Doug William, the owner of a corner store, estimates that the supply and demand for a specialized energy drink could be described by the following equations D : q = −25p + 345, S : q = 50 p − 330 , where p represents the price in dollars per case (each case contains 12 bottles), and q represents the number of cases sold each week. I want you to help me with how to... Set the problem in Excel, and use Goal Seek to confirm your answers in parts
Q: Rhea's inverse demand for a good is given by p = 15.00 - (1.00 x q). Assuming that there are enough…
A: Consumer surplus is the area below the demand curve and ahove price. Consumer surplus is the…
Q: A normative statement is: OA statement of how a person believes how the world ought to be or should…
A: Normative statements express opinions, values, or judgments about what is desirable or ideal. They…
Q: Price level 170 140 120 100 0 L AS AD₁ AD5 ADA AD, AD₂ 3.0 4.0 5.0 6.0 7.0 8.0 Real GDP In Exhibit…
A: The Aggregate Demand-Aggregate Supply (AD-AS) framework is a macroeconomic model that depicts the…
Q: An increase in would lead to an increase in long-run economic growth. government taxes and fees…
A: Long-run economic growth: Long-run economic growth is the sustainable increase in the country's…
Q: Bicycles 14-A 12 10 8 9 4 2 B F D E 02 4 6 8 10 Computers Refer to the diagram. If society is…
A: The production possibility frontier is a graphical representation of the combination of two goods…
Q: in the town of Externalia, vaccination programs create additional benefits to the community, beyond…
A: Demand curve is the downward sloping curve Supply curve is the upward sloping curve. Equilibrium is…
Q: Two goods are considered to be related goods by many buyers: if the price of one increases, buyers…
A: NOTE: “Since you have posted multiple questions, we will provide the solution only to the first…
Q: For each of the prices listed in the following table, determine the quantity of blueberries…
A: Price ceiling refers to the mechanism by which the price for a good is prevented from rising to a…
Q: If consumers increase their preference for foreign goods and services, aggregate expenditure will…
A: Aggregate demand is the sum of consumption, investment, government spending and net export. This…
Q: (iii) Use the model set up in the spreadsheet to calculate the new equilibrium output and interest…
A: Given the equations:Where:α = 0.05β = 0.8Y(0) = 190 (from the spreadsheet)Y(1) = 190 (from the…
Q: Consider two distinct countries, denoted as A and B. Initially, Country A had a per capita GDP of…
A: To determine which country will have a higher per capita GDP when t=35 time periods (years), we can…
Q: Suppose that Americans decide to increase their saving. As a result, the real interest rate will and…
A: Savings is the excess disposable income left after the consumption expenditure of an individual. The…
Q: The two firms' first-order conditions are
A: The first order condition (FOC) is used to find the optimal decision for a firm. It’s derived from…
Q: Allina opens an exotic bakery. Her capacity for the month is eight hundred (800) Love Cherry Short…
A: Let's break down the problem step by step:Variables:Let C represent the total cost function.Let R…
Q: Market demand is D(pa) e, at pa = 2? O-2 O-1 O -1/2 O-1/4 = 30 Pa+2° What is the price elasticity of…
A: Demand equation: Here pa is the price of good a. The formula of price elasticity:The price…
Q: Refer to the diagram for the federal funds market. If the Fed wants the federal funds rate to fall…
A: The Federal Funds Market is a crucial component of the United States financial system where…
Q: Economic power is diffused throughout an economy when Multiple Choice O the government decides what…
A: Economic power diffusion refers to the distribution of economic influence among many buyers and…
Q: K Consider the following data: Country A B С Population. (millions) 11 20 4 Real GDP ($ billions) 52…
A: Gross domestic product refers to the final value of all goods and services produced in a territory…
Q: Refer to Figure 12-1. Holding everything else constant, a decrease in households' expectations of…
A: Aggregate demand (AD) is the total demand for all goods and services within an economy at a given…
Q: Suppose a firm is planning to replace a labor intensive production process with an automated robot…
A: The Marginal Rate of Technical Substitution (MRTS) refers to an economic concept that depicts the…
