sold 58,000 units of product Z . in 2021 the price was £4.50 • the firm sold 60,000 units of product Z in 2021 . product Z is an inferior product. a) Calculate the price elasticity of demand for product Z. Show your calculations b) Is your answer at question a) elastic or inelastic? Explain your answer c) Based on your answer of question a), did total revenue increase or decrease in 2021? Explain your answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The city council is to decide on a proposal to raise property taxes. Suppose Ms. Tuttle is the chair and the council’s other two members are Mr. Jones and Mrs. Doubtfire. The voting procedure works as follows: Excluding the chair, Mr. Jones and Mrs. Doubtfire simultaneously write down their votes on slips of paper. Each writes either for or against the tax increase. The secretary of the city council then opens the slips of paper and announces the vote tally. If the secretary reports that both slips say for, then the tax increase is implemented and the game is over. If both vote against, then the tax increase is not implemented and, again, the game is over. However, if it is reported that the vote is one for and one against, then Ms. Tuttle has to vote. If she votes for, then the tax increase is implemented, and if she votes against, then it is not. In both cases, the game is then over. As to payoffs, if the tax increase is implemented, then Mrs. Doubtfire and Mr. Jones each receive a…
Susan and Katy share an apartment, which they have decided to decorate for the holidays. The figure below shows Susan's and Katy's individual demand for strands of lights, measured metres. Price ($) 40 32 24 20 16 12 Dsusan DKaty 4 10 15 20 25 Quantity If Susan and Katy were to individually decide how many metres of lights to purchase, how much would be purchased if the price of lights were $16 per metre. (Need help? Read chapter 10.3 of the textbook, here: https://playconomics.com/textbooks/view/playconomics4-201913/part3/ch10/s3) 5 metres 10 metres 15 metres 20 metres None of these.
I have an exam today, and am really struggling with my material. This is intermiediate Microeconomic Theory.
PLS HELP ASAP ON BOTH
I'm waiting for the answer desperately It's in environmental economic textbook, kolstad.
With a perfectly inelastic demand, the buyers will pay the entire tax choose one true O Error O
1. Bothers John and Jason Rogers are trying to establish Illinois RiverHawk Floats to offer rafts for customers to float the Illinois River. 50 rafts are leased from a supplier for a monthly (30 days) cost of $415 per raft. The rafts are rented to customers for $25 per day. Customer demand follows a normal distribution, with a mean of 50 rafts and standard deviation of 8.5 rafts. (Make all demands integers in the model). If all 50 rafts are rented out, customers are referred to another outfitter who has a working relationship with the brothers. a. Set up the model and simulate a month (30 days) of operation to calculate the total monthly profit b. Replicate the simulation for 5 months (the expected float season) and determine the average total monthly profit. Note: this does not mean make 5 copies of the model. Run it 5 times, record and use the results appropriately.
Please helo me with this question There are 50 residents that live in a small town in California. Each resident uses electricity and there is one power station that produces electricity for the residents from coal. Each residents' demand for electricity is Q = 10 - 2P and the supply function for the power plant is Q = 150P. For each unit of electricity that the power station produces, there is a corresponding release of pollution that leads to asthma and other health problems for the 50 residents. The marginal damage of each unit of electricity produced, per person, is $.05. a. What is the market equilibrium price and quantity per unit of electricity? b. What is the efficient Pigouvian tax per unit of pollution? c. The government of this small California town decides to impose the efficient Pigouvian per unit tax on the power station. What is the new social optimum price and quantity per unit of electricity? d. What is the government tax revenue? e. What is the gain in total…
. If you examine the decision tree in Figure 9.12 (orany other decision trees from PrecisionTree), you willsee two numbers (in blue font) to the right of each endnode. The bottom number is the combined monetaryvalue from following the corresponding path throughthe tree. The top number is the probability that thispath will be followed, given that the best strategy isused. With this in mind, explain (1) how the positiveprobabilities following the end nodes are calculated,(2) why some of the probabilities following the endnodes are 0, and (3) why the sum of the probabilitiesfollowing the end nodes is necessarily 1.
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The growth trend in the graph shown is depicted by: Output A Multiple Choice B Time