According to the midpoint method, the price elasticity of demand for tomatoes between point X and point Y is approximately suggests that the demand for tomatoes is between points X and Y. , which
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Q: Calculate price elasticity of demand using the mid-point method
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- 1.2 If the demand and supply curve for cell phones is given by: D = 80 - 4P, S = 40 + 6P In a market with a price of P for smartphones, compute the number of phones that would be bought and sold at equilibrium.Only typed answer and don't use chat gpt Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be A. $3. B. $6. C. $9. D. $12.6 Input either "increase" or "decrease" where relevant: A decrease in the price of a complementary good will cause its complement’s equilibrium price to ....... and the equilibrium quantity to .......
- Question 4 and pr If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual pho to be posted instead of a manufacturer's stock picture of the product, both the demand and supply of products shift due to the improved information. If supply shifts by more than demand, quantity will decrease, increase O increase, decrease increase, be indeterminate O decrease, be indeterminate17. Currently you purchase six packages of hot dogs a month. You will lose your job and will have no income from January 2. You have no plans to purchase hot dogs in January. What are hot dogs for you? a. a "college-only" good b. a normal good c. an inferior good d. a producer's input1) The cost of satellite internet drops. How will this impact the supply and demand for cable internet? Explain. 2) Consider Question 1. Graph any changes you describe. Be sure to include the change in equilibrium.
- The price of insulin injection kits, used by diabetic patients, increases from $45 to $52, but the equilibrium quantity remains the same. Is it possible? Explain why or why not. Use graphErnie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Bottle of water Cost Cost of 1st bottle $1 Cost of 2nd bottle $3 Cost of 3rd bottle $5 Cost of 4th bottle $7 1.From this information, derive Ernie’s supply schedule. 2.Graph his supply curve for bottled water. 3.If the price of a bottle of water is $4, how many bottles does Ernie produce and sell? How much producer surplus does Ernie get from these sales? Graph his supply curve for bottled water. 4.If the price rises to $6, how does quantity supplied change? How does Ernie’s producer surplus change? Show these changes in your graph.Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.
- I used to buy 3 movies a month, but when Connecting U dropped the price of a gigabyte of data from a high of $20 to a low of $14.48 (a total decrease of 32.02 percent according to the midpoint formula), I want to buy 5 movies a month. A) My demand for movies increases by 33.34% B) My demand for movies increases by 66.67% C) My demand for movies increases by 50% Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.___1. It is the satisfaction derived from the consumption of a commodity. A. Total utility C. Disutility B. Marginal utility D. Utility ___2. It is the change of total utility over the change of quantity. A. Total utility C. Disutility B. Marginal utility D. Utility ___3. It is the foregone value when a firm is engaged in production. A. Cost C. Revenue B. Profit D. InterestPA #1: Africa Apricots & The Apricot ValleyTwo apricot orchards African Apricots and The Apricot Valley sell seasonal apricots to the market. Assume that those apricots are both grown using the same organic practices in the neighboring orchards and do not differ in taste, size, color, or any other characteristics.The market demand is described by the following function: P=AB-Q. P is the price given per one bushel of apricots (a variable), Q is the quantity demanded at each price (a variable). Assume that both orchards have marginal costs that equal C $/bushel. A=1, B=9, and C=3 are the integer numbers given to you. 1.1. Write down the Demand function substituting A, B, and C with the given integer numbers. 1.2. Utilize the Cournot Model and find the Cournot-Nash Equilibrium for this oligopoly market. Demonstrate your algebraic solution. 1.3. Graph the best-response-function (reaction function) diagram for the companies. Demonstrate how you calculated the numbers that represent the…