The demand equations for the related products A and B are given by: 9A 30 PB (PA) 9B = 50 PA (PB) where qA; qB are the quantities demanded of A and B and pA; pB are the corresponding prices in dollars per unit 1What is the value of the marginal demand for product A with respect to pA when pA = 8 and pB = 64? 2What is the value of the marginal demand for product A with respect to pB when pA = 8 and pB = 64? 3Indicate whether products A and B are complementary, competitive, or neither.
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- For each of the determinants of demand in Equation 2.1, identify an example illustrating the effect on the demand for hybrid gasoline-electric vehicles such as the Toyota Prius. Then do the same for each of the determinants of supply in Equation 2.2. In each instance, would equilibrium market price increase or decrease? Consider substitutes such as plug-in hybrids, the Nissan Leaf and Chevy Volt, and complements such as gasoline and lithium ion laptop computer batteries.Question 1a. Estimate the equilibrium price and quantity of the market whose demand and supply function are pd=(q+)^2+100 and ps=(q+2)^2 respectively. 1b. If the region shaded grey in the diagram above represents a set, derive the system of inequalities that define that region. 2. The profit function, in dollars for a product given by p(x)= -x^3 + 76x^2 - 380x - 2800 Where x is the number of units produced and sold. If the break-even point occurs when 10 units are produced and sold a. Find the quadratic factor of P(x) b. Find finds the number of units other than 10 that give break-even for the product.The demand and supply functions a firm producing a certain product are given respectively by: and , where p is the price per unit and quantities are in millions per year. How much consumer surplus (CS1) do consumers receive when price is P1 = $60?
- The demand and supply functions for a particular commodity are given by pD(q) = 16(q + 2)-1 – 3 and pS(q) = 1/3 (q + 1) respectively. Specifically, q thousand units of the commodity will be demanded (sold) by the consumers at a price of p = pD(q) per unit while q thousand units of the commodity will be supplied by the producers at a price of p = pS(q) per unit. 1. Classify the demand and supply functions in terms of monotonic increasing and monotonic decreasing, find the equilibrium price pe and quantity qe, and compute the consumer surplus at the point of equilibrium.The supply and demand functions for maize farmers are given as Qs = - 32 + 10P and Qd = 40 – 2P respectively where Qs is quantity supplied in bags, Qd is quantity demanded in bags and P is the price per bag in Ghana Cedis. (a) Determine the equilibrium price and quantity of maize. (b) As a result of the introduction of a new technology in maize farming, the supply function for maize changes to become Qs = - 20 + 10P. Demand remains unchanged. i. Determine the new equilibrium price and quantity. ii. Derive the supply and demand table for maize before and after the introduction of the new technology for price ranges 3, 4, 5, 6, 7 and 8. (c) Suppose government intervenes in the maize market and fixes a minimum price of GHC8 per bag after the introduction of the new technology. i. What happens in the maize market? ii. Give two (2) measures that the government can take to deal with the situation created by the minimum price in (c) i. aboveWe obtain the following demand curve of beef in a market: Q = 44506.941 - 3338.553 ln(P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know the average of P is 8.781 and the average of Q is 13016.956. Based on this information, if the price increases by 1 dollar, the quantity demanded decreases by ____%. the answer is 2.921, I need the step by step solution to get the answer
- Suppose the estimated supply function for avocados is given by QS = 48 + 15p – 10pf , where pf is the price of fertilizer. The estimated demand for avocados is given by Qd = 233 - 40p + 5pt , where pt is the price of tomatoes per pound. Solve for the initial equilibrium price and quantity of avocados if the price of fertilizer, pf ,is equal to $0.35 per lb. and price of tomatoes, pt, is equal to $0.80 per lb. Solve for the new equilibrium price and quantity of avocados if the price of fertilizer, pf , increases to $0.90 per lb. and price of tomatoes, pt, remains $0.80 per lb. Use these equilibrium values from parts a. and b. to solve for the price elasticity of demand for avocados. Given your calculations, are avocados elastic, inelastic or unit-elastic? Have total expenditures on avocados increased, decreased, or not changed as a result of the change in the price of fertilizer?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.We obtain the following demand curve of beef in a market: Q = 44506.941 - 3338.553 ln(P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know 8.781 and 13016.956. Based on this information, if price increases by 1 dollar, quantity demanded decreases by ____%. (Only type in the number in your answer, do not type in the percentage sign "%" again.)
- Consider the supply function: Qs = 60 + 5P – 12 PI + 10F , Where Qs = quantity supplied, P = price of the commodity, PI = price of a key input in the production process, and F = number of firms producing the commodity. (a)Derive the equation for the supply function when PI =$90 and F = 20. (b) Using the supply function from part (a), calculate the quantity supplied when the price of the commodity is $300 and $500. (c)Derive the inverse of the supply function in part (a). using the inverse supply function; calculate the supply price for 680 units of the commodity. Give an interpretation of the supply price.Given below is the demand function for coconut oil. Q = 1,200 – 9.5P + 16.2Pp + 0.2 Y Where Q = quantity demanded of coconut oil P = price of coconut oil in cents per pound Pp = price of palm oil in cents per pound (palm oil is a substitute for coconut oil) Y = income of consumers Initially, Q = 1,275 thousand metric tons per year (Q = 1275) P = 45 cents per pound (P = 45) Pp = 31 cents per pound (Pp = 31) (a) Please calculate the Income at the above values of Q, P and Pp. and show your calculations (b) Please calculate the own point price elasticity of demand and show your calculations. (c) Please calculate the point cross elasticity of demand between palm oil and coconut oil and show your calculations.Assume that producers in Luzon can only produce 11 billion kg of palay at the time ofharvest even if price reaches PhP 30 per kg, what will be the value of their own priceelasticity of supply?