Use the table to answer the befow question: Total Marginal Quantity Price Price Quantity Revenue Effect Effect Revenue 50 45 40 3 35 4 30 Calculate the quantity effect component of marginal revenue for the third unit.
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- On the following graph, plot Tim’s demand for pizza slices using the green points (triangle symbol). Next, plot Alyssa’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.3.1 BAD Enterprises is considering increasing the price of its harmonicas,currently $20, by 25 per cent. BAD’s current revenue is $12,000 a month,and the PED for its harmonicas is estimated to be 1.8.a. Calculate the effect of the price change on BAD’s revenue.b. BAD now considers increasing its advertising budget to restore its salesrevenue to its previous level. BAD is currently spending $1,500 a monthon advertising and estimates its AED to be 1.5. What will its new budgethave to be?c. What can you say about what will happen to profit in both (a) and (b)compared with the original level of profit? 3.5 MK Corp estimates that its demand function is as follows:Q ¼ 400 12:5P þ 25A þ 14Y þ 10P where Q is the quantity demanded per month, P is the product’s price(in $), A is the firm’s advertising expenditure (in $’000 per month), Y is percapita disposable income (in $’000), and P * is the price of AJ Corp.a. During the next five years, per capita disposable income is expected toincrease…When UVA decreased its tuition from $300 per credit to $250 per credit the enrollment increased from 20,000 to 30,000. Explain if UVA education is elastic or inelastic.
- Fiona has a monopoly on motorboat rentals on Nantucket Island during the summer. She can rent 10 boats per week at $18,000 each. If she wants to rent 11, she can charge $14,000 each. The absolute value of the price effect of renting the 11th motorboat is: $_____What is the formula for the wage elasticity of labor supply?What is the usual relationship betweenelasticity and revenue?
- refer to the photyoHow do technologies affect changes in both supply and demand? Cite an example. Do you agree that government intervention in the market can overcome market failure? Explain your answer and cite examples. PRICE ELASTICITY: Given the quantity demanded and price for chicken, compute and determine if the elasticity of the commodity and the decision of the firm. POINT PRICE QUANTITY DEMANDED FOR CHICKEN A 100 10 B 90 20 INCOME ELASTICITY: Given the quantity demanded and price for chicken, compute and determine if the elasticity of the commodity and the decision of the firm. POINT INCOME QUANTITY DEMANDED FOR CHICKEN IN KILO A 20,000 8 B 25,000 10 CROSS ELASTICITY: Given the quantity demanded and prices for commodities below, compute and determine if the goods are either substitutes or complements. GOOD QD1 QD2 P1 P2 COFFEE 4 7 8 6 TEA 5 3 7 9 GOOD QD1 QD2 P1 P2 JUICE 8 9 10 11 SOFTDRINK 6 7 9 12Q = 5000 – 5P Find out i) Demand curve
- Recently NJ chose to increase the minimum wage, who are the winners andlosers? Why? Make sure to draw a graph to support your answer. What is analternative solution?When ASU increased its tuition from $200 per credit to $250 per credit the enrollment declined from 50,000 to 40,000. Explain if ASU education is elastic or inelastic.Please Analyze and explain the theory of Demand and Supply (chapter 2) and create thegraph for demonstrating the following scenario and answer the questions:● G.R. Dry Foods Distributors specializes in the wholesale distribution of dry goods, suchas rice and dry beans. The firm’s manager is concerned about an article he read in thismorning’s Wall Street Journal indicating that the incomes of individuals in the lowestincome bracket are expected to increase by 10 percent over the next year. While the BUS 505 Hybrid Syllabus 7 manager is pleased to see this group of individuals doing well, he is concerned aboutthe impact this will have on G.R. Dry Foods.o Please explain what will happen to the price of the products G.R. Dry Foods sells?o Why?