Q: Compare three alternatives on the basis of their capitalized costs at /= 11.00% per year and select…
A: Capitalized cost is an expenses that is added to the cost basis of the fixed asset on a company…
Q: You are the manager of a midsized company that assembles personal computers. You purchase most…
A: Consumer income is the money a consumer makes from work or investments, such as dividends paid to…
Q: Suppose that the government is considering two tax cuts, one temporary and one permanent. Each cut…
A: Taxation refers to a process by which governments, at different levels (such as federal, state, or…
Q: J&M Corporation purchased a vibratory finishing machine for $20,000 in year 0. The useful life of…
A: In economics, an expense refers to the cost incurred by a firm or individual when purchasing goods…
Q: You find that, in the market for frozen dinners, the equilibrium price has risen while the…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…
Q: Hamida did not make a mistake. O There is a loss of (P1-P2)Qy for this monopolistically competitive…
A: In a monopolistically competitive firm, the firm would earn profit If it is setting price as a…
Q: Simone owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her…
A: Price discrimination is a pricing strategy used by firms to charge different prices to different…
Q: Refer to the information provided in Figure 15.1 below to answer the questions that follow. M 14 1₂…
A: The business cycle is the recurring pattern of expansion (growth) and contraction (contraction) in…
Q: A small town has two bakeries, Acme and Fat Apple. Acme's marginal cost to make a loaf of bread is…
A: Acme's marginal cost to make a loaf of bread is $1 and Fat Apple's marginal cost is $2Acme's demand…
Q: Farmer Rancher Labour hours needed to make 1 kilogram: Kilograms produced in 36 hours: Meat 9 3…
A: There are two producers of meat and potatoes. The farmer needs 3 labor hours to make 1 kg of…
Q: Refer to Figure 8-12. Which of the following combinations will create the largest deadweight loss…
A: Deadweight loss is the scenario where the market equilibrium is disrupted by tax implication…
Q: Suppose that actual output is $120 billion and potential (full-employment) output is $156 billion.…
A: The output gap is a measure of the difference between actual output, the level of goods and services…
Q: Let's assume that a firm's total weekly costs are as follows: 1. Salaries = $5000. 2. Supplies =…
A: Accounting profit refers to the net income of a business as calculated using the generally accepted…
Q: Bushels Demanded per Month 45 50 56 61 67 B) 10. C) 67. Price per Bushel $5 4 If the price in this…
A: The demand curve, while holding all factors constant, reveals the negative relationship between…
Q: Why do politicians want to control economic policy? What are the things that make it difficult, if…
A: 1) Power and Influence:Politicians seek control over economic policy because it allows them to wield…
Q: Two countries, Orange Rose and Blue Violet, produce only two goods: tea pots and coffee pots. The…
A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…
Q: Explain and diagrammatically represent the shift in the DLF curve as a result of each of the…
A: Autonomous investment refers to the level of investment that businesses and organizations undertake…
Q: Exhibit 10-1 Salary information regarding two independent random samples of male and female…
A: Employment refers to the state of being hired by an employer to perform specific tasks or roles in…
Q: For the United States, with a current nominal GDP of about $28 trillion, the difference between a 8…
A: GDP refers to the total monetary value of all final goods and services that an economyc produce in a…
Q: How does investment as defined by economists differ from investment as defined by the general…
A: Investment, as defined by economists, refers to the allocation of resources, typically money, into…
Q: Agit shop sells ceramic figurines for $80 and crystal vases for $100. At these prices, the gift shop…
A: Total revenue refers to the overall amount of money generated from the sale of goods or services by…
Q: In the market for hand sanitizers the demand function is given by: q = 80 -p, where q is the…
A: The demand function for hand sanitizers is given by: Here q denotes quantity of hand sanitizers ( in…
Q: In detail please How do economic principles impact healthcare decision making and planning?
