Given the inverse demand function for lamb (Question 1.1) is p = 33.64 - 0.09Q, how much would the price have to rise for consumers to want to buy 2 million kg of lamb less per year? (Hint: See Solved Problem 2.1
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5 Given the inverse
(Question 1.1) is p = 33.64 - 0.09Q, how much
would the
to buy 2 million kg of lamb less per year? (Hint:
See Solved Problem 2.1
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- (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?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 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
- Use the following general linear demand relation: Qd = 100 − 5P + 0.004M − 5PR where P is the price of good X, M is income, and PR is the price of a related good, R. What is the demand function when M = $50,000 and PR = $10? Qd = 350 − 5P Qd = 300 − 5P Qd = 200 − 5P Qd = 100 − 5P None of the choices is correct.Suppose there are two types of e-book consumers: 50 "standard" consumers with demand Q=25-P and 100 "rule of thumb" consumers who buy 10 e-books only if the price is less than $10. (Their demand curve is given by Q=10 if P<10 and Q=0 if P≥10.) Using the multi-point drawing tool, graph the resulting total demand curve for e-books. Label this line "Demand."Given the following demand function for beef (kg), P = 200 – 5Q i) By how much would the price have to fall for consumers to be willing to buy 1 more kg of beef per day? ii) If the price decreases by N$0.9, by how much will the demand changed?
- 1.5 Your firm, Content Friend, is similar to Happy Labourer, a Ghanaian firm that designs and manufactures artifacts and souvenirs. Your research analyst has estimated the demand function for your kente souvenirs is Qd = 33 - 4P If you set the price of a plush kente souvenir at $5, how many will consumers buy? If you increase the price of a plush kente souvenir by $1, how will this change the quantity that your customers buy?The market for lemon has 10 potential consumers ,each having an individual demand curve p=101-10Q where p is price in dollars per cup and Q is the number of cups demanded per week by the ¡th consumer.find the market demand curve using algebra . Draw an individual demand curve and the Market demand curve . What is the quantity demanded by each customer and in the market as a whole when lemon is priced at p=$1/cup?Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena’s income and the cost of other types of entertainment—in particular, how much it costs to go see a movie instead of playing golf. The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios. In scenario D1, Lorena’s income is $50,000 per year and movies cost $9 each. In scenario D2, Lorena’s income is also $50,000 per year, but the price of seeing a movie rises to $11. And in scenario D3, Lorena’s income goes up to $70,000 per year, while movies cost $11. a. Using the data under D1 and D2, calculate the cross-elasticity of Lorena’s demand for golf at all three prices. (To do this, apply the midpoints approach to the cross-elasticity of demand.) Is the cross-elasticity the same at all three prices? Are movies and golf substitute goods, complementary goods, or…
- Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena’s income and the cost of other types of entertainment—in particular, how much it costs to go see a movie instead of playing golf. The three demand schedules in the following table show how many rounds of golf per year Lorena will demand at each price under three different scenarios. In scenario D1 , Lorena’s income is $50,000 per year and movies cost $9 each. In scenario D2 , Lorena’s income is also $50,000 per year, but the price of seeing a movie rises to $11. And in scenario D3 , Lorena’s income goes up to $70,000 per year, while movies cost $11. a. Using the data under D1 and D2 , calculate the cross elasticity of Lorena’s demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity ofdemand.) Is the cross elasticity the same at all three prices? Are movies and golf substitute goods, complementary…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.Assume the demand function for good X can be written as: QX = 30 - 3PX + 2PY + 0.2I Where PX is the price of good X PY is the price of good Y I is the consumer income. a) Based on the demand curve above, is X a normal or inferior good? b) Based on the demand curve above, what is the relationship between good X and good Y? c) What is the equation of the demand curve if consumer incomes are $40,000 (use $40, income in thousands) and the price of good Y is $35?
