Consider the following demand and supply schedules and specify the inverse demand and supply functions: Price Quantity Demanded Quantity Supplied $4 12 12 $8 10 28
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- If a decrease in the price of movie tickets increases the total revenue of movie theaters, this is evidence that demand is a. price elastic. b. price inelastic. c. unit elastic with respect to price. d. perfectly inelastic.Ques- D= f (PX) is a general form of demand function, does not explain the nature and magnitude of the relationship between dependent and independent variable? How will you explain bivariate and multivariate demand functions with reference to price, income, price of related goods (substitute goods in specific linear and in-linear form of demand function?The weekly demand for sobolo among the 2017 cohort of BSc Admin students at the UGBS is Qdx =50-4PX +0.5I +10Py -2PzWhere Qdx is the quantity demanded for soboloPX is the price of sobolo per 1bottleI is the income of consumers in Ghana cedisPy and Pz are the prices of two goods that are related to soboloa. Based on the demand function above, is sobolo a normal good or inferior good? Explain your answer.b. Based on the demand function above , what is the relationship between sobolo and good Yc. Based on the demand function above , what is the relationship between sobolo and good Zd. What is the equation of the demand for sobolo if consumer incomes areGHS30, the price of good Y is GHS 10 and the price of good Z is GHS 20?e. Graph the demand function for sobolo from d)
- The demand equation for a firm’s product has been estimated as Ln Qx = 7.3 – 2 Ln Px + 0.5 Ln I + 0.25 Ln Py - 1.5 Ln Pz, where Qx represents unit sales of brand X, Px is the price of brand X, I is per-capita income, Py is the price of brand Y, and Pz is the price of brand Z. (A)Write this demand equation in its multiplicative form. (B) What is the price elasticity of demand for brand X? is demand price elastic or inelastic? (C)What is the income elasticity of demand for brand X? What type of good is brand X?The demand equation for a firm’s product has been estimated as Ln Qx = 7.3 – 2 Ln Px + 0.5 Ln I + 0.25 Ln Py - 1.5 Ln Pz, where Qx represents unit sales of brand X, Px is the price of brand X, I is per-capita income, Py is the price of brand Y, and Pz is the price of brand Z. (A)Write this demand equation in its multiplicative form. (B) What is the price elasticity of demand for brand X? is demand price elastic or inelastic? (C)What is the income elasticity of demand for brand X? What type of good is brand X? (D)What is the cross-price elasticity of demand for brand X in relation to the price of brand Y? What is the relationship between brand X and brand Y? (E) What is the cross-price elasticity of demand for brand X in relation to the price of brand Z? What is the relationship between brand X and brand Z? (F) What effect will an increase in Px by 10% have on the firm’s total revenues? (G)What is the total effect will an increase in Px by 10%, a decrease in I…these are practice questions. Assume inverse demand is P=70-12q
- From the demand function Qdx = 12 + 2Px (Px is given in dollars), derive (a) the individual’s demandschedule andAssume that the demand function is equal to: QD = 5000 - 1000P Where the price range is P1.00 to P5.00, derive the demand schedule economicsConsider the demand function d(p)=300e^−0.01p^2 items purchased when charging p dollars per item. Currently the price is 9 dollars per item. Use marginal analysis to estimate the decrease in demand when the price increases by 0.3 dollars per item. Demand would decrease by approximately _____ items. Round your answer to three decimal places.
- True/False Market price is an macroeconomic concept.Consider the demand function for good1, Q1 = 2037 - 9P1 + 0.6000000000000001P2 - 0.75P3 + 0.07Y Where, price of good1 (P1) is 59, price of good2 (P2) is 255, price of good3 (P3) is 195, and income (Y) is 24425; (a) Find the price elasticity of demand (PED). (Give your answer to two decimal places) (b) Find the income elasticity of demand (YED). (Give your answer to two decimal places) c) Find the cross price elasticity of demand (XED) between good1 and good3. (Give your answer to east two decimal places) d) Estimate the percentage change in the demand for good1 resulting from a 4% decrease in the price of good2. (Give your answer to two decimal places, if required)Explain what we mean by derived demand, inelasticdemand. fluctuating demand, and joint demand
