the damand function of a consumer is given as Qd=100-2p.if the demged changes to Qd= 100-4p, find the effect of this change on quality demanded at price birr 10
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the damand function of a consumer is given as Qd=100-2p.if the demged changes to Qd= 100-4p, find the effect of this change on quality
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- If the demand curve for slices of pizza is given as Q = 300 - 16p, then the pointelasticity of demand when price is $1.50 is (Hint dQ/dp = -16)THE DEMAND FUNTION SHOWS a. The quality that a cousumer is willing to buy for a given price b. The price is requried for a cousumer to buy a given quantity c. The consumer's maximum willingness-to-pay at a given price d. No other option is correctA young connoisseur has $600 to spend to build a small wine cellar. She enjoys two vintages in particular: a 2001 French Bordeaux (xf) at $40 per bottle and a less expensive 2005 California varietal wine (xc) priced at $8. If her utility is U(xf, xc) = xf2/3xc1/3, then how much of each wine should she purchase?
- Given a demand function of Qd = 20 – 4P + 0.7Y, what is the YED for a product at a point where Price is $1, Quantity is 9 billion bushel and Income is $50? Based upon this calculation for YED, the product would be considered a normal good. A. True B. FalseUtility functions of a consumer: U = 20x10.4x20.4 Specify:a. marginal utility of each item.b. If the consumption of x1seee is 80 and x2 as much as 60 units, the price of Px120 and Px2 25, Determine if there is a balance of consumption?Assume that product X is quantified in the following manner:QDX= -2PX + 0,5PY - 0,2PZ + 1,2I. In which:QDX is a quality of product XPX is the price of product XPY is the price of product YPZ is the price of product ZI is the entry of the center of the userMake an argument to determine whether the demand curve for product X will change and how it will change for each of the following cases:i. Consumer income increasesii. The price of product X decreasesiii. The price of product Y increasesiv. The price of product Z decreases
- Given: U(x,y) = x0.25 y0.75 MUx=0.25 x-0.75 y0.75 MUy = 0.75 x0.25 y-0.25 Px=2 Py=12 a)Find the minimum cost to reach a utility of 1,189. b)Now assume that Px increases to 4 and find the new minimum cost. c) What is the savings from substitution in part b)? d) From the part a) outcome, what lower Py would allow a utility of 2,000?True/False/Uncertain: 1. In taking an exam, Atack, a rational student, allocates his time to the various questions so as to equalize hismarginal point utility per minute on all questions. 2. The marginal utility of food to Zecher depends only on the amount of food (and not on the amount ofhousing) and the marginal utility declines as more food is consumed; likewise for housing. Therefore,both food and housing are normal goods. (Hint: Express the optimality condition for Zecher’s [UMP], MUF/MUH = PF/PH. Notice that PF/PH is fixed. If all of an increase in income is spent on F, can the equality be maintained?)Q1: The demand for good X is given by Qx d = 6,000 − 1/2 Px − Py + 9 Pz + 1/10 M. Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $80,000. a. How many units of good X will be purchased when Px = $5,230? The calculation should be handwritten
- Q4. Central Plaza conducted a study of the demand for men's ties. It found that theaverage monthly demand (D) in terms of price (P) is given by the equation D = 800-5PHow many ties per day can its store expect to sell at a price of Rs.100 per tie?abby is a single mom with a weekly budget of $100. She can spend her weeklyincome on food and diapers for her son. Price of food is $1 and price of a diaperis 50 cents. Her son needs at least 5 diapers a day, therefore she must purchaseat least 35 diapers weekly. Jennifer’s utility function is U (f, d) = f 0.9d0.1,where f and d represent quantity of food and diapers, respectively.Question 1 Part aFind abbys optimal consumption bundle. Make sure to draw her budgetconstraint and indifference curves and clearly demonstrate your solution.Can loyal consumers (VLC) be offered quality products and services at premium rates when the consumer segment's demand is high? Can they be allowed less service if their VLC is low? Justify.
