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a) what is optimal
b) What is optimal profit
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- Suppose you are given the following data on demand for a product. The price elasticity of demand (based on the midpoint formula) when price decreases from $8 to $6 is Price Quantity Demanded $ 10 30 9 40 8 50 7 60 6 70 Multiple Choice 0.86. 0.33. 1.14. 1.33.Demand for Corn Flakes is: P = 14 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a generic company enters the market, selling generic Corn Flakes for $4. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. When the generic corn flakes enter the market, Kellogg's will sell how many less boxes of their own cereal?Energy markets, such as the market for natural gas and electricity, have been known to be characterized by inelastic demand. However, recent research discussed in the August 25, 2022 issue of The Economist, indicates that while the responsiveness of quantity demanded in response to price changes indeed is “inelastic” (i.e., the absolute value of price elasticity of demand is still less than 1), the percentage change in quantity demanded in response to a change in price is much larger than earlier research indicated. Answer these narrative questions. No graphs are needed. What does “inelastic demand” formally mean? In addressing this part of the question, please make sure to explain the concept of the price elasticity of demand using a simple formula and by providing a short narrative. Policymakers are encouraging people to conserve energy in response to the growing energy crisis. Discuss the positives (pros) and negatives (cons) of providing subsidies to consumers in this situation…
- Suppose that the market for air travel between Chicago and Dallas isserved by just airlines, United and American. An economist has studied thismarket and has estimated that the demand curves for round-trip tickets foreach airline are as follows:QdU = 10,000 - 100PU + 99PA (United’s demand)QdA = 10,000 - 100PA + 99PU (American’s demand) where PU is the pricecharged by United, and PA is the price charged by American.a. Suppose that both American and United charge a price of $300 each for around-trip ticket between Chicago and Dallas. What is the price elasticityof demand for United flights between Chicago and Dallas?b. What is the market-level price elasticity of demand for air travel betweenChicago and Dallas when both airlines charge a price of $300? (Hint:Because United and American are the only two airlines serving theChicago–Dallas market, what is the equation for the total demand for airtravel between Chicago and Dallas, assuming that the airlines charge thesame price?)Jack sells 40 widgets when it charges a price of $40 per widget, and 10 widgets when it charges a price of $100 per widget. Assume the demand for widgets is linear. Write down the inverse demand function of Jack's customers.Demand for lift tickets at a popular ski resort is given by: where: Q=2,500 -0.25p+2Palt-4Plodging +0.005Y p = price of a lift ticket Q=quantity demanded = Palt price of a tropical vacation package = $750 Plodging price of ski resort lodging = $250 Y = consumer income = $60,000 The inverse demand curve for lift tickets as a function of the quantity of lift tickets demanded (Q) can be written p=
- Consider the demand function Q=500−4P −A2 −0.004Y2 where P is the price of the good, A is the alternative price of an alternative good, and Y is the income of the consumers. When P = 6, A = 6 and Y = 100, find the price elasticity of demand, the cross-price elasticity of demand and the income elasticity of demand.Demand for Corn Flakes is: P = 10 - Q Supply of Kellogg's Corn Flakes is: P = 2 + Q Now a generic company enters the market, selling generic Corn Flakes for $4. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. How many boxes of generic Corn Flakes will sell?Viking Publishing House observed that in the recent years books on nature conservation and climate change have been very popular. As a matter of fact, Jane Goodall's latest book, "The Book of Hope: A Survival Guide for an Endangered Planet" has been a best-seller and Viking estimates the following demand curve for the book: P= 150 -Q In this equation, P is the price of the book and Q denotes yearly sales in thousands of books. In other words, 20,000 books would be expressed as Q = 20. Viking estimates that it incurs a cost of $40 for printing and shipping of each book and pays a $10 royalty to Jane Goodall for each book sold. Calculate the profit-maximizing OUTPUT and PRICE for this book. Also, calculate the TOTAL а. PROFITS. Show all calculations. No calculations, no points. b. Viking's CEO, Mr. Brian Tart, receives a yearly bonus from the company based on the size of the total revenue generated by Jane Goodall's book. Mr. Tart believes that his bonus is going to be satisfactory only…
- Based on the estimates of Ghose and Han (2014), the demand function for mobile applications at Apple’s App Store is QA = 1.4p-2 and the demand function at Google Play is 1.4p-3.7, where the quantity is in millions of apps. What is the total demand function for apps? If the price for an app is $1, what is the equilibrium quantity demanded by Apple customers, Google customers, and all customers? (Hint: Look at the Application “Aggregating Corn Demand Curves.”)Suppose that as the price of an item increases by 10% and the quantity demand of a different item increases by 1% calculate the cross price electicity of demandHow price elasticity of demand is important in determining pricing strategies.