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- Please do not give solution in image format thanku Which of the following would be considered a dependent demand item? a. Shoes b. Microchips used in automobiles c. Microwave Oven d. PaintDemand means the desire for a particular good backed up by sufficient purchasing power. Explain.Suppose the price for an Uber ride in Austin, TX decreases from $15 to $12 causing the quantity of rides demanded to increase from 1000 to 1600. Using the midpoint method, the price elasticity of demand for an Uber ride is ________. Group of answer choices: -0.50 -2.08 -3.0
- What is the "Price Elasticity of Demand" and what is its role in Microeconomics?3.1 BAD Enterprises is considering increasing the price of its harmonicas,currently $20, by 25 per cent. BAD’s current revenue is $12,000 a month,and the PED for its harmonicas is estimated to be 1.8.a. Calculate the effect of the price change on BAD’s revenue.b. BAD now considers increasing its advertising budget to restore its salesrevenue to its previous level. BAD is currently spending $1,500 a monthon advertising and estimates its AED to be 1.5. What will its new budgethave to be?c. What can you say about what will happen to profit in both (a) and (b)compared with the original level of profit? 3.5 MK Corp estimates that its demand function is as follows:Q ¼ 400 12:5P þ 25A þ 14Y þ 10P where Q is the quantity demanded per month, P is the product’s price(in $), A is the firm’s advertising expenditure (in $’000 per month), Y is percapita disposable income (in $’000), and P * is the price of AJ Corp.a. During the next five years, per capita disposable income is expected toincrease…You're shopping online, and you place an item in your virtual cart. Two days later, you return to the virtual cart to check out and find that the item is now more expensive. Assuming that the market is competitive, what could explain the price increase?
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