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DEMAND and SUPPLY FUNDAMENTALS: Shifts in Demand or Supply questions:
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- Variables typically included in a multivariate demand function (other than the price and quantity of the item the demand function represents) are consumer tastes and preferences, the number of buyers, spendable (disposable) income, prices of substitute goods, prices of complementary goods, advertising expenditures, weather, and expectations. Recalling that the price of the item being considered is placed on the vertical axis, and the quantity on the horizontal axis, the other variables are termed demand shifters. Please answer the following questions about the affect changes in other variables might have on the demand for the item. These changes will either cause demand to increase (shift right) or decrease (shift left). Use either word as applicable, for the short answer. If the price of a good increases because the demand for it increases, What would you expect the demand for its complement to do? If the demand for coffee beans increases, then what is likely to happen…The multivariate demand function below will be needed for questions 12-18. Setting: Grapple, Inc. is a leading seller of laptop personal computers. However, they want to become a leading tablet seller, too. Your marketing department, aided by your economics staff, has estimated a function to help you in the quest for market leader in tablets. The variables are defined after the function. Qg = the number of Grapple tablet computers demanded per week. Pg = the price of each new Grapple tablet (in $). Ph = the price of each Hewpaq tablet (in $). Pr = the price of each Ronova tablet. Pdv = the price to equip a tablet with Holographic digital video (in $, this is an upgrade option that enables three-dimensional graphics on a tablet. Two-dimensional graphics is standard equipment). Psc = the price of various screen sizes (in $, a 8 inch is standard, but upgrade options are 10 inch extra sharp, 12 inch, 12 inch extra sharp, Each also has a touch-screen option. The upgrades…The multivariate demand function below will be needed for questions 12-18. Setting: Grapple, Inc. is a leading seller of laptop personal computers. However, they want to become a leading tablet seller, too. Your marketing department, aided by your economics staff, has estimated a function to help you in the quest for market leader in tablets. The variables are defined after the function. Qg = 10000 - 25Pg + 20Ph + 30Pr - 15dv - 35Psc - 10Pmm + 0.05Ag + 0.03A -25C + 0.1Y Qg = the number of Grapple tablet computers demanded per week. Pg = the price of each new Grapple tablet (in $). Ph = the price of each Hewpaq tablet (in $). Pr = the price of each Ronova tablet. Pdv = the price to equip a tablet with Holographic digital video (in $, this is an upgrade option that enables three-dimensional graphics on a tablet. Two-dimensional graphics is standard equipment). Psc = the price of various screen sizes (in $, a 8 inch is standard, but upgrade options are 10…
- Please solve questions 15, 16 and 17. The multivariate demand function below will be needed for questions 12-18. Setting: Grapple, Inc. is a leading seller of laptop personal computers. However, they want to become a leading tablet seller, too. Your marketing department, aided by your economics staff, has estimated a function to help you in the quest for market leader in tablets. The variables are defined after the function. Qg = 10000 - 25Pg + 20Ph + 30Pr - 15dv - 35Psc - 10Pmm + 0.05Ag + 0.03A -25C + 0.1Y Qg = the number of Grapple tablet computers demanded per week. Pg = the price of each new Grapple tablet (in $). Ph = the price of each Hewpaq tablet (in $). Pr = the price of each Ronova tablet. Pdv = the price to equip a tablet with Holographic digital video (in $, this is an upgrade option that enables three-dimensional graphics on a tablet. Two-dimensional graphics is standard equipment). Psc = the price of various screen sizes (in $, a 8 inch is…Suppose that an economist has been able to gather data on the relationship between demand and price for a particular product. After analyzing scatterplots and using economic theory, the economist decides to estimate an equation of the form Q= aPb, where Q is quantity demanded and P is price. An appropriate regression analysis is then performed, and the estimated parameters turn out to be a = 1000 and b = - 1.3. Now consider two scenarios: (1) the price increases from $10 to $12.50; (2) the price increases from $20 to $25. a. Do you predict the percentage decrease in demand to be the same in scenario 1 as in scenario 2? Why