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A: ln(Qs) = 0.200 + 0.550ln(p)_______________(1) ln(Qd) = 2.600 -0.200ln(p) +…
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- A manufacturer of computer workstations gathered average monthly sales figures from its 56 branch offices and dealerships across the country and estimated the following demand for its product: Q = +15,000 - 2.80P + 150A + 0.3Ppc + 0.35Pm + 0.2Pc The variables and their assumed values are Q = Quantity P = Price of basic model = 7,000 A = Advertising expenditures (in thousands) = 52 Ppc = Average price of a personal computer = 4,000 Pm = Average price of a minicomputer = 15,000 Pc = Average price of a leading competitor’s workstation = 8,000 Compute the elasticities for each variable. On this basis, discuss the relative impact that each variable has on the demand. What implications do these results have for the firm’s marketing and pricing policies?A company produces and sells a consumer product and thus far has been able to control the volume of the product by varying the selling price. The company is seeking to maximize its net profit. It has been concluded that the relationship between price and demand, per month, is approximately D = 500 – 5p, where p is the price per unit in dollars. The fixed cost is $1,000 per month, and the variable cost is $20 per unit. Obtain the answer mathematically to the following questions: a.What is the optimal number of units that should be produced and sold per month? b.What is the maximum profit per month? c.What are the breakeven sales quantities and the range of profitable demand volume?The firm's supply and demand in the market are described by the equations: Qd = 200-5P; Qs = 50 + P. Determine the equilibrium parameters and whether the equilibrium in this market is stable.
- The demand and supply functions are given as follows: Qd = 100-8P Qs = -35+10P If the government sets the price as 6.5 dollars what will be the economic condition?Demand and supply in a market are described by the equations Qs= 1800 + 240P Qd= 3550 - 266P a) Solve algebraically to find equilibrium P and Q b) Draw the demand and supply curve and show equilibriumA company produces and sells a consumer product and thus far has been able to control the volume of the product by varying the selling price. The company is seeking to maximize its net profit. It has been concluded that the relationship between price and demand, per month, is approximately D = 800 - 8p, where p is the price per unit in dollars. The fixed cost is $1,000 per month, and the variable cost is $20 per unit. Obtain the answer mathematically to the following questions: a. What is demand that will maximize revenue per month and the maximum revenue b. What is the optimal number of units that should be produced and sold per month? c. What is the maximum profit per month? d. What are the breakeven sales quantities and the range of profitable demand (volume)?
- Demand function: Qd = 3550- 266p Supply function: Qs = 1526+ 240p Question: determine the equilibrium market price and quantity.There is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: Determine the associated linear demand function Determine the linear supply function. At what price should the camera be sold so that there is neither a surplus nor a shortage?Enabling Assessment - Demand Estimation and Forecasting Given: The ATV Company produces a specialty cement used in the construction of roads. ATV is a price-setting firm and estimates the demand for its cement using a demand function in the linear form: Q = f (P, M, PR) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and PR = the price of asphalt per yard. The manager of ATV obtained the following results in her attempt to estimate the demand for cement in the succeeding months. The results are presented below: DEPENDENT VARIABLE Qc R- SQUARE F-RATIO P-VALUE ON F OBSERVATIONS 64 0.8093 84.872 0.0001 VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 8.20 4.01…
- In the late 90s’ construction slumps and low differentiation have led to significant price competition and margin erosion in the elevator industry. Clear Water Bay, Inc. (CWB) is one of the firms selling elevators to contractors who install elevators for residential buildings. The current market conditions are as follows: Although the real demand for elevators fluctuates each year, it is estimated that on average the total market demand for elevators from residential buildings is 11,000 units per year. There are three segments in this market: Segment A accounts for about 60% of the total demand, Segment B accounts for about 15%, and Segment C accounts for about 25%. Currently, there is fierce price competition in each segment with quite some firms (including CWB). All these competitors are not making much profit and could not reduce prices further in any case. The current market price for one elevator in Segment A is $30,000. The price for one elevator in Segment B is $37,500,…Apply the properties of functions to correctly determine and interpret the break-even point in the following situations, using valid mathematical procedures and correct mathematical notation. Express your answer in terms of the context of the problem. The supply and demand equations for a certain product are: (1) and (2) respectively, where p represents the price per unit in dollars and q, the number of units sold per period. 3q - 200p + 1800 = 0 3q + 100p - 1800 = 0 Algebraically find the equilibrium price. Find and interpret the equilibrium price when a supplier tax of 27 cents per unit is imposed.The supply and demand functions for maize farmers are given as Qs = - 32 + 10P and Qd = 40 – 2P respectively where Qs is quantity supplied in bags, Qd is quantity demanded in bags and P is the price per bag in Ghana Cedis. (a) Determine the equilibrium price and quantity of maize. (b) As a result of the introduction of a new technology in maize farming, the supply function for maize changes to become Qs = - 20 + 10P. Demand remains unchanged. i. Determine the new equilibrium price and quantity. ii. Derive the supply and demand table for maize before and after the introduction of the new technology for price ranges 3, 4, 5, 6, 7 and 8. (c) Suppose government intervenes in the maize market and fixes a minimum price of GHC8 per bag after the introduction of the new technology. i. What happens in the maize market? ii. Give two (2) measures that the government can take to deal with the situation created by the minimum price in (c) i. above