By using the information below and with the help of MS Excel, please, find out the demand function and trend line (show in graph) PRICE QUANTITY DEMANDED (BUSINESS TRAVELERS) DEMANDED QUANTITY(VACATIONERS) 150 2100 1000 200 2000 800 250 1900 600 300 1800 400
Q: 1.
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By using the information below and with the help of MS Excel, please, find out the
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QUANTITY DEMANDED (BUSINESS TRAVELERS) |
DEMANDED QUANTITY(VACATIONERS) |
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150 |
2100 |
1000 |
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200 |
2000 |
800 |
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250 |
1900 |
600 |
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300 |
1800 |
400 |
Step by step
Solved in 3 steps with 2 images
- What is the price-demand equation for the data in the attached image?To calculate the price elasticity of supply using the midpoint method, you would use the following approach:Group of answer choices % change in price / % change in quantity Price times quantity % change in quantity minus the % change in price % change in quantity / % change in priceOther Companies (Part 2) You directed your research department to do some research on the demand for Tesla sedans. They selected BMW i3 Sedans and Chevy Bolts as comparative offerings. Using regression analysis, the research department comes up the following estimate for yearly demand. Qx = -40,000 -1*Px +0.02*M +2*PB +2*PC Where: Px = $70,000, M = $150,000, PB = $65,000, PC = $40,000 a. Is the own price elasticity of demand for Tesla sedans at the point defined above elastic or inelastic? If Mr. Musk decides to raise his prices, what will happen to his revenue. b. PB and PC represent the price for i3 sedans and Bolt sedans respectively. Are these items compliments or substitutes when compared to Teslas? Give evidence to support your answer. c. Is the demand for Tesla sedans elastic or inelastic to price changes of BMW i3 and Bolt at the price points given in the problem? Interpret the result you find and explain what it means.
- You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0 I submitted this question earlier and I understand how to add up the market demand for each individual but I don't understand how to estimate the entire market demand for Jackson city which has 40,000 residents including the individuals listed in the chart. If you could please answer this specifically I would appreciate it.You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0The graphical representation of the demand schedule is _________. a. Demand b. Quantity demanded c. Demand table d. Demand curve
- All questions utilize the multivariate demand function for Smooth Sailing sailboats in C6 on text page 83, initially with: PX = $9500 PY = $10000 I = $15000 A = $170000 W = 160 This function is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W Where Qs=quantity purchased Ps= the price of Smooth Sailing sailboats Px= the price of company X’s sailboat Py= the price of company’s Y’s motorboat I= per capita income in dollars A= dollars spent on advertising W=number of favorable days of weather in the southern region of the United States Use the above to calculate the arc price elasticity of demand between PS = $5000 and PS = $4000. The arc elasticity formula is: Calculate the quantity demanded at each of the above prices and revenue that will result if the quantity is sold (fill in table below). PS QS Revenue…Quantity demanded is ________________ at a specific price, while demand ________________. Group of answer choices the entire curve; is a point on a supply-demand graph demand; is a theoretical representation across a whole range of prices expressed graphically; cannot be expressed graphically the number of units consumers demand; is a table or a curve linking quantity demanded and priceshow do I create enough data to graph supply and demand in excel when the only information I have is the quantity and price equilibrium?
- There is a functional relationship between Price of an IPod Touch, � and Weekly Demand,For this question and the next few following, you should use the dataset below. Over the range from $4 to $6, Qd goes from 48 to 44. Using this range of prices and quantities, you should calculate the coefficient of price elasticity of demand. In the box labeled A1, the coefficient of price elasticity of demand is: 4 .22 2 .33To calculate the price elasticity of demand using the midpoint method, you would use the following approach:Group of answer choices % change in price / % change in quantity % change in quantity / % change in price % change in quantity minus the % change in price Price times quantity
