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- What is the market price? What is the profit-maximizing output? What is total revenue at the profit-maximizing output?a. Demand for good Q is estimated to be Q = 14 - P, where P is price. If the prices rises from P = $3 to P = $6, then the lost revenue due to the quantity effect is b. A firm selling a product Q faces a demand where Q = 24 - P, where P is price. If the firm lowers the price from P = $20 to P = $16, then the lost revenue due to the price effect isOptimal Price. Last week, Wally's Burgers, Inc. reduced the average price on the 1/2-pound Papa burger by 1%. In response, sales jumped by 2%.A. Calculate the point price elasticity of demand for Papa burgers.B. Calculate the optimal price for Papa burgers if marginal cost is $1 per unit.
- Refer to the graph shown. Which supply curve is inelastic? A None of the curves B CIf demand is flat, then Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b C d an increase in price will reduce total revenue, indicating little pricing power. an increase in price will increase total revenue, indicating little pricing power. a decrease in price will reduce total revenue, indicating a lot of pricing power. a decrease in price will have no effect on total revenue, indicating no pricing power. Your answerMicroEconomics Practice: Eric has a taco stand in downtown San Francisco. He wants to increase his total revenue. He knows that, when tacos are $1.00, he sells 20 an hour, and when he lowers the price to $0.75, he sells 25 an hour. (a) Calculate the price elasticity of demand for Jose's hotdogs using the midpoint formula. (show the formula and your calculations) (b) Is demand elastic or inelastic? How do you know? Explain your answer. (c) Using the price elasticity of demand calculated in section A, explain whether Eric should raise or lower the price to generate more revenue.
- Suppose you are the managing director of a firm that produces two goods: A and B. The priceelasticity of demand for good A is 0.75 and for good B it is 2.5. The firm is experiencing seriouscash flow problems and you have to increase total revenue as soon as possible. If you were ina position to set the price for these two goods, what would be your pricing strategy for eachproduct?George has been selling 8,000 T-shirts per month for $8.00. When he increased the price to $9.00, he sold only 7,000 T-shirts. Which of the following best approximates the price elasticity of demand? a. -0.5667 b. -1.02 c. -1.1333 d. -1.2467 Suppose George's marginal cost is $3 per shirt. Before the price change, George's initial price markup over marginal cost was approximately.__________ a. 0.625 b. 0.6875 c. 0.375 d. 0.5625 George's desired markup is____________ a. 0.8824 b. 0.7941 c. 1.3235 d. 0.9706 Since George's initial markup, or actual margin, was _______ than his desired margin, raising the price was_______A town of 2000 households constitutes a market for eggs. Current sales are 2400 dozen eggs per week at aprice of $1.25 per dozen. 1200 households living on the west side of the river buy 1600 dozen eggs and their elasticity of demands is -1.5. The remaining households live on the east side of the river, buy the rest of the eggs and have an elasticity of demand of -3. Calculate the elasticity of market curve for the town as a whole.
- George has been selling 8,000 T-shirts per month for $8.00. When he increased the price to $9.00, he sold only 7,000 T-shirts. Which of the following best approximates the price elasticity of demand? a. -0.5667 b. -1.02 c. -1.1333 d. -1.2467 Suppose George's marginal cost is $3 per shirt. Before the price change, George's initial price markup over marginal cost was approximately _________ George's desired markup is ___________ . Since George's initial markup, or actual margin, was ___________ than his desired margin, raising the price was _________ .Problem Discuss what factors lead to inelastic demand and supply curves. Are they likely to be found together in the same situation?what happens to the total revenue if the quantity of demand decrease?