QUESTION 1 Given a demand curve of P = 253-2Qd and supply of P = 61 +5Qs, find the equilibrium price (Pe), AFTER an increase in the price of complimentary goods has created a shift of 16 UNITS (Q).
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- 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 .....Explain the term Shift in consumer preferencesis the measure of the percent change in the quantity of a good demanded divided by the percent change in price of that good
- How is tomato related to cabbage? Compute and interpret the cross elasticity of supply of cabbage with respect to the dealer’s price of complete fertilizer. If the price of complete fertilizer increases by 20 percent, by how much will the supply of cabbage change, holding other factors constant?The demand function of a consumer is given as Qd= 100-2p . If demand changes to Qd = 100-4p, find the effect of this change on quantity demanded at price Birr 10A consumer 15 in equilibrum when Px=7 and Py=4, and he is consuming 40 units of good X and 80 units of good Y. If Py reduces to Rs. 5, he moves to a new equilibrium where he consumes 50 units of good X Calculate the own and cross price elasticities of demand using this information. What will be the shape of
- Suppose the cross-price elasticity of demand between avocados and limes is -0.60 (E avocados/limes= -0.60). Instructions: Enter your answer as a whole number. If the price of limes increases by 20%, we would expect the quantity of avocados demanded to (Click to select) by %.When the price of photocopiers increases by 13%, the associated changein printers demanded is 6%. You don't know if this is an increase ordecrease in the quantity demanded of printers, but you know thatphotocopiers and printers are substitutes. Use that information tocalculate the cross-price elasticity of demand for printers.ACTIVITY I Problem Solving and Graphing. Refer to the schedule of the demand for tomatoes to answer the questions that follow. Use and attach a graphing paper for your answers, solutions, and graphs. Price per kilo Quantity Demanded 15 480 30 400 45 320 60 240 75 160 81. Based on the information given, derive the demand equation for tomatoes in the form Qa = a - bP. 82. Assume that consumers expect the price of tomatoes to be lower next month because of oversupply: hence, the demand for onions now falls. At each of the prices on the original demand schedule, the quantity demanded is now 80 kilos lower than it was previously. Create a new demand schedule representing the lower demand for tomatoes and derive a new demand equation from the new demand schedule. 83. Graph the original and new demand curve and explain the change in demand for tomatoes caused by price expectations. 84. Now assume that due to rising incomes, tomato buyers in Pangasinan have increased their purchases, thus…
- I. 1. P For each of the following products a change in demand (A D) or a change in quantity demanded (A QD) will occur as a result of the event described. Graph each change and label new demand curves D2. Then write the symbol describing this change, and tell the reason for the change in the space provided. IPhones The price of an iPhone drops from $400 to $99. Will this cause AD or AQD for this phone? Reason?Part 1Q-1 if the quantity demanded of good A has increased from 8 to 18 units due to the decrease in the price of good B from RO 6 to 4. Calculate the Cross-price elasticity (Eab) and show the relationship between both commodities.A) If the cross-price elasticity of demand for hamburgers and hotdogs is positive, then the two goods are substitutes. Ture or False? B) Suppose that when the price of a pizza is $10, Bill buys 7 pizzas per month, when the pizza price rises to $14, Bill buys 3 Pizzas per month. Calculate bill's price elasticity of demand for pizzas. a) 12/5 b) 5/12 c) I don't have enough information to calculate it d) 1/3 e) 4/5 f) 1 g) 3 h) 5/4 i) 0
