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- The demand and supply for a whole pizza in Mr Hot’s Market are given by the equations, Qd = 6,300 – 530P and Qs = 1,200 + 150P. What is the Statement of the Problem?Let 10p + x = 100 be the demand equation, where p is the price per item when x items are demanded. (a) Find the total revenue when the level of production is: (i) 40; (ii) 41; (b) Find the exact revenue derived from the 41st item. (c) Find the approximate revenue derived from the 41st item. (d) What is the error if the derivative is used to approximate the marginal revenue?Supply is said to be inelastic when the quantity supplied changes* more than the change in its price. less than the change in it price. 2 equal to the change in its price. none of the above. Elasticity of supply tends to be greater when* inputs are specialized. time period allowed for adjustment is fairly long. degree of advertising is great. demand for the product is inelastic The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time* production techniques become more expensive. new firms can enter the industry and old firms can increase their plant size. producers become more competitive. consumers become more demanding.
- Mr. Mondal is a potato wholesaler at Nasik. The per capita consumption of potatoes per day is about 200 grams. Currently, potatoes are being priced at Rs.6 per kg. The price elasticity of potatoes is 0.62. Due to present short supply of potatoes Mr. Mondal decides to increase the price. If he can sustain a reduced sales volume up to 10%, compute the maximum price he can set is (Round off your answer up to one decimal only)There is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: Determine the associated linear demand function Determine the linear supply function. At what price should the camera be sold so that there is neither a surplus nor a shortage?If the average rural household income in Nigeria is US$60 then the demand for internetconnectivity, ceteris paribus, at US$43 is more likely to be...
- If the demand and supply curves for a commodity are defined as follows, Qd=200-0.6(p) Qs=80+1.4(p) What would be the best option to represent the equilibrium price and equilibrium quantityA large company in the communication and publishing industry has quantified the relationship between the price of one of its products and the demand for this product as Price = 150 − 0.01 × Demand for an annual printing of this particular product. The fixed costs per year (i.e., per printing) = $50,000 and the variable cost per unit = $40. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 6,000 units per year.A bookstore purchased a best selling book at P200 per copy. At what price should this book be sold so that, giving a 20% discount, the profit is 30%.
- Bread demand function: Q = 100 + 0,5 1 - 30P1+ 20P2, where Q is the annual value of demand; I is income; P1 is the price of bread; P2 is the price of pasta. Define : 1) the function of the annual demand for bread with an income of 10 thousand rubles per month and the price of pasta 250 rubles per 1 kg; 2) the price at which the demand for bread will be zero. Construct the demand curve for bread.It is known that the demand function for a good is shown by the equation P = - 5Q + 110 and the total cost of production is C = 100 + 10Q + 5Q². Calculate the maximum profit rate of sales, the amount of profit and the selling price per unit.The marketing department of a business has determined that the demand for a product can be modeled by p=2000−10x, where p is the price per unit (in dollars) and x is the number of units. The cost (in dollars) of a producing x units is given by C=2000+500x. What price will yield a maximum profit?