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- Let the following demand and supply equations be respectively:D = 5p ́ ́-4p ́ + 11S = 6p ́ ́-2p ́ + 5p-4Find p (t) with the hypothesis that the market is in equilibrium with the conditionsinitials p (0) = 4 and p ́ (0) = 7Assume that a firm accepts the following price_demand relationship as being a realistic representation of its market: d=800-10p where p must be between $20 and$70 a. How many units can the firm sell at the $20 per-unit price? At the $70 per-unit price? b. By how many units does a $1 increase decrease demand? c. Which pricing alternative the business is considering maximizes revenue? Group of answer choices $40 $30 $50Annual demand and supply for the Entronics company is given by: QD = 5,000 + 0.5 I + 0.2 A - 100P, and QS = -5000 + 100P where Q is the quantity per year, P is price, I is income per household, and A is advertising expenditure. If A = $10,000 and I = $25,000, what is the demand curve? Given the demand curve in part a., what is equilibrium price and quantity? If consumer incomes increase to $30,000, what will be the impact on equilibrium price and quantity?
- Industry demand and supply for a new soft drink NeuCola is as follows: Qd = 460,000 – 100,000 P + 22,500 Pc + 21 Y + 2,000 T Qs = 40,000 + 80,000 P – 60,000 PL – 5,000 Pk Where P is average price of the drink in $ per pack, Pc is average wholesale price other branded drinks in the market, Y is income in $, T is average daily temperature in degrees, PL is average wage of labor in $ per hour and Pk is the average cost of capital in $. When quantity is expressed as a function of price, what are NeuCola’s demand and supply curves if Pc = $8, Y=$10,000 billion, T=75 degrees, PL=$10 and Pk=$12. Will there be surplus or shortage of NeuCola when P = $5, $7 and $9? Use a table to show values of quantity demanded and quantity supplied at each level of price. (Values of Qd and Qs calculated in millions may be rounded in the table). Calculate the market equilibrium price and equilibrium output. 4. Draw a labelled hypothetical demand and supply model…(2) (Assume that s = 0 (there is no subsidy.)(a) Write down firm A’s profit function. (No work required.)(b) Find each firm’s best response function. (You may do this directly or by setting s to zero inyour expressions from (1b).(c) Solve for equilibrium outputs (q*A, q*B). You may either use the symmetry in this problem toassume a symmetric solution, or solve for firm B’s best response and solve the two best responsessimultaneously. (d) Solve for the equilibrium price.(e) Solve for the equilibrium profits.Industry demand and supply for a new soft drink NeuCola is as follows:Qd = 460,000 – 100,000 P + 22,500 Pc + 21 Y + 2,000 TQs = 40,000 + 80,000 P – 60,000 PL – 5,000 Pk Where P is the average price of the drink in $ per pack, Pc is the average wholesale price of other branded drinks in the market, Y is income in $, T is the average daily temperature in degrees, PL is the average wage of labor in $ per hour and Pk is the average cost of capital in $. a.When quantity is expressed as a function of price, what are NeuCola’s demand and supply curves if Pc = $8, Y=$10,000 billion, T=75 degrees, PL=$10, and Pk=$12. b., Will, there be a surplus or shortage of NeuCola when P = $5, $7, and $9? Use a table to show values of quantity demanded and quantity supplied at each level of price. (Values of Qd and Qs calculated in millions may be rounded in the table).c.Calculate the market equilibrium price and equilibrium output.d.Draw a labeled hypothetical demand and supply model clearly indicating…
- The short-run market demand and supply curves for good X are as follows: QD = 20 - 4P QS = 7 + 2.5P Find the equilibrium price and quantity before the imposition of the tax. What is the price actually paid by the demanders (Pd) due to a quantity or specific tax of $1 per unit collected from the buyers? What is the price actually received by the suppliers (Ps) due to a quantity or specific tax of $1 per unit collected from the buyers? What is the after- or post-tax quantity? What is the total revenue after the imposition of the quantity or specific tax? How much of the tax do consumers pay (in percent)? How much of the tax do producers pay (in percent)?A manufacturer of automobiles is planning a new model and wants to determine the responsiveness of demand in a number of scenarios. The demand function for the new model is given by the following function: Q = 30000 – 3P + 2000ln(PA) + Y Where Q is the quantity sold of the new model, P is the price for the new model, PA is the price of the competitor’s model and Y is the annual income of a typical purchaser. The new model price is planned to be £20,000 and the competitor is charging £25,000. The annual income of a typical purchaser is £30,000. (a) The manufacturer wishes to determine the responsiveness of the demand for the new model if the price of a competitor’s model changes. Which measure of elasticity would be appropriate to fulfil this requirement? And provide a calculation of its value.Post-merger T-Mobile/Sprint is developing new data plans targeted to certain regions of the country. Using billing records for customers in the west coast (CA-OR-WA) region, the priong team has determined that typical data usage can be estimated with the following demand: Q 1600-100P (where P is in cents per MB; and Q is in MB) And the pricing team has proposed the following charges: First 400 MB @ 5¢ Next 200 MB @ 3¢ Remaining MB @ 14 What will be the consumer surplus generated by the typical west coast customer, given this pricing schedule, if the customer uses marginal decision-making? If west coast consumers choose quantity based on the average price per MB, will quantity increase or decrease relative to marginal decision making? a) CS with marginal decision making: $92.50; using average price leads to consuming less than the optimal amount.
- Suppose the demand equation is 200x + 10p = 10000, where x is the num- ber of items sold when the per unit price is p dollars. Determine (a) the rev- enue function,(b) the domain of the revenue function,(c) the revenue derived from the sale of the 20th item the marginal revenu(de)wthen x = 20,level of production that maximizes the revenue,and the maximum revenue.1.Consider the Dorfman-Steiner model that relates the advertising cost to market power. Giventhe demand function:Q(P,A)=P-1/2A 1/4 (i) Show that the price elasticity of demand is ηp=1/2.(ii) Show that the advertising elasticity of demand ηA=1/4.Continuing your analysis of the competitive US manufacturing industry from Question 1, withdemand of Qd = 500 – 8P and supply of Qs = 4P – 100, suppose a technological innovationcauses the supply curve to increase, shifting the curve down by $15 for every given quantity Q. Determine the new supply equation. Solve for equilibrium price P2 and quantity Q2. Depict the original supply S1, the new supply S2, and the original demand D1 on theusual P, Q diagram. Label all intercepts (including two intercepts for the demand curveand one intercept for the supply curve). Clearly indicate and label the new marketequilibrium. Graphically indicate the areas of Consumer Surplus (CS2) and Producer Surplus (PS2)that resulted from the new market equilibrium. Compute the values of Consumer Surplus (CS2) and Producer Surplus (PS2) associatedwith the new market equilibrium, clearly indicating the units that CS and PS aremeasured in. Who has benefited from technological innovation, based on the…