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- Spreadsheet exercises. Suppose that the market for video games is competitive with demand function Qd = 130 − 4p + 2Y + 3pm − 2pc, where Qd is the quantity demanded, p is the market price, Y is the monthly budget that anaverage 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. Use Excel’s charting tool to draw the demand curve. Let Y = $100, pm = $30, and pc increase to $40. Recalculate the demand schedule in part 1 and use Excel to draw the new demand curve.Spreadsheet exercises. Suppose that the market for video games is competitive with demand function Qd = 130 − 4p + 2Y + 3pm − 2pc, where Qd is the quantity demanded, p is the market price, Y is the monthly budget that anaverage 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. 1. Given that Y = $100, pm = $30, and pc = $30, use Excel to calculate quantity demanded for p = $10 to p = $80 in $5 increments. Use Excel’s charting tool to draw the demand curve. 2. Now, Y increases to $120. Recalculate the demand schedule in part 1. Use Excel’s charting tool to draw the new demand curve in the same diagram. 3. Let Y = $100 and pc = $30 again, but let pm increase to $40. Recalculate the demand schedule in part 1. Use Excel’s charting tool to draw the graph of the new demandcurve. 4. Let Y = $100, pm = $30, and pc increase to $40. Recalculate the demand schedule in part 1 and use Excel to draw…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.
- The horizontally oriented definition of DEMAND states that "demand is the quantitites of a good that buyers are willing and able to buy at various prices in a given time interval." Which of the following statements are TRUE? If I really like a good, it does not matter how much I am able to afford to spend on it. The demand for a good is a specific amount. Demand is a behavioral relationship expressing what quantities buyers would want and be able to buy at various prices. If I can't afford to buy a product at today's available prices, I do not have a demand. The demand is all the possible price quantity combinations Demand depends on the availability of supply. Demand is a relationship between price as a variable and quantity demanded as a variable. Demand is a flow and requires a time interval be be fully understood.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.Which of the following is the correct economic interpretation for the model below? LogQD = 9.5 – 0.05price a.For every one percent decrease in price, demand increases by 5 percent b.For every one unit increase in price, demand increases by 5 percent c.For every one dollar increase in price, demand decreases by 5 percent d.For every one percent increase in demand, price decreases by 5 cents
- Suppose the demand for a product as a function of price is modeled by... GIve clear steps and explanations.The inverse demand for good X is given by Px=25-0.005Qx+0.15Py+0.1I where Px is the price of X, Py is the price of Y, I is income, and Qx is the quantity demanded of good X. The inverse demand is just price as a function of quantity instead of quantity as a function of price. To get the demand function, just solve the equation for Qx. You should do this before answering the following. Goods X and Y are . . . .. . . .. . . .. . . . .. . . . X is a . . .. . . . .. . . good.Q3. D= f (PX) is a general form of demand function, does not explain the nature andmagnitude of the relationship between dependent and independent variable? How will youexplain bivariate and multivariate demand functions with reference to price, income, price ofrelated goods (substitute goods) in specific linear and non-linear form of demand function?
- The following questions highlight how changes in numbers can be measured in both absolute and relative, or percentage, terms. Two stores in a mall are having promotions. The first, Annie's Attic, is offering $15.00 off any purchase. The other, Betty's Breakables, is offering 40% off any purchase. Each store offers a music box at a (non-discounted) price of $90 and a faux Ming vase for $75.00, as summarized in the following table.Analyze the connection between the price elasticity of the demand function to the consumer model. In other words, explain how the consumer model might explain the level of the price elasticity on the demand function.. Suppose the demand for good x is given by the following equation Qdx=60-40px+21-30Py where Qdx is the quantity demanded of good x,Px is the price of good x,I is income, andPy is the price of good y a. On a clearly labeled graph, plot the demand curve assuming Py is $6 and income is $700.Remember to identify and label the intercept points. Label your curve D1.b. On the same graph, plot the demand curve assuming Py is $6 and income is $900.Remember to identify and label the intercept points. Label your curve D2.For the remainder of the problem, assume Px is $12, Py is $6 and income is $700.c. Using calculus, compute the price elasticity of demand for good x.d. Using calculus, compute the cross-price elasticity of demand for x and y. Explain themeaning of the value you computed.e. Using calculus, compute the income elasticity of demand. Explain the meaning of the valueyou computed.f. Suppose the supply of good x is given by the equation QSX=100PX-400 Find theequilibrium price and…