or why not? b. What is the predicted percentage decrease in demand in scenario 1? What about scenario 2? Be as exact as possible.Please no written by hand and no emage Your company, which specializes in running shoes for men who are growing increasingly follicly-challenged (BalderDash®), has the following demand function: Q = a + bP + cM + dR where Q is the quantity demanded of BalderDash’s most popular shoes, P is the price of that product, M is consumer income, and R is the price of a related product. The regression results are: Adjusted R Square 0.7796 Independent Variables Coefficients Standard Error t Stat P-value Intercept 21,055.04 1428.27 14.74 8.1E-16 P -83.912 19.079 -4.398 0.000 M 0.0266 0.013 2.064 0.047 R -16.6 10.664 -1.556 0.129 Discuss whether you think these regression results will generate good sales estimates for BalderDash. Now assume that the income is $69,100, the price of the related good is $39, and BalderDash chooses to set the price of its product at $54. b. What is the estimated number of units sold given the data above? (round to nearest unit; no decimals) c.…
- In 2017, Philadelphia launched a sweetened beverage tax of 1.5 cents per ounce, raising the cost of a 2-liter soda bottle from about $1.50 to $2.50. One year later, the Philadelphia mayor wants to evaluate if this "sugar tax" improves the health status of Philadelphia Propose ONE method (i.e. difference-in-difference, instrumental variables, or regression discontinuity) to address these questions. write down its implementation details (the type of data you need, potential sources to get the data, equations) its pros and cons Only Typing answer please I need ASAPGeneral Cereals is using a regression model to estimate the demand for Tweetie Sweeties, a whistle-shaped, sugar-coated breakfast cereal for children. The following (multiplicative exponential) demand function is being used: QD=6,280 P(−1.85)A2.05N2.70QD=6,280 P−1.85A2.05N2.70 where QDQD = quantity demanded, in 10-oz boxes PP = price per box, in dollars AA = advertising expenditures on daytime television, in dollars NN = proportion of the population under 12 years old, in percent What is the point price elasticity of demand for Tweetie Sweeties? 2.05 2.70 -0.90 -1.85 What is the advertising elasticity of demand? 0.76 -1.85 2.70 2.05Consider the file demand.xlsx which contains the demand observed for different levels of pricing for a product. Produce a scatter plot of demand vs price. Use trendline to fit a linear and a power function to estimate demand as a function of price. price demand 18.05 1490 13.17 4094 15.17 2784 16.83 2888 18.64 1334 11.95 3573 14.88 2961 17.04 1790 14.15 3664 17.56 1632 20.1 1564 10.21 5583 14.1 2767 13.64 3686 11 3002 20.16 1316 13.47 3661 15.77 479 17.7 1612 15.58 3287 14.33 3750 18.91 1245 20.77 1415 11.83 4643 12.32 3942 20.13 1558 12.71 4045 16.04 2843 13.99 3332 17.97 2373 12.61 3357 13.66 2884
- Advertising A small manufacturing firm collected the following data on advertising expenditures A (in thousands of dollars) and total revenue R (in thousands of dollars). (a) Draw a scatter diagram of the data. Comment on the type of relation that may exist between the two variables (b) The quadratic function of best fit to these data is R(A) = - 7.76A2 + 411.88A + 942.72 Use this function to determine the optimal level of advertising. (c) Use the function to predict the total revenue when the optimal level of advertising is spent. (d) Use a graphing utility to verify that the function given in part (b) is the quadratic function of best fit. (e) Use a graphing utility to draw a scatter diagram of the data, and then graph the quadratic function of best fit on the scatter diagram.Hello, I am trying to find the equations on my calculator for the price-demand and price supply equations. The data is in the attached image. I think I am doing something wrong, but not sure what. I found the quadratic regression model for the first set of data using my calculator, but I used the p=D(x) as list one, and x, as list two. I came up with 0.028x^2-23x +5743 is this right? or do I need the reverse the order? For the price-supply data I but the p=S(x) as list 1 and x as list 2 and I got the linear regression function: 2 5.1x+342 Can you please let me know if I am on the right track?The following data relate the sales figures of the bar in Mark Kaltenbach's small bed-and-breakfast inn in portland, to the number of guest registered that week: week guests bar sales 1 16 $330 2 12 $270 3 18 $380 4 14 $315 a) The simple linear regression equation that relates bar sales to number of guests(not to time) is (round your responses to one decimal place): Bar sales = [___]+[___]X guests