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If you have the following information about 3 products ( A ,B,C ). Please answer the questions that follow:
Table (1)
|
|
Product (A) |
Product (B) |
Product (C) |
|
|
5 |
7 |
4 |
|
Qd |
14 |
45 |
60 |
If the price of product ( B ) increased from ($ 7 ) to ($ 10 ), then the changes were as follow:
Table (2)
|
|
Product (A) |
Product (B) |
Product (C) |
|
Price |
5 |
10 |
4 |
|
Qd |
12 |
35 |
75 |
- Calculate the cross price elasticity of product ( C ) compared to ( B ). State the type of relation between ( B, C ) ? why ?
- Calculate the
price elasticity of demand for product ( B ) using themid-point formula ? and state the type of elasticity ? Why ? - Is the seller's decision to increase the price of product ( B ) from 7 to 10 correct OR incorrect ? why?
- Without calculation: What is the relationship between product ( B, A )? Why?
Step by step
Solved in 2 steps
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- Please give me correct calculation and full explanation Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Please draw carefully otherwise give multiple numbers of down vote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Seastrand Oil Company produces two grades of gasoline: regular and high octane. Both gasolines are produced by blending two types of crude oil. Although both types of crude oil contain the two important ingredients required to produce both gasolines, the percentage of important ingredients in each type of crude oil differs, as does the cost per gallon. The percentage of ingredients A and B in each type of crude oil and the cost per gallon are shown. Crude Oil Cost Ingredient A Ingredient B 1 $0.10 20% 60% 2 $0.15 50% 30% Each gallon of regular gasoline must contain at least 40% of ingredient A, whereas each gallon of high octane can contain at most 50% of ingredient B. Daily demand for regular and high-octane gasoline is 800,000 and 600,000 gallons, respectively. How many gallons of each type of crude oil should be used in the two gasolines to satisfy daily demand at a minimum cost? Round your answers to the nearest whole number. Round the answers for cost to the nearest…