Suppose there are two types of e-book consumers: 50 "standard" consumers with demand Q=25-P and 100 "rule of thumb" consumers who buy 10 e-books only if the price is less than $10. (Their demand curve is given by Q=10 if P<10 and Q=0 if P≥10.) Using the multi-point drawing tool, graph the resulting total demand curve for e-books. Label this line "Demand."
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Suppose there are two types of e-book consumers: 50 "standard" consumers with
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- The market for lemon has 10 potential consumers ,each having an individual demand curve p=101-10Q where p is price in dollars per cup and Q is the number of cups demanded per week by the ¡th consumer.find the market demand curve using algebra . Draw an individual demand curve and the Market demand curve . What is the quantity demanded by each customer and in the market as a whole when lemon is priced at p=$1/cup?The market for lemon has 10 potential consumers, each having an individual demand curve P=101-10Q1, where P is price in dollars per cup and Q1 is the number of cups demanded per week by the ith consumer. Find the market demand curve using algebra. Draw an individual demand curve and the market demand curve. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at P= $1/cup?The market for lemon has 10 potential consumers, each having an individual demand curve P = 101 - 10Qi, where P is price in dollars per cup and Qi is the number of cups demanded per week by the ith consumer. Find the market demand curve using algebra. Draw an individual demand curve and the market demand curve. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at P = $1/cup?
- You are advising Roy on the opening of his Original-Original Famous Pizzeria. By plotting the points below on a coordinate plane, you can show Roy the price points that would lead to a shortage of slices, a surplus of slices, and the point of maximum efficiency per slice. On the graph paper below: label your vertical axis with prices and your horizontal axis with quantity, plot each point of the demand and draw the curve with one color. plot each point of supply and draw the curve with a different color, identify the equilibrium point on your graphUsing the demand function, Q = 8.56 − p − 0.3ps + 0.1Y, and the supply function, Q = 9.6 + 0.5p − 0.2pc, for coffee, determine the equilibrium price and quantity of coffee if Y = $55, 000, ps = 0.20, and pc = $5. Draw the demand and supply curves and illustrate this equilibrium in a diagram in Excel.Please Suppose there are 3 buyers in a market who have the following demand equations: D1(p) = 22 – 2p D2(p) = 16 – p D3(p) = 41 – 3p a) What is market demand equal to at a price of 14? b) What is market demand equal to at a price of 16? c) Draw side-by-side graphs of the inverse demand functions for each of the three consumers and the market as a whole.
- Suppose a firm sells two goods, Good A and Good B. Use the following information to answer questions that follow: Profit maximising price of Good A = R6000 MC at profit maximising level of output of Good A = R1200 MC at profit maximising level of output of Good B = R400 Total revenue of Good A = R80000 Total revenue of Good B = R68000 Rothschild index of Good B = 0.6 Price elasticity of the market demand for Good B = -1.2 2.1. Calculate the price elasticity of demand (Ed) for Good A. Ed of Good A = 2.2 Suppose that the firm noticed that when it increased the price of Good A from R4000 to R6000, the sales of Good B decreased from 8000 to 2000 units. Calculate and classify the cross-price elasticity of demand between Good A and Good B. Ec = Good A and Good B are classified as (substitutes/compliments) 2.3. Use the elasticity coefficient calculated above and the information provided, to calculate by how much the firm’s total combined revenue will change if it decreases the price…Mike has two identical brothers. Each of them have the same utility function below. If Mike and his brothers are the only people in the market, what is the aggregate demand at each price of X below? (Each of their income is $100 and the price of Y is always $1). U (x,y) = x^2/5 Y^3/5 Price of X=$8 Price of X=$4 Price of X=$2 Price of X=$1The figure below shows Sue's and Carlos' demand curves for gasoline. It would be useful to find the equation of the demand curves to answer the questions below. Refer to the figure above. The total demand curve has the vertical intercept at ________ and the horizontal intercept at ________, and its slope ________. (Multiple Choice) A)10.00 euros; 7,000 liters; is half as steep as Carlos's demand curve B) 15.00 euros; 7,000 liters; changes at 10.00 euros C) 15.00 euros; 7,000 liters; changes at 8.12 euros D) 18.00 euros; 7,000 liters; is twice as steep as Sue's demand curve
- In the following cases, calculate the inverse demand and the consumer surplus at the price p = 10 dollars, as well as the graphical representation. a) D(p) = 100 − p. b) D(p) = 100 − bp, where b is a positive constant. c) D(p) = 100 − 0, 25p. d) D(p) = a − p, where a is a positive constant. 2- The price goes from 10 to 13 dollars, a) D(p) = 100 − p. b) D(p) = 100 − bp, where b is a positive constant. c) D(p) = 100 − 0, 25p. d) D(p) = a − p, where a is a positive constant.Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1651−14pQ=D(p)=1651-14p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10pQ=S(p)=-5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. Answer (1 point) Save your answer What is the equilibrium quantity? Please round your answer to the nearest integer. Answer (1 point) Save your answer What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) Save your answer What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1…Kids in the city were willing and able to buy 12 rolls of cotton candy when the price was $1.00 each and 2 rolls of cotton candy when the price was $3.00 each. However, cotton candy machine owners in the city are willing to make 2 cotton candy rolls when the price was$1.00 and 12 cotton candy rolls when the price is $3.00 ii) Assuming that the market is linear, showing all working Derive the demand curve Pd(Q) for cotton candy in the term of price, where x= quantity Derive the supply curve Ps(Q) for cotton candy in term of price, where x = quantity iii) Using your answer from part (ii), Determine the equilibrium price and quantity for cotton candy in the city