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In the graph above, if the maximum price is set at P1, what area(s) represent the
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- Whatisthedifferencebetweenthedemandandthe quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.calculate the cross price elastocoty of demand, if there is 5% change in the demand of a good when price of another good is change by 10%.Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?
- When the price of goods X increases by 20% and the quantity of demand decreases by 30%, the demand for the goods is inelasticTrue or false?Calculate income elasticity of demand, andinterpret the sign of the elasticityBriefly outline and explain some of factors that depend on line amount of a commodity a consumer os prepared to buy
- Relationship between changes in price and corresponding changes in quantity that consumers will demand isvSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.The accompanying table shows the price and yearly quantity sold of souvenir t-shirts in the town of Crystal Lake, according to the average income of the tourists visiting. Price Qty. Demanded with Average Income of $20,000 Qty. Demanded when Average Income is $30,000 $4 3,000 5,000 $5 2,400 4,200 $6 1,600 3,000 $7 800 1,800 Using the midpoint method, calculate the price elasticity of demand when the price of a t-shirt rises from $5 to $6 and the average tourist income is $20,000. Also, calculate it when the average tourist income is $30,000. Using the midpoint method, calculate the income elasticity of demand when the price of a t-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $7.