Q1/ If you have the following demand function:Px=2100 = Y, answer the followingP=81- The value of the income elasticity of demand isEy=45.5 OEy=0.51 OEy=0.45 OQd=200-0.5P-3PX+2Y

Answered: Image /qna-images/answer/ceef814d-2c7f-4534-b491-88ea35d97687.jpg

Answered: 1- The value of the income elasticity…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A manufacturer of a new patented product has found that he can sell 70 units a week to the customer if the price is $48. In error, the price was recently advertised at $78 and as a result only 40 units were sold in a week. The manufacturers fixed costs of production are $ 1710 a week and variable costs are $9 per unit. You are required to 4) Assuming a sudden change in trading conditions resulting in a 20% reduction in demand at all price levels, to find the equation of the new demand function and to recommend how the manufacturer should respond.
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