Diamonds are superior goods. An increase in the incomes of diamond buyers will result in an increase in ........................ a) demand for diamonds b) the quantity of diamond demanded
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Diamonds are superior goods. An increase in the incomes of diamond buyers will result in an increase in ........................
a)
b) the quantity of diamond demanded
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- You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is −1.5 and the cross-price elasticity of demand between products Y and X is −1.8. How much will your firm’s total revenues (revenues from both products) change if you increase the price of good X by 2 percent?You are the manager of a firm that receives revenues of 50,000 AED per year from product X and 40,000 AED per year from product Y. The own price elasticity of demand for product X is −1.25 and the cross-price elasticity of demand between products Y and X is −1.5. How much will your firm’s total revenues (revenues from both products) change if you increase the price of good X by 2 percent?Find the demand equation using the given information. (Let x be the number of items.) A company finds that it can sell 120 items at a price of $120 each and sell 160 items at a price of $100 each.
- You are the manager of a firm that receives revenues of $40,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is −1.5, and the cross-price elasticity of demand between product Y and X is −1.8.How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent?If 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.Answer correctly and explain your answer. Typed answer only, I ll rate accordingly with multiple votes. At Trader Joe's, the price of chocolate chip cookies falls. As a result, you would expect to see a decrease in the demand for chocolate chip cookies. an increase in the demand for chocolate chip cookies. a rise in the quantity demanded of chocolate chip cookies. a drop in the quantity demanded of chocolate chip cookies.
- The demand curve is positively sloped because there is a positive relationship between the dependent variable quantity and independent variable price.Find the demand equation using the given information. (Let x be the number of items.) A company finds that it can sell 50 items at a price of $140 each and sell 60 items at a price of $120 each. D(x) =Suppose a certain home improvement outlet knows that the monthly demand for framing studs is 2,700 when the price is $5.46 each but that the demand is 3,300 when the price is $5.34 each. Assuming that the demand function is linear, write its equation. Use p for price (in dollars) and q for quantity.
- The demand curve is positively sloped because there is a positive relationship between the dependent variable quantity and independent variable price. True or falseFirm X introduces a new good A in the market. The laws of demand and supply hold for this good. The firm produces 500 units of A per month. The good does not have any close substitutes and is priced at $4 per unit. Consumers like this new product and industry analysts expect the price to rise as much as $7 before an equilibrium is reached in this market. At equilibrium, the industry analysts expect quantity demanded and supplied to be 650 units. However, Patrick Clearwater, the operations head at firm X, believes that even at a price of $7 per unit, there will still be a shortage of 100 units. Which of the following, if true, will support Patrick's view? A. There was a price ceiling at $7 which has been removed. B. Good A is an inferior good. C. Price elasticity of supply is actually lower than what is expected by the industry analysts. D. The demand for good A is highly inelastic. E. At a price of $7 per unit, the firm supplies 750 units of good A.The market demand for wheat is Q = 100 - 2P + 1Pb, in which Q is the quantity demanded of wheat, P is the price of wheat, and Pb is the price of barley. The cross price elasticity of demand for wheat with respect to barley a. is negative. b. suggests that wheat and barley are complements. c. equals 1. d. cannot be calculated from just the information provided.