TIME Price Estimate demand as a function of price and shoew the line of best fit What would happen to the demand if price is Taka 207 1 44 10 2 40 42 11 46 12 5 48 11 6. 52 12 54 13 58 13 56 14 10 60 15
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- Demand function: Qdt = 160 − 0.8PtSupply function: Qst = -20 + 0.4Pt−1and when P0 = 160a) A good should be designed in accordance with demand and supply,The equilibrium price is 160. Find the time path of the equilibrium price of this good.b) Comment on the use of this time path. Draw the passage of the time path.Given: QS = 140,000 + 36p QD = 200,000 – 24p 1. Compute the price if there is a shortage of 10,000 units.Does the erroneous forecast of product demand can have serious consequences?
- Consider a market in which supply depends on current price qt = b0 + b1pt + ut b1 > 0 while demand depends not only ont he current price, but also on the price rationally expected to prevail in the near future: qt = a0 + a1pt + a2Etpt+1 + vt Here a1 < 0 and a2 > 0 while ut and vt are white-noise disturbances. Find solution for pt.Tom is a salesman. The following are the details regarding source of his income. Base weekly salary = $350 Sales commission = 12% of price the item sold Average price of items sold = $270 Average weekly number of items sold, E(x) = 30 Standard deviation of number of items sold per week, sd(x) = 6.8 Number of weeks a year Tom works = 48 25 Tom's average annual earnings is ________. a $65,042 b $63,456 c $61,908 d $60,398Xavier has preferences between food eaten today and food eaten tomorrow of the form. U(today, tomorrow) = 0.51 * ln(today) + 0.49 * ln(tomorrow) He has $100,000 to spend. Food today costs $20 per pound; food tomorrow costs $19 per pound. 9. How many pounds of food does he consume today? 10. How many pounds of food does he consume tomorrow? (Please evaluate to get number values as solution)
- Draw an appropriate diagram and use it to explain the logical steps in your own words, needed to derive how a positive price effect (the strange prediction) can happen. PLEASE DO NOT ANSWER IF YOU ARR NOT SURE THE ANSWER IS 100% CORRECT!!Covid-19 backed by Lockdown generated many economic anomalies. The weeklychange in the price of the mask in a town is given below.Time March1 stweekMarch2 ndweekMarch3 rdweekMarch4 thweekApril1 stweekApril2 ndweekApril3 rdweekApril4 thweekMay1 stweek Price(₹)100 150 175 200 200 175 70 50 50Forecast the Expected price of Mask for the 2 nd week of May.Strangely the Actual price of Mask in the city in the 2 nd week of May was 10 rupees.State at least four economic reasons why your calculated Expected price of Mask didnot match the Actual price of Mask.Now assume when the price of the Mask was 200 rupees per unit 5 lakh customersbought it. As the price reduced to 50 rupees only 1 lakh customers bought it.Calculate elasticity of demand and state which laws of economics are violated in thiscase, and how?Chose a) is / is not higher / lower b) is / is not higer / lower