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Py = $8
M = $50,000
A = 10,000
What is the demand?
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- A life-saving medicine without any close substitutes will tend to have a. a small elasticity of demand. b. a large elasticity of demand. c. a small elasticity of supply. d. a large elasticity of supply.The demand for books is Qd= 240-2P and The supply for books is Qs = 4P.a. What is the equilibrium quantity and equilibrium price of books sold? b. Calculate Producer Surplus at the equilibrium point. c. What will happen on the market if the price is 30? d. Calculate the price elasticity of demand at the equilibrium point and show the effects of price elasticity of demand on Total Revenue. please solve "b and d".Suppose that the demand curve for a product is given by Qdx=100-2Px+aPy where Px = £20, where Py = £20 is the price of another product, and where a is 0. Calculate the demand for good X in this market at the current price level. How much revenue would the firm make? If the firm wishes to increase total revenue, would it need to increase or decrease the current price of good X? Calculate the cross-price point elasticity between goods X and Y at the current price level. Are the goods complements or substitutes?
- Given the following information (iv) Impact on Quantity? QD = 240-5P QS= P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price. What is the buyer's reservation price?Demand equation is:- Qd = 20P - 28 And supply equation is:- Qs = 10P + 12 Calculate the equilibrium level of priceGiven the demand equation which is Qdx = 80 - Px + Py, compute the Qdx if the price of “x” is still 15 pesos but the price of “y” becomes 20 pesos. Please explain. A. 70 kg B. 75 kg C. 80 kg D. 85 kg E. None of the above
- If Qd = 30 - 2P and Qs = 5 + 3P, where Qd is the quantity demanded, Qs is quantity supplied, and P is the price. What is the equilibrium quantity?The demand for Ipads is estimated to be: Q=3,000−4P+8I+2PS−2PLQ=3,000−4P+8I+2PS−2PL where QQ is the quantity of Ipads demanded, PP is the price of Ipads, II is the average consumer income, PSPS is the price of Samsung tablets and PLPL is the price of laptops. a. Apple is expecting that Samsung will drop the price of its tablets by $50. What will be the impact on the quantity demanded of Ipads? b. Suppose that Apple wants to respond to Samsung's price drop, how much would Apple need to change its price to maintain the quantity demanded at the level it was before Samsung's price change, i.e. to offset the effect of Samsung's price drop? c. Suppose that Samsung changes its price as in (a) but, before Apple adjusts its price, the price of laptops falls by $100. Based on the above equation, are laptops a complement or a substitute to Ipads? Does Apple still need to change its price to maintain the quantity demanded unchanged? If so, by how much?qD = 100 – 0.5p, qS = 2p – 20 What is the price elasticity of demand? Classify and interpret it.
- Given Qd = 50- 3p and Qs= 15+2p, find equilibrium levels of price and quantityThe weekly demand for Kelewele among the 2018 batch of MBA students at UPSA is Qdx = 900 – 10Px + 0.2I + 5Py – 4Pz, Where Qdx is the quantity demanded of Kelewele, Px is the price of Kelewele per lb, I is the consumer income in Ghana Cedis, Py and Pz are the prices of two goods that are related to Kelewele Required: (a) Based on the demand function above, what is the relationship between Kelewele and good Z? (b) What is the equation of the demand curve if consumer incomes are GHȼ 40, the price of good Y is GHȼ 20 and the price of good Z is GHȼ 27? (c) Graph the demand function for Kelewele from (b)The weekly demand for Kelewele among the 2018 batch of MBA students at UPSA is Qdx = 900 – 10Px + 0.2I + 5Py – 4Pz, Where Qdx is the quantity demanded of Kelewele, Px is the price of Kelewele per lb, I is the consumer income in Ghana Cedis, Py and Pz are the prices of two goods that are related to Kelewele Required: (a) Based on the demand function above, is Kelewele a normal good or an inferior good? (b) Based on the demand function above, what is the relationship between Kelewele and good Y? (c) Based on the demand function above, what is the relationship between Kelewele and good Z? (d) What is the equation of the demand curve if consumer incomes are GHȼ 40, the price of good Y is GHȼ 20 and the price of good Z is GHȼ 27? (e) Graph the demand function for Kelewele from (d)