en hired as an economic consultant by Google and given the lollwrg derrand wedfor wh stPrice of Good X(Millions)Quantity Demanded for XQuantity Demanded ta(Millions)2602405.Y Mllions)200220240101522020200260Your advice is needed on the following questions:A)Draw the demand and supply curves for the above market. (4 marks)B) Calculate the price elasticity of demand for software X if the price of soltware X increases tom5 millen to 10 mil p t Swhether it is elastic or inelastic.(4 marks)C) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milion lo 10 Mlion hdiebetween X and Y. (4 marks)D) Draw diagrams for the demand of X. If other things are not constant what will be the impact on the dend DE) Calculate the equilibrium price and quantity demanded and supply of the above market Label the equilm prt bequantity, and the equilibrium price. (4 marks)O Type here to search

Since you have asked multiple parts questions we will answer the first three parts for you.…

260 on the following questions: Draw the demand and supply curves for the above market. (4 marks) Calculate the price elasticity of demand for software X if the price of soltware X increases trom 5miln to 10il r ther it is elastic or inelastic.(4 marks) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milon to 10 Milon Ind een X and Y. (4 marks)

260 on the following questions: Draw the demand and supply curves for the above market. (4 marks) Calculate the price elasticity of demand for software X if the price of soltware X increases trom 5miln to 10il r ther it is elastic or inelastic.(4 marks) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milon to 10 Milon Ind een X and Y. (4 marks)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 8E: The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per...

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