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- A 5% decrease in the price of pizza leads to a 2% increase in the demand for beer and a 3% decrease in the demand for chocolate. We can therefore conclude that Question 2Answer a. Beer and pizza are complements and pizza and chocolate are substitutes b. Beer and pizza are substitutes and pizza and chocolate are complements c. Beer and pizza are substitutes and pizza and chocolate are substitutes d. Beer and pizza are complements and pizza and chocolate are complementsA 2% increase in the price of carrot causes its sales to decrease by 6% and sales of sweet potato to increase by 10%. The cross elasticity of demand for sweet potato with respect to change of price in carrot is____. (a) 3 (b) -3 (c) 5 (d) - 5Only typed answer Suppose the price of a good increased from $3 to $4. In response, the consumer has decreased his consumption from 15 units to 10 units. The price elasticity of demand is
- Subject: Manegerial Economics & Policy The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = -5,200 - 42P + 20PX + 5.2l + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500 A (in dollars) = Monthly advertising expenditure = 10,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000 Using this information, answer the following questions: Compute elasticities for each variable. Do you think that this firm should cut its price to increase its market…Subject: Manegerial Economics & Policy The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = -5,200 - 42P + 20PX + 5.2l + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500 A (in dollars) = Monthly advertising expenditure = 10,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000 Using this information, answer the following questions: (remaining parts) Interpret your results for each variable. What proportion of the variation in sales is explained by the…Given the following equations: Qdx = 73-4P Qsx = 3P+8 The prices are , 1 ,2 ,3 Required: a )Find demand and supply tables b)Find demand and supply curves c)Find the equilibrium price and quantity mathematically d)Draw the equilibrium graphically
- Suppose the demand for good X is ln Qxd=21-0.8lnpx-1.6lnpy+6.2lnM+0.4lnAx. So, good X and Y are??? a. Complements b. Normal goods c. Substitute d. Inferior goodsThe price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is: Select one: a. price elastic. b. price unit elastic. c. price inelastic. d. cross price inelastic.A 12 percent increase in the price of tea causes 3 percent increase in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is A -4. B 4. C -0.25 D 0.25
- The demand for books is Qd= 240-2P and The supply for books is Qs = 4P.a. What is the equilibrium quantity and equilibrium price of books sold? b. Calculate Producer Surplus at the equilibrium point. c. What will happen on the market if the price is 30? d. Calculate the price elasticity of demand at the equilibrium point and show the effects of price elasticity of demand on Total Revenue. please solve "b and d".In the market for public transport, which of the following variables would decrease demand, ceteris paribus?A. An increase in the price of private motor vehicles.B. A decrease in the price of private motor vehicles.C. An increase in price of private motor vehicle service plans.D. A decrease in the price of bus tyres.E. An increase in the price of motorbikes, a substitutGiven the following equations: • Qdx = 73-4P • Qsx = 3P+8 The prices are 1 , 2 , 3 Required: a) Find demand and supply tables b) Find demand and supply curves c) Find the equilibrium price and quantity mathematically d) Draw the equilibrium graphically with step b
