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- Given a demand function of Qd = 20 – 4P + 0.7Y, what is the YED for a product at a point where Price is $1, Quantity is 9 billion bushel and Income is $50? Based upon this calculation for YED, the product would be considered a normal good. A. True B. FalseWhich factor that influences change in buying plan, other than price of good? Find out market equilibrium price and quantity from the demand function: QD = 15-4p and supply function: QS= - 1+ 6p. Show it graphically.From the demand function Qdx = 12 + 2Px (Px is given in dollars), derive (a) the individual’s demandschedule and
- What other complements and substitute can be added to the below demand function and explain why?lnQLG= f (lnPLG, lnPMIT, lnPELC, lnADV, lnTS)where,lnQLG shows the natural log of quantity demanded of LG, lnPLG is the natural log of price of LG, lnPMIT is the price of Mitsubishi, lnPELC is the price of household electricityLnADV is the log of advertisementlnTS shows the total sale of firmThe inverse of market demand is defined as 1/D(q)=(a-q)/b Select one: True FalseThe demand curve is positively sloped because there is a positive relationship between the dependent variable quantity and independent variable price. True or false
- Which of the ff. is correct with regards to the demand curve? A. If the price of the good increases, the demand curve for the good will shift to the left B. If the price of the good increases, the consumers have the incentive to look for substitutes, thus, the quantity demanded and its price are inversely related C. Income of the consumers is written on the vertical axis D. Varying preferences of the consumers is reflected in the demand curve and is written on the horizontal axisThe demand equation for a particular candy bar is px + x + 20p = 3000where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cent each week, find the rate of change in the demand.When the price of one good affect the demand for another good, then the goods are likely to be .......................... a) substitute or compliment goods b) of the same price c) from different company d) of the same product
- If X has many close substitutes, there will be large substitution effects (what will theindifference curves look like?). -The demand curve is likely to be flat, with a small increase in price leading to a large decrease in demand.For a normal good, the IE reinforces the SE, causing demand to be flatter. -For an inferiorgood, the IE dampens the SE, leading to a steeper demand curve. Can someone graph the Demand curve for a normal good and an inferior I'm having a hard time visualizing this. Thanks Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.If the demand curve for slices of pizza is given as Q = 300 - 16p, then the pointelasticity of demand when price is $1.50 is (Hint dQ/dp = -16)Are the signs right if lnPLG and LnPMIT are negative and lnPELC, lnADV and lnTS are negative?lnQLG= f (lnPLG, lnPMIT, lnPELC, lnADV, lnTS)In this equation, lnQLG shows the natural log of quantity demanded of LG, lnPLG is the natural log of price of LG, lnPMIT is the price of Mitsubishi, lnPELC is the price of household electricity. LnADV is the log of advertisement, lnTS shows the total sale of firm.`