Please provide steps by step answer with proper explanation with final answer The supply and demand for soda in a market is represented byQD = 12 - 8PQS = 50P-60Where Q is in millions of bottles per year and P is dollars per bottle,The current equilibrium price is $1.24, and 2.07 million bottles are sold per year.Calculate the price elasticity of demand and price elasticity of supply at the current equilibrium. Using the formula given inclass, find what share of a tax would be borne by consumers if one were to be implemented in this market. (keep indecimal format 0.## rounded to HUNDREDTH)What would be the share borne by producers?

To solve this problem, we need to calculate the price elasticity of demand and supply at the…

Answered: The supply and demand for soda 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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You start an insurance company as your first entrepreneurial venture after graduation. Your main product line is malpractice insurance for dentists. After exhaustive research, you learn that settling malpractice claims against careful dentists costs $2,000 and settling malpractice claims against reckless dentists costs $7,500. Individual dentists know whether they are reckless or careful, and your research shows that approximately 20% of dentists are reckless. How much do should you charge for malpractice insurance to break even?
A computer reseller needs to decide how many laptops to order next month. The lowest end laptop costs $220 and the retailer can sell these for $300. However, the laptop manufacturer already announced that they are coming out with a new model in a couple of months. Any laptops that will not be sold by the end of next month will have to be heavily discounted at half-price. The reseller also needs to consider that every time he fails to fulfill a laptop order, he stands to lose $25 for every unit. Based on the past months’ sales, the reseller estimates the demand probabilities for sales (S) as follows: P(0 units) = 0.3; P(1 units) = 0.4; P(2 units) = 0.2; P(3 units) =0.1. The reseller thinks it’s a good idea to conduct a survey on whether or not his customers are going to buy laptops and how many. The survey results will either be Yes (Y), No (N) or Don’t Know (DK). The probability estimates of the results based on the demand for number of units are: P(Y|S = 0 units) = 0.1 P(Y|S = 1…
How might the confirmation tendency affect Nathan's decision and what could he do to mitigate the possible effects of this tendency in order to improve his professional judgment?
James has two young children (Finn and lain) who are visiting the doctor for their annual well-child check-ups. The doctor's office charges $105 for well-child appointments. Health insurance pays 100% of the costs associated with well-child visits and does not require a copayment. James' health plan monthly premium is $1,400 and has a $1,000 deductible. How much will James be charged when the appointment is done?
Sarah purchased an individual medical expense insurance policy that included a $250 deductible and an 80-20 coinsurance provision. She required medical care and the cost of the care provided was $40,750. How much of this amount must Sarah pay and how much will her insurer pay? How would your answer change if Sarah's policy included a $3,000 out-of- pocket limit that applied to coinsurance payments? . HINT (Coinsurance is calculated after you pay your deductible)
T/F Opportunity cost is the cost of nest best foregone.
How would you analyze your data for a quantitative research proposal?
The late 19th century city was often dense, crowded, and dirty. This often led to disease and sometimes death in places like Manhattan. Group of answer choices True False
please provide explanation. answer is incorrect
What is the best answer between b and c?

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