What are the estimated potential demand of a small farm business project. Provide the assumptions used to arrive at the demand estimates using the estimated demand formula
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- OPEC currently produces about 38 per cent of the world output of oil. Assuming the short-term price elasticity of demand is 0:28, estimate the effect of the output cut on the current price, stating any assumptions in your calculations.The firm's supply and demand in the market are described by the equations: Qd = 200-5P; Qs = 50 + P. Determine the equilibrium parameters and whether the equilibrium in this market is stable.The demand and supply functions are given as follows: Qd = 100-8P Qs = -35+10P If the government sets the price as 6.5 dollars what will be the economic condition?
- Estimate the equlibrium price and quantity of the market whose demand and supply functions are pd =−(q + 4)2 + 100 and ps = (q + 2)2 respectively.Assuming you are the manager of the travel department of a large corporation and your sales department has high consumption for air travel. Assume further that the president of the corporation wants you to reduce the travel expenditures in the next year. How will you curb the air travel? Using Demand and Supply Analysis, how will you predict the airfare, given the following assumptions? A number of new, small airlines have recently entered the industry and others are expected to enter next year? Broadband internet videoconferencing is becoming a popular, cost-effective alternative to business travel for many corporations? The trend is expected to accelerate next year as telecommunications firms begin cutting prices on teleconferencing rates.The domestic supply and demand curves for hula beans are as follows: P = 20 + Q (supply) and P = 250 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 50 cents per pound. The Irish Government is considering a tariff of 50 cents per pound. The increase in producer surplus after the tariff has been imposed is equal to A. 2750 B. 4000 C. 2500 D. 1500
- The use of raw materials is an important element of the non-price determinant known as technology. costs of inputs. expectations of future prices. taxes and subsidies.Enabling Assessment - Demand Estimation and Forecasting Given: The ATV Company produces a specialty cement used in the construction of roads. ATV is a price-setting firm and estimates the demand for its cement using a demand function in the linear form: Q = f (P, M, PR) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and PR = the price of asphalt per yard. The manager of ATV obtained the following results in her attempt to estimate the demand for cement in the succeeding months. The results are presented below: DEPENDENT VARIABLE Qc R- SQUARE F-RATIO P-VALUE ON F OBSERVATIONS 64 0.8093 84.872 0.0001 VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 8.20 4.01…After a careful statistical analysis, the Chidester Company concludes the demand function for its product is Q = 500 - 3P + 2Pr + 0.1I where Q is the quantity demanded of its product, P is the price of its product, Pr is the price of its rival’s product, and I is per capita disposable income (in dollars). At present, P = $10, Pr = $20, and I = $6,000. What is the price elasticity of demand for the firm’s product? a. -0.0291 b. -0.027 c. -0541 d. -.270
- The domestic supply and demand curves for hula beans are as follows: P = 50 + Q (supply) and P = 200 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 60 cents per pound. The Irish Government is considering a tariff of 40 cents per pound. The quantity of hula beans imported into Ireland after the tariff is A. 100B. 50C. 130D. 90Demand and supply in a market are described by the equations Qs= 1800 + 240P Qd= 3550 - 266P a) Solve algebraically to find equilibrium P and Q b) Draw the demand and supply curve and show equilibriumThe estimated demand function for avocados is Q = 160 – 40p, where p is price of avocados. The estimated supply function for avocados is Q = 50 + 15p. Using algebra, determine how price and quantity change when a €0.55 per lb specific tax is imposed on this market.