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- 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?Hello! The problem states: Given the estimated function, Equation 2.2, for coffee, Q=8.56-p-0.3p(s)+0.1Y, use algebra (or calculus) to show how the demand curve shifts as per capita income, Y, increases by $10,000 a year. Illustrate this shift in a diagram. Other parts of the chapter state $0.20/lb as the substituted value for p(s) for example problems. My question is: I need a value for p(s) (which is the price of sugar) to solve for this right? The problem doesn't explicitly state a value for me to input for p(s), but I am thinking to use 0.20 for p(s) to simplify the demand function. Thanks in advance!In a certain market, the demand for peach was given as QD = 400 -3P, the first day of marketing in 2020, in August 2020, the demand for peach is now given as QD = 200 -3P. a)From the statement above tell in one sentence the change in demand; considered the indicator? b)What factors are responsible for the change in demand. Support your answers by sketching the equations above on the same graph.
- The 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.Suppose consumers will demand 40 units of product when the price is $12 and 25 units when the price is $18 each. Please detailed workin. Find a linear equation for the: (i). Demand curve. (ii). Demand function. (b). Find the price per unit when 30 units are demanded.In the last six months, the price of fuel for cars has increased very substantially in many countries. Given that the price of train travel has not changed over the last six months, Given that train travel has increased by 8%. What might you conclude about the relationship between train and car travel?
- An individual’s utility function is given by where is the amount of leisure measured in hours per week and is income earned measured in cedis per week. Determine the value of the marginal utilities, when = 138 and = 500. Hence estimate the change in utility if the individual works for an extra hour, which increases earned income by GH¢15 per week. Does the law of diminishing utility hold for this function?Given the following situations, determine the effect on Qd or D or Qs or S for electric cars. Write ↑ Qd, ↓ Qd, ↑ D, ↓ D, ↑ Qs, ↓ Qs, ↑ S, ↓ S or no effect. For each answer, graphically illustrate using the corresponding demand curve or supply curve. Show graphical table. Label properly: Assume that this is a normal good, the income of the consumers increased. Reduction of charging stations and infrastructures for electric vehicles. Stricter regulations or compliance requirements for electric vehicle production.Suppose the Mayo publishes a study finding that the caffeine in coffee increases the probability of getting Alzheimer’s. How do you imagine this will affect the market for coffee? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning.
- Suppose that when the price of gold is $100 an ounce, gold producers find it unprofitable to sell gold. However, when the price is $200 an ounce, 5000 ounces of output (production) is profitable. At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each successive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production of gold in words, in a table, and on a graph. Put the price of gold on the vertical axis and the output of gold on the horizontal axis. Comment on the advantages and disadvantages of the verbal, tabular, and graphical forms of description.The demand side of the market for Sprite is comprised of 2 people. These people are William and Owen. P represents the price of 1 gallon of Sprite, and Qd represents the quantity demanded of Sprite in gallons. William's demand for Sprite is modeled by the equation QdW = 10 - 2P Owen's inverse demand for Sprite is modeled by the equation P = 10 - 2QdO (Part I) With this information, draw the market demand graph. Please label the graph for slope values, intercepts, kinks, etc. (Part II) The market supply is modeled by P = Qs. Let's say that the government places a subsidy of $8 (s = 8). As a result, what is the market equilibrium with this intervention of the government (Q**, PD**, and PS**)? (Part III) Please draw the market demand and market supply on a new graph and indicate/label the market equilibrium with the government intervention through a subsidy. Label the graph for slopes, subsidy, equilibrium points, etc.Assume that the price of coffeee goes up. Will that impact the demand for tea??? Show me what will happen by using appropriate diagram(s)