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Suppose
Qx d = 14 − 1/2Px and Qx s = 1/4Px − 1
a. Determine the
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- Refer to the diagram above. What is the significance of the point at the top of the backward bending of the supply curve marked L3? Question 2 options: as wages increase over this range, the quantity of hours worked also increases. as wages increase over this range, the quantity of hours worked changes very little. as wages increase of this range, the quantity of hours worked is more inelastic. as wages increase over this range, the quantity of hours worked actually decreases.The quantity demanded of the commodity in the market is 25 units when the selling price per unit is P12. Derive the demand equation given that because of the decrease in price to P8 per units, the quantity demanded increased to 60 units.If the demand function for a commodity is given by the equation p2 + 4q = 1200 and the supply function is given by the equation 700 − p2 + 10q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
- The market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?If the demand function for a commodity is ?2+4?=1600p2+4q=1600 and the supply function is given by the equation 300−?2+2?=0300−p2+2q=0, find the equilibrium quantity and equilibrium price.Calculate the equilibrium price when the demand equation is given as:- 20P - 18 And the supply equation is :- 10P + 32
- Using data on the market of a particular product, the following show the estimated demand and supply equations respectively Qd = 4,437.50 − 332.5P and Qs = 2,250 + 300P. If the new demand equation will be Qd′ = 6,123.75 − 458.85P I. What would be the new equilibrium price (round-up to 6 decimals)? J. How many of this product will be bought and sold at this new market price? Round-up to two decimals. K. List five factors that could be the reason for this change in demandAn analyst for FoodMax estimates that the demand for its Brand X potato chips is given by ln QdX = 12.14 – 2.8 ln PX + 3.4PY + 0.7 ln AX, where Qx and PX are the respective quantity and price of a four-ounce bag of Brand X potato chips, PY is the price of a six-ounce bag sold by its only competitor, and AX is FoodMax’s level of advertising on Brand X potato chips. Last year, FoodMax sold 7 million bags of Brand X chips and spent $0.42 million on advertising. Its plant lease is $2.1 million (this annual contract includes utilities) and its depreciation charge for capital equipment was $2.8 million; payments to employees (all of whom earn annual salaries) were $0.8 million. The only other costs associated with manufacturing and distributing Brand X chips are the costs of raw potatoes, peanut oil, and bags; last year FoodMax spent $2.8 million on these items, which were purchased in competitive input markets. Based on this information, what is the profit-maximizing price for a bag of…You are a manager in charge of monitoring cash flow at a major publisher. Paper books comprise 40 percent of your revenues, which grow about 2 percent annually. You recently received a preliminary report that suggests the growth rate in ebook reading has leveled off, and that the cross-price elasticity of demand between paper books and ebooks is −0.3. In 2019, your company earned about $600 million from sales of ebooks and about $400 million from sales of paper books. If your data analytics team estimates the own price elasticity of demand for paper books is −2, how will a 4 percent decrease in the price of paper books affect your overall revenues from both paper books and ebooks sales? Instruction: Enter your response rounded to one decimal place. Your overall revenues will change by $
- The demand for an economics textbook is given by: Q = 796 - 3p^2 Find the value of Q1 when demand is unit elastic and hence calculate the new price (rounded to two decimal positions) needed to increase Q by 100 units from the Q1 value. Note: Express the new price with two decimal positions (avoid intermediate roundings in the calculation process).The demand equation for a particular candy bar is px + x + 20p = 3000 where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cents each week, find the rate of change in the demand.Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of all: “The laws of supply and demand indicate that higher prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce the demand for cigarettes. This reduction in demand will push the equilibrium price back down to its original level. Since the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes.”Do you agree or disagree with this view? Disagree - the reduction in demand will push the equilibrium price below its original level. Disagree - this confuses a change in demand with a change in quantity demanded. Agree - the price increase will ultimately leave cigarette consumption unchanged. Disagree - higher cigarette prices will actually increase the demand for cigarettes.
