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- Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demandTIME Qd Price 1 44 10 2 40 9 3 42 11 4 46 12 5 48 11 6 52 12 7 54 13 8 58 13 9 56 14 10 60 15 Estimate demand as a function of price and shoew the line of best fit What would happen to the demand if price is Taka 20?Q. Suppose the price elesiticity of demand is estimated to be 3 what does this mean with schedule and graph?
- a. Estimate the demand equation for the product. Month Price Amount January 18 50 February 16 55 March 14 60 April 12 65 May 10 70 June 8 75 b. Estimate the supply equation that the product presents. Month Price Amount January 10 70 February 11 90 March 12 110 April 13 130 May 14 150 June 15 170 c. If that buyer and seller of the above data come together in a market, will it be possible for the breakeven point to be obtained? Use the graphical and mathematical process to find the solutionSOLVE STEP BY STEP DONT USE CHATGPT In a market, a supply and demand table is presented for a product. Assume that your relationship is linear Price in dollars (P) 300 350 400 450 Quantity (Q) Weekly Offered (O) 1000 2000 3000 4000 Quantity (Q) Weekly Respondent (D) 3000 2500 2000 1000 Find the linear supply and demand functions for this product Find the market equilibrium point(a)Diagrammatically show and explain how oil prices dropped as concerns over fuel demand in the near term in COVID-19 pandemic hit Europe and the United States. (b)Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand. (c)You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross price elasticity of demand for both of the goods is -2.5. If you decide to decrease the price of the printers by 5%, calculate your new total revenues for…
- The figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next MaternitThe demand for q units of a product depends on the price p (in dollars) according to 512 P q= - 1, for p > 0. Find and explain the meaning of the instantaneous rate of change of demand with respect to price when the price is as follows. (a) $16 (b) $64 Interpret the instantaneous rate of change. O If price decreases by the absolute value of this amount, the demand will drop by 1 unit. O If price increases by $1, the demand will increase by the absolute value of this number of units. If price decreases by $1, the demand will drop by the absolute value of this number of units. If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price increases by $1, the demand will drop by the absolute value of this number of units. Interpret the instantaneous rate of change. O If price decreases by the absolute value of this amount, the demand will drop by 1 unit. O If price increases by $1, the demand will increase by the absolute value of this number of units.…6. Elasticity and total revenue I The following graph shows the daily demand curve for bippitybops in Vancouver. On the following graph, use the green rectangle (triangle symbols) to shade the area representing total revenue at various prices along the demand curve. Notice that when you click on the rectangle, the area is displayed. Note: You will not be scored on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 60 40 20 0 0 6 12 ** + 48 B 18 24 30 36 QUANTITY (Bippitybops per day) Demand 54 80 72 Total Revenue ?
- Please help in fillin out this table and kkindly provide the caluclations used Picture is attatched thank youOne of South Africa’s cellphone operators, Cell C, is changing their overall business strategy.The focus is now on providing customers with “affordable and accessible services." To do thisthey need your economic expertise.They know that when price for premium services increases from R2/minute to R2.2/minute thedemand for their services falls from 12 customers to 10 customers. Question: What recommendations can you make to increase total revenue?What is a consumers wishedfor level of performances?
