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- Define unit-elastic ?The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e−3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥400. E = _____ Interpret your answer. The demand is going down/up by ____ % per 1% increase in price at that price level. Thus, a large price decrease/increase is advised. (b) At what price will revenue be a maximum? ____ hundred yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) ______ paint-by-number sets per monthIn this time of pandemic, the demand of some products increased rapidly. Give examples ofthese products where the demand increased. Did the supply correspond with the increasingdemand of these products? What solutions were made to satisfy the increasing demand of theseproducts?
- the demand function for a commodity is Q-500-5P. find out point arc elasticity for fall in price from rs 25 to rs 20.Market demand for Mandrake roots is given by Q-273-3P. The government of imposes a per unittax of $7 and consumers pay the tax. What is the highest market price of Mandrake at whichconsumers will buy at least 25 units?If cross-elasticity of one commodity for another turns out to be zero, it means they areClose substitutesNone of theseGood complementsCompletely unrelated
- if the income elasticity of the product is less than 1. During an economic crisis a reasonable manager will likely a. Realize that it is an inferior good and will request BOT to convert the product to a normal good b. Request for an increase in production c. All of the choices are reasonable d. In an economic crisis, a good manager need to conduct analysis and evaluation. We cannot manage what we cannot measure. e. Request for a decrease in productionWhat are the consequences for including a proxy for an omitted variable?Given the covid environment what do you think the elasticity for Mask was prior to April 2020 versus after April 2020 explain
- Please calculate the total cost of providing a 50% subsidy on purchases of fruit and vegetables at farmers markets by SNAP participants. Assume that you are estimating it for the state of Connecticut with 350,000 SNAP participants. The season for farmers markets and the use of subsidies is 5 months (May-September); subsidies can only be used during this period. Based on prior studies, you know that a typical SNAP participant that attends farmers markets will purchase on average 3 lb of fruit and 2 lb of vegetables per month. Average price for vegetables is $1.5 per lb and the price elasticity of demand for vegetables among SNAP participants is -0.6. Similarly, fruit cost on average $2.5 per lb and the demand elasticity for fruit is -0.8. How much should the state of Connecticut expect to pay in total subsidies each season if only 20% of SNAP participants will attend farmers markets?The market demand function of a commodityis represented by Qx = 20-2Px -0.5Py + 0.01M;where Qx is quantity demanded forcommodity X, Px is the price of commodity X,Py is the price of commodity Y and M is theconsumer's income.Calculate price and cross elasticities ofdemand for commodity X when Px =5, Py=10and M =1000cite example where the marketeconomy provides low -priced goods ans sevicesfor lower-income individuals and does so profitably, think of specific examples in the followinfg areas: hotels, air travel, restaurant, clothing, groceries, derinks, entertainment, and vacations.