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A: The information which has been given to us is as follows:-C= 1000+0.5D T=200 G=400 I=500
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- Assume that the demand function is equal to: QD = 5000 - 1000P Where the price range is P1.00 to P5.00, derive the demand schedule economicsThe following represents demand for widgets (a fictional product): QD = -47,214 – 90P + 0.8M - 2PR where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the widget. Supply of widgets is determined by QS = 400P – 15,550 a. Determine whether widgets are a normal or inferior good, and whether widgets and widgets are substitutes or complements.1.5 Your firm, Content Friend, is similar to Happy Labourer, a Ghanaian firm that designs and manufactures artifacts and souvenirs. Your research analyst has estimated the demand function for your kente souvenirs is Qd = 33 - 4P If you set the price of a plush kente souvenir at $5, how many will consumers buy? If you increase the price of a plush kente souvenir by $1, how will this change the quantity that your customers buy?
- The daily demand for movie rental from a movie theatre operator Silver Screen is given by the equation P = 5 - 0.5Q, where P is the price in dollar ($) and Q is the quantity demanded. The manager of Silver Screen claims that consumers are always sensitive to the price of movie rental and hence the company should always reduce the price to earn more revenues. Is this claim valid? What should the manager do to maximise the revenue? Explain.The demand for stoves is given by QD=450−20? and the market supply is given by QS = 20 + 100P In equilibrium, how many stoves would be sold and at what price? What would happen if suppliers set the price of stoves at $15? Explain the market adjustment process. Using the response in part (i), calculate the price elasticity of demand for stoves when price changes to $10.suppose the demand for shoes is given by qd=40-5p and supply is given by qs=10p-20
- Given the following supply and demand functions find the equilibrium price and quantity in the market: Qd=195-20P Qs=-5+5PGiven a demand function of Qd = 20 – 4P + 0.7Y, what is the YED for a product at a point where Price is $1, Quantity is 9 billion bushel and Income is $50? Based upon this calculation for YED, the product would be considered a normal good. A. True B. FalseEstimate the equlibrium price and quantity of the market whose demand and supply functions are pd =−(q + 4)2 + 100 and ps = (q + 2)2 respectively.
- The market for lemon has 10 potential consumers, each having an individual demand curve P=101-10Q1, where P is price in dollars per cup and Q1 is the number of cups demanded per week by the ith consumer. Find the market demand curve using algebra. Draw an individual demand curve and the market demand curve. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at P= $1/cup?The demand function for a certain brand of CD is given by p = -0.01x^2 - 0.2x +10 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determiine the producer's surplus if the market price is set at the equilibrium price. (round answer to neareset dollar) P = 0.01x^2 + 0.4x +2Consider the demand function Q=500−4P −A2 −0.004Y2 where P is the price of the good, A is the alternative price of an alternative good, and Y is the income of the consumers. When P = 6, A = 6 and Y = 100, find the price elasticity of demand, the cross-price elasticity of demand and the income elasticity of demand.