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Make graph for
1. When good x is normal and y is bad.
2. When good one good is normal and other is neutral.
Note:-
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Answer completely and accurate answer.
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Solved in 4 steps with 4 images
- If the Engel curve slopes up, then the demand curve slopes down. Is it rue or false explain why? 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.1. Trek Inc., which sells bikes, changed the price of their foldable bikes from P3,000 to P3,500. As aresult, the quantity of their product sold went from 700 bikes to 500 bikes. Compute for the priceelasticity of demand. Indicate whether the product’s demand is elastic or inelastic. 2. Miko is a collector of matchbox cars. He used to buy five (5) cars every payday. However, whenhis income was raised from P17,000 to P20,000, he started to buy 10 cars. What is the incomeelasticity of demand?17 If the inverse demand function for computers was p = 70 - qAnd the selling price was $35 could you increase price to receive more revenue?
- Instructions: All dollar responses should be entered as whole numbers. Include a minus (-) sign for all negative answers.a. How much would the firm’s revenue change if it lowered price from $12 to $10? Is demand elastic or inelastic in this range?Revenue change: Demand is (Chooe one) inelastic elastic unitary elastic in this range b. How much would the firm’s revenue change if it lowered price from $4 to $2? Is demand elastic or inelastic in this range?Revenue change: Demand is (Choose one) inelastic unitary elastic in this rangec. What price maximizes the firm’s total revenues? What is the elasticity of demand at this point on the demand curve?A price that maximizes total revenues: $ Demand is (Choose one) unitary elastic inelastic elastic at this pointQ.1. Suppose the own price elasticity of demand for good X is −5, its income elasticity is 1, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (−) sign. a. The price of good X decreases by 5 percent. percent b. The price of good Y increases by 8 percent. percent c. Advertising decreases by 2 percent. percent d. Income increases by 4 percent. percentf the quantity of concert tickets sold decreases by 10 percent when the price increases by 5percent, this market is operating in which section of its downward-sloping straight-linedemand curve? Group of answer choices This market shows elastic demand which could occur at any point along the demand curve. the section below the point of unit elasticity the point equal to unit elasticity the section above the point of unit elasticity
- I. Multiple choice. Encircle the correct answer. 1. If the income elasticity of a demand for a good is negative, then the good is a. normal good b. inferior good c. luxury good d. necessity 2. If the cross elasticity of demand between two goods is negative, then the two goods are: a. normal good b. inferior good c. luxury good d. necessity 3. Tennis racquets and tennis balls are likely to have a positive cross elasticity of demand. a. true b. false 4. Price elasticity of demand a. responsiveness of demand to changes in the price of some other product. b. responsiveness of demand for a product to changes in its own price. c. increase in real income may cause demand to fall. d. responsiveness of demand for a product to changes in consumer income. 5. Cross-elasticity of demand a. responsiveness of demand to changes in the price of some other product. b. responsiveness of demand for a product to changes in its own price. c. increase in real income may cause demand to fall. d.…Express the market demand curve in equation form. Interpret the slope and the intercept of the market demand Compute the point elasticity of market demand for Krispy Kreme as price increases from PhP 20 to PhP C0mpute the point elasticity of market demand for Krispy Kreme as price decreases from PhP 40 to PhPOnly typed answer and please don't use chatgpt During an extremely hot summer, we observed more air conditioners sold than in the past, despite a higher price. This suggests that the demand curve is no longer downward-sloping. Select one: True False
- Suppose the own price elasticity of demand for good X is -5, its income elasticity is -1, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers.a. The price of good X decreases by 6 percent. percentb. The price of good Y increases by 7 percent. percentc. Advertising decreases by 2 percent. percentd. Income increases by 3 percent. percenta. 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 the meaning of the value you computed.e. Using calculus, compute the income elasticity of demand. Explain the meaning of the value you computed.f. Suppose the supply of good x is given by the equation ?????? = 100???? − 400. Find the equilibrium price and quantity of good x. On the graph you drew for parts a and b, plot the supply curve indicating the equilibrium price and quantityMotivate, with the aid of examples, the type of goods diagram A and diagram B are, if: (Using attached diagrams) 1 The cross price elasticity of demand is negative 2 The cross price elasticity of demand is positive
