From the demand function Qdx = 12 – 2Px (Px is given in dollar), derive: (a) the individual’s demand schedule and demand curve, and (b) what is the maximum quantity this individual will ever demand of commodity X per time period?
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From the
(a) the individual’s demand schedule and demand curve, and
(b) what is the maximum quantity this individual will ever demand of commodity
X per time period?
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- Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito. What is the slope of this demand function, and what information does the slope provide?..the demand function of a consumer is given as Qd=100-2p. if the demand changes to 100-4p, find the effect of this change on quantity demand at price 10 birrGiven the utility function U = X0.5+Y0.5 and budget constraint I=Px X+ Py Y,(a) Is this utility function is homothetic?(b) Derive the consumer’s demand functions for goods X and Y.(c) Obtain the numerical values of the own-price elasticity, cross-price elasticity, and the income elasticity of demand for X and Y.(d) Derive the indirect utility function and the expenditure function for this consumer.e) Obtain the compensated demand functions for goods X and Y. (f) Prove that the Slutsky equation holds in this case.
- The demand equation for a particular candy bar is px + x + 20p = 3000 where 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 cents each week, find the rate of change in the demand.Suppose the demand function for product X is estimated by the equation: QDX= -2PX + 0,5PY - 0,2PZ + 1,2I. In there:QDX is the quantity demanded of product XPX is the price of product XPY is the price of product YPZ is the price of product ZI is the average income of consumersa/ Please make an argument to determine the relationship between two products X and Y, X and Z.b/ Please make an argument to determine whether product X is an ordinary good or a low-end goodThe demand for brownie dishes is q(p)=361,201-(p+1)^2 where q is the number of dishes they can sell each month at a price of p cents. Use this function to determine a) the number of dishes they can sell each month if the price is 50 cents, b)the number of dishes they can unload each month if they give them away, and c)the lowest price at which they will be unable to sell any dishes
- Upon graduating from UT this May, you take on a management position working at UtMax theater. You will consider the utility of seeing performance over 1 month, and suppose that at a regular price of $$$ per ticket (my assigned ticket price is 145), customers will see no performance, however with the price reduced by $5, customers will see one performance per month and when reduced by $10, customers will see two performances. As long as the number performances, x, is small, your demand function for performance can be modeled by p=D(x). Write down your demand function.Salima is a devoted coca cola consumer, whereas Antonia can drink either coca cola or Pepsi products. Salima's demand for coca cola will be ______, while antonia's demand will be relatively more _______.Suppose the utility function of a person consuming two commodities X and Y with income Birr 600 is given by U =2xy. If the per unit price of X is Birr 20 and per unit price of Y is Birr 40. Calculate the utility maximizing level of consumption of X and Y and Find the MRSX, Y at the optimum
- Suppose that an individual has a Utility function represented by a CES function. The utility function of the individual is given as: U(x,y) = x1/2 + y1/2 b. Calculate the own price elasticity using the "share elasticity" of any good. Let us assume that the prices of both goods are equal.From the demand function Qdx = 22 + 2Px (Px is given in dollars), derive (a) the individual’s demand schedule fast.Consider an individual with the following utility function: Derive step-by-step both corresponding Hicksian demand functions depending on the different prices (P₁, P2) and a fixed utility level u. The equation given In picture.do This in 10 minutes.
