A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. a) Find the elasticity. (b) Find the elasticity when x=2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is
Q: A pizza parlor owner uses a vending machine company to service his soft drinks.The owner of the…
A: Contracts for the exchange of goods, services, or money between two parties are legally binding…
Q: What happens to equilibrium price and quantity in a market when there is an increase in both supply…
A: Equilibrium Price-This is the price at which the quantity demanded by consumers equals the quantity…
Q: 1. With the aid of a diagram, explain the income and substitution effects of a price change 2. With…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The following table shows different combinations of labor and capital that can produce 400 units of…
A: Optimal input combination is that combination of labor and capital where the cost of producing…
Q: What ratios are used to determine whether borrowers have the economic ability to repay a mortgage?…
A: Working Capital Ratio: The working capital ratio, also known as the current ratio, is a financial…
Q: The Netherlands abolished its patent system in 1869. What did subsequent innovation in the…
A: The study of the Netherlands ditching its patent system in 1865 is a historical case, from which we…
Q: 4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a…
A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…
Q: Our model takes the price level � as given in the short run, but in reality, the currency…
A: The issue is whether a fiscal expansion that remains permanent through an increase in government…
Q: 2-Use the diagram below as a reference point. Assume that a firm produces output Q. What happens to…
A: Marginal Product is the additional production coming from the use of one more unit of the variable…
Q: What is the nominal annual rate of interest compounded semi dash annually if deposits of $271 made…
A: Monthly deposit = $271Accumulated sum = $13,800Time period = 4 years or 48 monthsLet monthly…
Q: Which of the following would be most likely to increase consumption spending? Selected answer will…
A: Consumption is that portion of the income that is spent on purchasing goods and services. This is…
Q: Y T Yd C 500 175 325 340 600 200 400 400 700 225 475 460 800 250 550 520 900 275 625 580 Refer to…
A: Tax refers to the sum of money that the consumer or producer of a good or service pays the…
Q: 2. Solve for the short-run profit maximization problem for f(x1, x2) = 2x1 + x2 and f(x1, x2) =…
A: The objective of the question is to solve for the short-run profit maximization problem for the…
Q: 3 short term, medium term and and long term benefits of the use of technology in the education…
A: The objective of this question is to identify and explain the short-term, medium-term, and long-term…
Q: 1 Time Nominal price 2 Sep-75 2.94 3 Oct-75 2.75 4 Nov-75 2.58 US CPI (Sep 15-100) 22.95248023…
A: The nominal price shows the current prices of the goods and services whereas the real price reflects…
Q: H A B C DEFGHI Quantity FIGURE 9-1 Refer to Figure 9-1. The diagram shows cost curves for a…
A: This market consists of numerous purchasers and sellers.No market participants can individually…
Q: (True or false) Demand is negativley sloped. Supplu is perfectly inelastic. Putting a sales tax on…
A: The question is asking whether the imposition of a sales tax on buyers in a market with negatively…
Q: A garden shop determines the demand function q = D(x)=- during early summer for tomato plants where…
A: Elasticity is a measure of how sensitive one economic variable is to changes in another. It…
Q: An industry consists of three firms with sales of $345,000, $750,000, and $215,000. a. Calculate the…
A: Industrial economics is the study and analysis of financial challenges affecting organizations…
Q: What factors affect the cost of production in the long-run? Pick all that apply Multiple answers:…
A: The inputs such as capital, labour and land are used to produce and output in the market is known as…
Q: Under the assumptions of the Fisher effect and monetary neutrality, if the money supply growth rate…
A: The objective of the question is to understand the impact of an increase in the money supply growth…
Q: 32 Price World DMexico 10 40 60 80 110 Pocket Calculators Refer to Figure. How many calculators…
A: It refers to the process of bringing services or items into 1 country from another country for sale…
Q: do fast.
