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- Assume that a retailer sells 1000 six packs of Pepsi per day at at $3./6pk. You, as an economic analysis , estimate that the cross price elastcity between pepsi and coca cola is 0.4. If the retailer raises the price of coca cola by 10%, how would sales of pepsi be affected, ceteris paribus, why> Why might your initial elasticity (PED) and (PES) calculations be unreliable?The per capita annual income of the residents of Hyderabad was Rs. 14,000 a year ago and presently it is Rs. 16,000. The income elasticity of demand for cereals is 1.15. If the consumption of cereals was 300 gm a year ago then compute the present consumption of the cereals.
- Draw the following production function: y=0.4x+ 0.09x² - 0.003x³ for the value of x between 0-30, find the MPP and APP then draw and derive the formula for the production elasticity of the function. Is the elasticity of production constant or not? tellThe income elasticity of demand for a firm's product is an important determinant of the firm's sucess at different stages of business cycle. Elaborate with examplesThere is a functional relationship between Price of an IPod Touch, � and Weekly Demand,
- The demand equation for a particular candy bar is px + x + 20p = 3000where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cent each week, find the rate of change in the demand.The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person falls from 32 loaves to 28 loaves. What is the income elasticity of bread consumption? Round your answer to two decimal places.According to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....
- What is meant by elasticity?The weekly demand for sobolo among the 2017 cohort of BSc Admin students at the UGBS is Qdx =50-4PX +0.5I +10Py -2PzWhere Qdx is the quantity demanded for soboloPX is the price of sobolo per 1bottleI is the income of consumers in Ghana cedisPy and Pz are the prices of two goods that are related to soboloa. Based on the demand function above, is sobolo a normal good or inferior good? Explain your answer.b. Based on the demand function above , what is the relationship between sobolo and good Yc. Based on the demand function above , what is the relationship between sobolo and good Zd. What is the equation of the demand for sobolo if consumer incomes areGHS30, the price of good Y is GHS 10 and the price of good Z is GHS 20?e. Graph the demand function for sobolo from d)What is Unitary elasticity?
