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- Consider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).4x+200 A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity isThe demand function for a product is given below. p = 30 − 5x, 0 < x < 6 (a) Find the price elasticity of demand when x = 3.(b) Find the values of x and p that maximize the total revenue. x=____units p=____ (c) For the value of x found in part (b), find the price elasticity of demand.
- 4x + 500 10x +9 the number of plants sold per day when the price is x dollars per plant. A garden shop determines the demand function q = D(x) = (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is during early summer for tomato plants where q is M Irthe demand equation for a product is q=1.5p+600, where q is the number of a products that can be sold in a month and p is the price per product. (a) what price will produce the largest revenue? (b) what is the largest monthly revenue?The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20
- A firm estimated a demand function for their mugs:Dm = 1.25Y- 0.8Pm + 0.5Dc – 0.1PcWhere D stands for demand, Y is income growth, P is the price, m is mugs, and c is coffee. (a) What is the price and income elasticity of demand estimates for mugs? (b) How do we estimate the cross price elasticity between coffee mugs and coffee? Are they complementary goods or substitute goods?The price p (in dollars) and the quantity q sold of a certain product obey the demandequationq − 800 - 20P and 0 < p < 40(i) Express the revenue R as a function of q.(ii) What is the revenue if 20 units are sold?(iii) What quantity q maximizes revenue? What is the maximum revenue?Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.
- a) The demand function for a product is p = 60 3-9/15) where q is the number of units and p is the price of one unit. At what price will the demand be 15 units? How many units will be demanded if the price is $41.60?The monthly demand function for a particular product is q=f(p)=2400-15p, where q is stated inunits and p is the price in dollars.i) Determine (a) the Revenue function, (b) concavity, (c) revenue at a price of $50, (d) atwhat price will the revenue be maximized, (e) graph the revenue function.ii) In general how we determine Maximum and minimum value of Quadratic function.What does concavity tell us about the function’s behaviour?Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. (?) 240 220 200 Total Revenue 180 + 180 140 120 100 A 80 B 60 40 20 Demand + 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)