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- The monthly demand function for a particular product is q=f(p)=2400-15p, where q is stated inunits and p is the price in dollars.i) Determine (a) the Revenue function, (b) concavity, (c) revenue at a price of $50, (d) atwhat price will the revenue be maximized, (e) graph the revenue function.ii) In general how we determine Maximum and minimum value of Quadratic function.What does concavity tell us about the function’s behaviour?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…Consumer demand for Caramel Iced Mochas (a kind of drink) at a coffee shop is given by p=7−.25x dollars per drink, where x items are drinks are sold every day. Total consumer spending S is the product of the price per drink and the number of drinks sold. Which of the following is a formula for total consumer spending?
- The relationship between a consumer’s income and the quantity of X, he consumes is given by the equation M=1000Q2The profit made by selling q1 units of product 1 and q2 units of product 2 is given by P(q1,q2)=200q1 −3q12 +100q2 −q2 −2q1q2 (a) Calculate ∂P (20, 15) and ∂P (20, 15). ∂q1 ∂q2 (b) Describe the graphical meaning of these two numbers. (c) Describe the economic meaning of these two numbers. (d) Find a linear function g(q1, q2) that can be used as an approximation for the function P (q1, q2) for values (q1,q2) close to (20,15). Explain how the function g(q1,q2) relates to the function P(q1,q2) graphically. What is the mathematical name of the approximating function g? (e) Use the linear function you found in part d to estimate the profit made by selling 18 units of product 1 and 16 units of product 2. Compare to the exact value of the profit.2. Gorgeousleny purchased a combination of 15 breads and 5 juices with her income of P150 and price of bread is P6 and price of juice is P12. She proudly showed this to her mom, and to her dismay her mom said that she likes more juices than bread since its summer season. While on her way home she lost the receipt, but fortunately she can still receive store credit based from the total value of products. While approaching the customer service representative , she thought of this what if she sticks with her original plan of buying bread alone with no juice and vice versa. At the moment all juices in the store is 50% off. Draw the graph showing the budget constraints arise from endowments. a. ) Measure the qty. of bread on the vertical axis and the qty. of juice on the horizontal axis. Label both graph with its corresponding points, pt. A for bread and point B for juice. the combination of bread and juice label it as point C. b.) For both graph, What is the slope from point C…
- Come up with two variables that, in your view, are related, indicate the name of these variables as well as why these variables are related; determine which variable is the dependent variable and which one is the independent variable. Draw a line graph by hand, labeling the vertical and horizontal axis consistent with your choice of variables. The line in the line graph has to represent, what, in your view, is the relationship between the two variables. Describe your graph verbally in your post (no need to upload the graph itself). 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.Please explain two principal variables that have determined the commodification by giving examples.Following exercise is requested:(a) Draw a budget line knowing that: nominal income is $100/week, price of lamb meat (Pm) is $2/kilo and price of housing (Ph) is $20/week. It is also known that ALL INCOME is spent on both goods.b) Assume now that monetary income remains CONSTANT, but price of lamb meat DOUBLES to $4/kilo, while the price of housing DECREASES to $10/week. Draw new budget line.
- Constrained Optimization using Lagrange Multiplier: Cost MinimizationA clothing company produces two goods namely pants (P) and sweaters (S) whose combined cost function is C = 6P2 + 10S2 − PS + 30.In a day, the clothing company is limited by a production quota of 34 units of output only. Inequation form: P + S = 341. State the cost minimization problem of the clothing company.2. Set-up the Lagrange equation and determine the quantity of pants (P) and sweaters (S) that the firm should produce daily to minimize cost.3. What is the effect on cost if the company decides to increase the production quota by 1 more unit?An individual´s utility function is U = x0.5 y0.5 While the budget constraint is x + 4y = 100 Derive the expenditure function. Calculate the CV and EV when the price of the good x increases from 1 to 4.. (a-) Graph the function Y= 36/X , assuming that X and Y can take positive values only. Next, suppose that both variables can take negative values as well; how must the graph be modified to reflect this change in assumption?