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Demonstrate that the elasticities for u = min (3x, y) obey Euler Homogeneity at pX= 2, pY= 2, m = 60. No diagram is required. Show your work.
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- The price elasticity of demand is given by E = where P and Q denote price and 20² quantity demanded, respectively. It is known that quantity demanded is 5 when the price is 5. Find an expression for the demand function.Explain the substantive differences between an elastic functions, a unit elastic function and an inelastic function?Define unit-elastic ?
- If the cross elasticity of demand between bread rolls and cheese is –3,0, this implies that thesegoods areWhen the price of a gallon of milk increases from $6 to $8, quantity demanded decreases to 27 gallons. Assuming the price elasticity of demand for milk is -0.3, what is the original quantity demanded? (assuming further that this is the point elasticity relative to the original point on the demand curve.) Please make sure you give a numerical answer with no units and/or space or period (.) or comma (,) before or after your answer. Enter your answer hereWhen is use of the arc elasticity concept valid as compared with the use of the point elasticity concept?
- In the nonlinear function Y = ax ZC, the parameter c measures Multiple Choice O O O the percent change in X for a 1 percent change in Z. None of these options are correct. the elasticity of Y with respect to Z. ΔΥ/ΔΖ.The demand function for a product is modeled by p = 400 − 2x, 0 ≤ x ≤ 200, where p is the price per unit (in dollars) and x is the number of units. Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) Determine when the demand is of unit elasticity.labeled graph for demand and supply ??=25−0.2? and ??=−5+?
- Consider the supply function for a kind of computer, namely p=10+0,5q. Determine the arc elasticity if the price increases from R1200 to R3200 . a. |ϵ|=1 , the supply is unit elastic. The 1% change in supply is equal to 1% change in price. b. |ϵ|=1 , the supply is unit inelastic. The 1% change in supply is equal to 1% change in price. c. |ϵ|=<1 , the demand is inelastic at this price. 1% increase (or decrease) in price will cause a 0,3% decrease (or increase) in demand. d. |ϵ|=<1 , the demand is elastic at this price. 1% increase (or decrease) in price will cause a 0,3% decrease (or increase) in demand.Can you explain why the answer is C (unitary elastic)?Concept of elasticity of demand and demand forecasting are variable tools for economic analysis .validate with rxamples
