Variable Parameter Estimates Standard error Constant -164.0 20.24 Price of good X (P.) Price of good Y (P,) -3.50 1.55 2.50 0.28 Per capita Income (/) 0.45 0.52 R-squared Adjusted R-squared 0.8672 0.8132 F-statistic 15.6893 a) Suppose the average price of 3 units of good X is GH¢12, price of 2 units of goodY is GH¢60, the per capita income of Ghana is GH¢420. Write down the estimated demand equation for your firm's product and interpret the parameter estimates. Determine the quantity of good X sold. Estimate the own price elasticity of demand and state the type of demand curve 1. 11. 111. your firm has? What would be the effect of a price increase on the firm's total revenue? iv.
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- Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events:Suppose the Doctors recommend eating Apples every morning. The Monsoon rains adversely affect the Apple Harvest. The government announces increase in Wages of workers. The price of petrol in the market comes down. Consumers Income falls during government imposed Lockdowns due to health concerns. Given below is the Supply Schedule of Nestle Milk per liter:Price of Milk per liter (in Rs) 100 200 300 400Quantity Supplied per day in liters (in 1000s) 100 200 300 400Use the above data to illustrate the Supply Curve in a graph with complete labels. Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply. Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied?Illustrate the impact of (C) on the graph. Is this a movement along the supply curve or shift of the curve?The price of oil is currently over $80 per barrel and has been as high as $90 per barrel after Saudi Arabia and a couple of oter OPEC countries reduced output this year. The demand for oil is expected to increase by 1 million barely per day over the next year according to the International Energy Agency but OPEC+ has been unclear about its intentions of increasing oil supplies. a. If OPEC+ increases its production by million barrels per day, we can unambiguously say that the equilibrium price will fall, and the equilibrium quantity will rise.PLEASE ANSWER c The Market for Chicken Meat in Davao Citya. Fill in the missing algebraic signs ( + or -) of the demand and supply equations for chicken meat belowaccording to the hypothesized direction of relationships. where:Q = quantity of chicken meat in kilograms, per dayPC = price of chicken meat (in pesos per kilogram)I = income of average consumer (in pesos per day)PB=price of beef (in pesos per kilogram)W=wage rate paid in the poultry business (in pesos per day)PF= price of mixed feeds (in pesos per kilogram) Demand: QD = 20 ___ 1.5PC____0.8 I ____ 0.6 PBSupply: QS = - 20 ___ 4.5PC____0.5 W ____ 3 PFb. Suppose the other variable affecting the demand for and supply of chicken meat have the followingvalues: I = P300/day ; PB = P100/kg; W = P100/day; PF = P10/kgi. Derive the simple demand and supply equations where Q is a function of P.ii. Solve for the equilibrium price and quantity in the market.iii. Suppose the government imposes a price ceiling of P50/kg:1. What happens…
- Assume that a retailer sells 1000 six packs of Pepsi per day at at $3./6pk. You, as an economic analysis , estimate that the cross price elastcity between pepsi and coca cola is 0.4. If the retailer raises the price of coca cola by 10%, how would sales of pepsi be affected, ceteris paribus, whyThe demand equation for a particular candy bar is px + x + 20p = 3000 where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cents each week, find the rate of change in the demand.Suppose that the demand curve for corn has the equation p = -0.29q+6.265 and the supply curve for corn has the equation p = 0.2q +2.1, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $3.40 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $3.40 is (Round to the nearest whole number as needed.) billion bushels.
- PLEASE ANSWER A The Market for Chicken Meat in Davao Citya. Fill in the missing algebraic signs ( + or -) of the demand and supply equations for chicken meat belowaccording to the hypothesized direction of relationships. where:Q = quantity of chicken meat in kilograms, per dayPC = price of chicken meat (in pesos per kilogram)I = income of average consumer (in pesos per day)PB=price of beef (in pesos per kilogram)W=wage rate paid in the poultry business (in pesos per day)PF= price of mixed feeds (in pesos per kilogram) Demand: QD = 20 ___ 1.5PC____0.8 I ____ 0.6 PBSupply: QS = - 20 ___ 4.5PC____0.5 W ____ 3 PFb. Suppose the other variable affecting the demand for and supply of chicken meat have the followingvalues: I = P300/day ; PB = P100/kg; W = P100/day; PF = P10/kgi. Derive the simple demand and supply equations where Q is a function of P.ii. Solve for the equilibrium price and quantity in the market.iii. Suppose the government imposes a price ceiling of P50/kg:1. What happens…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 isThe estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 97e° -3p²/2, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥ 400. E = X Interpret your answer. The demand is going down ✔✔✔ by X% per 1% increase in price at that price level. Thus, large price decrease ✓ (b) At what price will revenue be a maximum? (Round your answer to the nearest integer.) X yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) paint-by-number sets per month is advised.
- Assumed that the demand (D) for potato given by demand: Q = 1500 − 15P, where Q isquantity per month measured in kilos and P is price per kilo. 1. Supply is equals to 900 kilos one day, what will the price be?2. Supply were to fall to 300 kilos, what would the price be?3. The D for Potato shifts outward to Q = 2100 − 15P, what will be answer in part 1 and 2 change?4. Graph the resultsProducers 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?Price 4 6 8 10 Market demand 40 35 30 25 New market demand - - - - (i) Plot the market demand at each pricelevel on a graph paper and label the demandcurve as DI(ii)Derive the market demand function for good x(iii) Suppose the price of acomplement good has fallen and caused a rise in the demand for good X by 25% at each price level, fill in the new quantity for market demand at each price level fill in the new quantity for market demand at each price level.(iv) Based on part (iii) plot the new demand curve on the same graph as in part (i) and label it as D2