A: The objective of the question is to calculate the approximate External Rate of Return (ERR) for a…
Q: Question: Which of the following market structures is characterized by a large number of firms,…
A: Different market structures characterize various economic environments based on the number of firms…
Q: If the quantity of money grows at 10 percent a year, the velocity of circulation is constant, and…
A: The quantity theory of money is a study of the link between money, output, and pricing. It is…
Q: Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of…
A: Fixed Costs: These are costs that remain constant regardless of the level of production or sales…
Q: a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation…
A: Consumer price index change in average price over time. The value of fixed amount of goods measured…
Q: 43.80 37.60 26.75 a 22.50 b 18.60 (Marginal Social Costs) (Marginal Private Costs) Marginal Social…
A: A free market does not experience any government intervention. All the resources are owned by…
Q: For Pancreas Transplant, DRG code is 010. For DRG 010, Medicare pays fixed amount of $21,313.50.…
A: The objective of the question is to calculate the payment that Hospital A and Hospital B would…
Q: Choose the false statement about monopoly. O Natural monopolies usually enjoy economies of scale in…
A: A monopoly, as described by Irving Fisher, is a market with the "absence of competition", creating a…
Q: Refer to Table 13.1. If a monopoly faces the demand schedule given in the table, what is its…
A: Monopoly:Monopoly is a marketplace where there's one dealer and lots of customers. Seller sells the…
Q: Suppose that business travelers and vacationers have the following demand for airline tickets from…
A: Therefore, as the price of tickets rises from $250 to $300, the price elasticity of demand for…
Q: (b) Ford Automobiles is considering investing in a new manufacturing facility that will cost $10…
A: Given;First cost = $10 millionAnnual revenue =$4 millionAnnual operating cost = $1.5…
Q: An individual has an intertemporal utility functi monotonic, and strictly convex. She can…
A: The intertemporal utility function means the consumption is distributed between present and future.…
Q: Which of the following is a policy tool used to combat demand-pull inflation? a) Contractionary…
A: Inflation is the increase in the general price level. It can take place from two sources: an…
Q: 1. With the aid of a diagram, explain the income and substitution effects of a price change 2. With…
A: In a theoretical market arrangement known as perfect competition, many suppliers and purchasers are…
Q: Consider a game in which there is $4 to be divided, and the first mover is only permitted to make…
A: A game tree is used to illustrate a sequential game.Each node in the game tree represents the…
Q: view picture
A: Publicly held debt in 2007: 52.81% of total national debt.Percentage of external national debt held…
Q: Fill in the blanks. A B C D E Pencils 600 530 430 250 0 Pens 0 100 200 300 400 As Catalonia moves…
A: The production possibility curve shows the trade-off associated with allocating the resources…
Q: a. In September 1995, Patrick Buchanan, a Republican candidate for president, proposed a 10 percent…
A: An exchange rate is the value of one currency expressed in terms of another currency. It represents…
Q: 2. Suppose a production function is q = K1/21/3 and in the short run capital (K) is fixed at 100. If…
A: The objective of the question is to find the short run production function given the production…
Q: Total C 3,000 2,000 1,000 Multiple Choice Question Curve L 0 1,000 2,000 3,000 4,000 Quantity What…
A: Total Cost consists of both fixed and variable costs. Total Fixed Cost remains fixed for all the…
Q: Hilary's Flower Shop increased its total monthly revenue from $3.500 to $4, 200 when it reduced the…
A: Price elasticity of demand shows the responsiveness of a percentage change in price to a percentage…
Q: Refer to the production possibilities frontier pictured below for questions 7 and 8. Producer goods…
A: A production possibility frontier (PPF) is the locus of all combinations of two goods that can be…
Q: 3. Assume that production function is Cobb- Douglas type, namely Yi = zika i N 1-a i (1) where i =…
A: A production function describes the relationship between inputs and the output of products or…
Q: Problem 3. Consider a world with only two countries, which are designed to home (H) and Foreign (F).…
A: "As per the policy, the first three sub parts are answered. Kindly raise the question again for the…
Q: Price ($) 15 14 13 12 11 10 9 S 8 D 7 654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market…
A: We need to calculate the total economic surplus in a market if it is in a long term equilibrium. As…
Q: Suppose that Smith Co sells 15 coats for $69.00 per coat. Each coat costs $44.00 to produce, and…
A: Microeconomic firm theory investigates how businesses maximize profits through manufacturing,…
Q: The following table shows the demand curve and cost information for a firm that is a monopoly. Price…
A: A single seller in the market for goods is called a monopoly market. The marginal revenue is the…
Q: What type of output gap occurs when the economy is below full employment? The economy is below full…
A: Aggregate demand is the sum of consumption, investment, government spending and net export. AD = C +…
do fast.
Step by step
Solved in 5 steps with 18 images
- 4x + 500 10x +9 the number of plants sold per day when the price is x dollars per plant. A garden shop determines the demand function q = D(x) = (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is during early summer for tomato plants where q is M IrConsider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).In this problem, p is in dollars and q is the number of units.Suppose that the demand for a product is given by (p + 7) q + 6 = 1120. (a) Find the elasticity when p = $33. (Round your answer to two decimal places.)(b) Tell what type of elasticity this is. Demand is elastic.Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue. Revenue is unaffected by price.
- 2x + 500 A garden shop determines the demand function q =| D(x) = during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. 20x +9 (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is. (b) When x = 3, the elasticity is| (Simplify your answer. Type an integer or a fraction) (c) Fill in the blank below. At $3 per plant, a small increase in price will cause the total revenue toIn this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 69 - 300 at (9, p) = (25, 150). (b) How will a price increase affect total revenue? O Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. O Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is inelastic, an increase in price will increase the total revenue. Need Help? Read It Watch ItThe demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2
- 4x+200 A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is(c) Given the demand function P = -3Q² – 6Q + 96, (i) find elasticity when the price is $63. Is the demand elastic, unit elastic or inelastic? Hence, will the revenue increase or decrease if the price increases? (ii) If the price increase by 3%, calculate the corresponding percentage increase in demand.Price (dollars) 9. 7 10 14 18 22 26 30 Quantity (units per year) In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to A) 0.62. B) 0.40. C) 2.50. D) 1.00.
- Economics In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 6q = 180 at (q, p) = (15, 90).Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓Worldwide annual sales of smartphones over a two year period were approximately q=-4p+3020 million phones at a selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E E=_____ (b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand? E=_____ (c) The demand was going down by about _____% per 1% increase in the price at that price level. (d) use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $____ What would’ve been the resulting annual revenue? $____ billion