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- A. Suppose the equilibrium price in the market is $24 and the price elasticity of demand for the linear demand function at the market equilibrium is -1.5. Then we know that (show work): A. demand is inelastic. B. marginal revenue is $8. C. marginal revenue is $20. D. demand is unit elastic.If demand curve for alphonso mangoes is D = 25000 70P and supply curve is S = 10000 + 80P, find the equilibrium quantity? A) 18,000 units B) 2,000 units C) 1,800 units D) 200 unitsRetail Demand: Q = 16 - Pr Farm Supply: Q = 2 + .5Pf Marketing cost per unit: $5 Draw a graph of the market showing all relevant curves and functions on graph paper. 3. What is the equilibrium quantity? What is the farm price at this quantity? What is the retail price at this quantity? 4. What is the retail elasticity of demand at the market equilibrium? 5. What is the farm-level elasticity of demand at the market equilibrium?
- When Maha earned AED 17,000 per month, he used to spend 1,000 dirham a months in supermarket A. Now that he earns AED 28,000 per month, he spends 1200 dirham in supermarket A every month. A. Calculate income elasticity of demand B. What type of products do supermarket A sells according to your result in A? Explain.Comment on the following statement: “In the short run, Mr. Mohammed, a seller in the Fruit& Vegetable Market in Al-Aweer, faces a demand curve that is simply a horizontalline at themarket equilibrium price. In other words, competitive sellers, in this market, face perfectlyelastic demand in the short run.”ADVANCED ANALYSIS Currently, at a price of $2 each, 300 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $2 to $4 is unit-elastic (Es = 1). In the long run, a price increase from $2 to $4 has an elasticity of supply of 1.50. (Hint: Apply the midpoints approach to the elasticity of supply.) a. How many popsicles will be sold each day in the short run if the price rises to $4 each? per day. b. So how many popsicles will be sold per day in the long run if the price rises to $4 each? per day. 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.
- Draw a perfectly elastic supply curve at a price of $25. a. What can you say about quantity supplied at any price above $25?A town of 2000 households constitutes a market for eggs. Current sales are 2400 dozen eggs per week at aprice of $1.25 per dozen. 1200 households living on the west side of the river buy 1600 dozen eggs and their elasticity of demands is -1.5. The remaining households live on the east side of the river, buy the rest of the eggs and have an elasticity of demand of -3. Calculate the elasticity of market curve for the town as a whole.Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pistachios. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pistachios. (Note: Place the points of the line either on O and T or on O and Y.) PRICE (Dollars per pound) 48 40 32 24 8 0 0 Long-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of pistachios) 12 Short-Run Supply 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.
- 11.Refer to the graph shown. Which supply curve is perfectly elastic? a. B b. C c. A d. DGarry Petbarn is currently trading in a market where they face an own-price elasticity of demand which is -1.2. Assuming Garry's Pet Barn seek to maximise their profits, what would be your advice to the company? Explain clearly how following your advice could impact on their profits. No calculations are requiredA firm collect $300 by selling 5 bicycle and collect $330 by selling 6 bicycle. Is this seller in a perfectly competitive market?