A: Healthcare, frequently composed as health care, is an expansive and multifaceted term that…
Q: You are a division manager at Toyota. If your data analytics department estimates that the semiannua…
A: We have given the demand equation for the Highlander. P = 150,000 - 1.5Q We are required to find the…
Q: Consider an economy that begins in a steady-state. Then an asteroid destroys two third of the…
A: In the Solow model, the steady-state level of output per capita is determined by the following…
Q: If nominal GDP is $10,700 billion and the GDP deflator is 110.5, real GDP is
A: Real GDP (RGDP) is a measure of a country's economic performance that accounts for inflation. It…
Q: a. What is the equilibrium price buyers pay directly to the sellers? b. After paying the tax, what…
A: Set demand relatively inelastic such that the X intercept of the demand curve is 6 (this corresponds…
Q: A 50-kilowatt gas turbine has an investment cost of $40,000. It costs another $11,000 for shipping,…
A: Life cycle costing is the total addition of all expenses to be incurred by the buyer of the asset…
Q: Sam is buying a refrigerator. He has two choices. A used one, at $475, should last him about three…
A: If we have two option and the same provide the positive NPV then we should select the option which…
Q: Which of the following is the most likely result of a rent control law that creates a binding price…
A: A binding price ceiling is a government-imposed maximum price that is set below the equilibrium…
Hi, the question is Doug William, the owner of a corner store, estimates that the
could be described by the following equations
D : q = −25p + 345, S : q = 50 p − 330 ,
where p represents the price in dollars per case (each case contains 12 bottles), and q represents the number of
cases sold each week.
I want you to help me with how to...
Set the problem in Excel, and use Goal Seek to confirm your answers in parts
Step by step
Solved in 3 steps with 8 images
- Green et al. (2005) estmate the supply and demand curves for Californa processod tomatoes. The supply function is: \[ \ln \left(Q_{s}\right)=0.200+0.550 \ln (p) \] whereQis the quantify of processing tomatoes in milions of tons per year andpis the price in dollars per ton. The demand function is: \[ \ln \left(Q_{d}\right)=2600-0.200 \ln (p)+0.150 \ln \left(p_{1}\right) . \] wherep1is the price of tornato paste (which is what processing tomatoes are used to produce) in dollars per ton. Supposept=$119Determine how the equilerium price and quantity of processing tomatees change if the price of tomato pasise tails by16%. If the price of tomato paste fals by18%, then the equaborium price will by 5 (Enter a numene response using a real number rounded to two decimal places)(a) Due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 percent. Is the price elasticity of supply of video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible). (b) Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more productive with better training, state whether the average fixed cost, average variable cost, average total cost, and marginal cost will rise or fall?Currently, the demand equation for necklaces is Q = 30 – 4P. The current price is $10 per necklace. Is this the best price to charge in order to maximize revenues?* If $10 per necklace is not the best price, what is?* Explanation: Solve for the best price to charge in order to maximize revenues. Show any steps or processes used to reach the answer above. Explain your process as though you are teaching the concept to a student who is a beginner in economics.*
- I need help with finding equilibrium point on this question? a retailer will buy 45 radios fom a wholesaler if the price is $10 each but only 20 if the price is $60. the wholesaler will supply 35 radios at $30 each and 70 radios at $50 each. assuming the supply and demand functions are linear, find the market equilibrium point. I started with using the equation for a line and moved on to demand equation, how do I find out the supply functions? Do I plug in the supply number as (P1,Q1) and (P2,Q2) and if they come out equal is that the equilibrium point or is there something I am missing?The price of oil is currently over $80 per barrel and has been as high as $90 per barrel after Saudi Arabia and a couple of oter OPEC countries reduced output this year. The demand for oil is expected to increase by 1 million barely per day over the next year according to the International Energy Agency but OPEC+ has been unclear about its intentions of increasing oil supplies. a. If OPEC+ increases its production by million barrels per day, we can unambiguously say that the equilibrium price will fall, and the equilibrium quantity will rise.: Let the Market Demand curve for soybeans be given by the following equation: Q=100000 -10000P where Q = the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q= -5000+5000P Graph the Demand Curve on a sheet of paper. Be sure to label the axes. What is the slope of the Demand Curve? Is it positive or negative? Why? What is the intercept? Note that in order to calculate the geometrically correct intercept and slope you probably want to rewrite the equation so that P is expressed in terms of Q, and then interpret the coefficients. Equilibrium: Graph the Demand and Supply curves together. Label all parts of the graph. Using algebra, solve for the equilibrium price and quantity of the soybeans. Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium…
