You must identify the relationship between housing price and size. In this experiment, you have collected data from four major cities, namely Birmingham, Manchester, Bristol and Glasgow. What method is suitable for studying this project? Give an explanation.
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- A sporting goods store has estimated the demand for a popular brand of running shoes as given in the table below. Price per unit Shoe sales (OMR) 60 50 40 30 20 10 per 100 200 300 400 500 600 week Graphically present the table to get a demand curve. If the store charges a price of 50 OMR, then increases this price to 60 OMR, estimate price elasticity of demand. Analyze the total revenue before and after the price change.In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?Concept of elasticity of demand and demand forecasting are variable tools for economic analysis .validate with rxamples
- Sipho runs a local kiosk specialising in slogan t-shirts. At the end of summer, he hosts aclearance sale and decreases the price of t-shirts from R150 to R120 per unit. The sales logindicates the quantity of t-shirts demanded increased from 60 to 80 units.(a)Calculate the price elasticity of demand over the range of the linear demand curve for tshirts.(b)What type of elasticity is applicable? Explain.PRICE (Dollars per ton) 40 32 24 6 12 18 co QUANTITY (Thousands of tons) S 52 Demand Total Revenue (Thousands of Dollars) 24 30 Demand 0 Supply (c.) One of the growers is pleased with the price increase caused by the pests because he believes it will ad to increased revenue. Using elasticities, you will be able to determine whether this price change will lead to a rise or fall in total revenue in this market. Using the midpoint method, the price elasticity of demand for cashews between the price levels of $20 and $24 per ton is between these two points, demand is . Thus, you can conclude that the grower's claim is due to the pestilence. Confirm your previous conclusion by calculating total revenue in the cashew market before and after the pestilence. Enter these values in the following table. , meaning that , because total revenue will Before Pestilence After PestilenceTextbook Question.. please help
- Suppose we know that the price elasticity of demand for sandals is -1.4. A shoe stores normally sells 100 pairs of sandals each month. If it decides to raise the price of its sandals by 10%, how many sandals would it then sell per month? 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.Please no written by hand What is the absolute value of the price elasticity of demand for bus tickets using the simple percentage change method?P & A Ch 05 Q10 Consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.2. If a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by ? %. If the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be ( larger / smaller ) than the effect 3 months from now. Studies also find that teenagers have a higher price elasticity of demand than do adults. Which of the following statements are consistent with this result? Check all that apply. Adults are more likely to be addicted to cigarettes. Teenagers do not have as much income as adults, so they are more price sensitive. It is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes.
- Tutorial Exercise Worldwide annual sales of smartphones in over a 5 year period were projected to be approximately q = −10p + 4,540 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. (b) In one particular year the actual selling price was $277 per phone. What was the corresponding price elasticity of demand? Interpret your answer. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. What, to the nearest $10 million, would have been the resulting annual revenue? Step 1 (a)Obtain a formula for the price elasticity of demand E. Recall that the price elasticity of demand E is the percentage rate of decrease of demand divided by the percentage increase of price, given by the formula. E = − dq dp · p q We are already given the formula q = −10p + 4,540 for the demand of smartphones (in millions). First, we find the derivative…Gerald makes a new brand of shoes that has a unit cost of $75.95 per shoe and a price elasticity of 4.70. What is the contribution - maximizing price for Gerald's shoes? Selected Answer: 62.66 Correct Answer: 96.48 \pm 0.2 i did the formula you recommended, but doesnt eqal the 96.48 as indicated ascorrect asnwerAlocal toy manufacturer is using a production line that runs 8 hours per day and produces a toy that requires a total of 7 tasks to be performed. The daily demand is 100 toysTimes of the tasks are 273, 2.01, 2.13, 2.0, 2.61, 2.71 and 2.95 minutes for A, B C, D, E , and Grespectively. However, due to the nature of the product there are precedence rules that must be observed. Such that Task A does not need any predecessors: task B requires task A to be completed. To start task Deach require task B to be completedTask must be completed prior to stating task E. Task F needs both task D and task E to be completed. Finally, task G can start only once task Fiscompleted.Given we apply the most remaining tasks rule for balancing the assembly line, with broken according to longest task time firstWhat will the estimated idle time in minutes for THIRD workstation?