Hello! Please help me answer questions D, E, and F with complete solution and explanation,? Thank you so much! 2. Suppose that from the data gathered, the individual demand and supply functions forproduct X are given by Eq. 1 and Eq. (2) respectively were derived,Qdx = 3.7 – 0.74PX + 0.00091 + 0.28P,Eq. 1Qsx = -119.33 + 69.38P, – 13.88CEq. 2%3Dwhere Px - price of product X; I – weekly income; Py - price of product Y; and C - costof production.Use the following additional information: the weekly income is P4,485; the price of arelated product, Y, is P37.45; the cost of production is P19.50; there are 500 buyersand 16 sellers in the market for product X.A. Derive the market demand function.B. From (A), what is Px that will make all the buyers stop purchasing this product?Round-up to two decimals.C. The consumers will want to consume a maximum ofbeyond this amount, they will experience lesser satisfaction.D. Derive the market supply function.E. From (D), sellers will not sell anything if Px is equal toF. What is the equilibrium price in this market? Round-up to six decimals.G. What is the equilibrium quantity? Use the value of P in (F).units of this product;H. Assume the price of product X is P22.72, is there an excess demand or supply? Howmuch?I. Assume the price of product X is P26.13, is there an excess demand or supply? Howmuch?J. If the price of X increases from P15 to P17, what is the coefficient of sensitivity ofall the buyers given this price increase? Round-up to two decimals. Identify thedegree and interpret this coefficient.K. Suppose the average income of the buyers decreases to P4,200 and the price of Xis P20. Between these two income values, if income will change by 1%, how muchwill the demand for product X of the buyers change? Round-up to two decimals.What will be the classification of product X?L. Between the prices P8.50 and P9.50, are the sellers relatively sensitive orinsensitive?

Qsx = -119.33 + 69.38Px - 13.88C ----------> Eq(2) Where Px is price of product X C is cost…

Qdx = 3.7 – 0.74Px + 0.0009/ + 0.28P, Eq. 1 %3D Qsx = -119.33 + 69.38Px – 13.88C Eq. 2 where Px - price of product X; I – weekly income; Py - price of product Y; and C – cost of production. Use the following additional information: the weekly income is P4,485; the price of a related product, Y, is P37.45; the cost of production is P19.50; there are 500 buyers and 16 sellers in the market for product X.

Qdx = 3.7 – 0.74Px + 0.0009/ + 0.28P, Eq. 1 %3D Qsx = -119.33 + 69.38Px – 13.88C Eq. 2 where Px - price of product X; I – weekly income; Py - price of product Y; and C – cost of production. Use the following additional information: the weekly income is P4,485; the price of a related product, Y, is P37.45; the cost of production is P19.50; there are 500 buyers and 16 sellers in the market for product X.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 1E: For each of the determinants of demand in Equation 2.1, identify an example illustrating the effect...

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