38. Suppose that a consumer's annual(income decreased by RO 300, causing a 15% decrease in the quantity of beef the consumer demands. If the consumer has an Ancome elasticjty of demand.of 1.0 for beef, what is her new income? a. RO 2700, b. RO 3000. C. RO 1700 d. RO 3300. 15 |-0 = 300 -1,7

The figure shows the supply curve of lead. What is the price elasticity of supply between points A and B? Between these two points is supply elastic or inelastic? XxT Between points A and B, the elasticity of supply is, is OA. 1.8, inelastic OB. 0.6, elastic OC. 0.6, inelastic OD. 1.8, elastic so the supply of lead Joe's Meat Ples wants to increase the quantity of meat pies that it sells by 8 percent. The price elasticity of demand for meat pies sold by Joe's Meat Pies is 4.0, What is the percentage price out that will achieve the firm's objective? The percentage price cut is percent Cat 8.00 7.00 6.00 5.00 4.00 3.00 $2.00 1.00 0.00 Price (dollars per ton) 1 Quantity (milions of tons per month) s Li ►

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i FS 16 1/2 Problem 1 The demand for good x is given by 100% 10 Research shows that the prices of related goods are given by Py56,500 and P2 $100, while the average income of individuals consuming this product is M-$70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X, b. Is X an inferior or a n a normal good? How many units of good X will be purchased when Px-55,230? d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X. F6 EC650 Managerial Economics Module 2 Homework Problem 2 Use the accompanying graph to answer these questions. A 0=6,000- a. Suppose demand is D and supply is S. If a price ceiling of $6 is imposed, what are the resulting shortage and full economic price? b. Suppose demand is D and supply is S. If a price support of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units? c. Suppose demand is D and supply is Sº so that…