- Hello. This is a microeconomics question pertaining to the price elasticity of demand. The question is: If the price of a good rises from $8.50 to $9.50, and the quantity sold increases from 1.2 billion to 1.4 billion (i.e. BOTH price and quantity increase), then we know that total revenue will increase. Therefore, what would you ESTIMATE the elasticity to be? Not looking for formal calculation, but just an intuitive answer. Second part of question is what assumptions or provisos would you offer about your estimate of elasticity? Thank you for any help.Johnson's Household Products has a division that produces two types of toothpaste: a regular toothpaste and a whitening tooth paste. The demand equations that relate the prices, p and q (in dollars per thousand units), to the quantities demanded weekly, x and y (in units of a thousand), of the regular toothpaste and the whitening toothpaste are given by p=3000-20 x-10 yp=3000−20x−10y and q=4000-10 x-30 yq=4000−10x−30y respectively. The fixed cost attributed to the division is $20,000/week, and the cost for producing 1000 tubes of regular and 1000 tubes of whitening toothpaste is$400 and $500, respectively. a. What is the weekly total revenue function R(x, y)? b. What is the weekly total cost function C(x, y)? c. What is the weekly profit function P(x, y)? d. How many tubes of regular and whitening toothpaste should be produced weekly to maximize the division's profit? What is the maximum weekly profit?Refer to the company that you proposed in the previous question. For each scenario below, use a supply and demand analysis to make a prediction regarding both the equilibrium price and quantity for your good or service. That is, for each part, tell me whether you expect the equilibrium price of your product to rise or fall AND whether you expect equilibrium quantity to rise or fall. Also include in your explanation which curve is shifting and which shifter variable is affected. a) Your customers’ incomes increase. Be sure to note whether the good or service you are providing is a normal good or an inferior good. b. The minimum wage is raised in your area, and you must pay your employees more. (Assume you have employees for this scenario, even if that was not part of your initial plan.) c. A firm that offers the same good or service moves into town. d. Your customers expect the price of your good or service to fall in the future. e. The price of a good or service that…
- (a) Due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 percent. Is the price elasticity of demand for video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible). Is the price elasticity of supply of video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible). (b) Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more productive with better training, state whether the average fixed cost, average variable cost, average total cost, and marginal cost will rise or fall? (c) After one month of operation, OU Café determined to shorten its business hours and close on weekends. What costs, fixed or variable, should OU Café have considered when it…No written by hand solution Suppose that the market for video games is competitive with demand function Qd = 170 – 4p + 2Y + 3pm – 2pc, where Qd is the quantity demanded, p is the market price, Y is the monthly budget that an average consumer has available for entertainment, pm is the average price of a movie, and pc is the price of a controller that is required to play these games. Given that Y = $100, pm = $30 and pc = $30, use Excel to calculate quantity demanded for p = $10 to p = $80 in $5 increments. Using Excel’s spreadsheet Find Qd = ________ when P=$30. Find Qd = ________ when P=$45. Now, Y increases to $120. Re-calculate the demand schedule and find Qd = ________ when P=$20. Let Y = $100 again, but pm increases to $40. Re-calculate the demand schedule and find Qd = ________ when P=$25. Let Y = $100, pm = $30, and pc increases to $40. Re-calculate the demand schedule and find Qd = ________ when P=$50.d. Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?(Explain. NB: Explanation must not be more than half a page.)e. Suppose there is an advance in the technology employed to produce automobiles. Inthe market for automobiles, does this event cause an increase in supply or an increasein the quantity supplied? Does this cause an increase in demand or an increase in thequantity demanded? Explain NB: Explanation must not be more than half a page.f. The demand and supply functions for two related commodities A and B in two differentmarkets are defined below:QdA= 410-5PA-2PB QdB= 295-PA-3PBQsA= -60+3PA QsB= -120+2PBi. Find the equilibrium conditions in the two marketsii. How are goods A and B related? Explain your.