a. Initially, M $61,140 and PR - $6. Find the "reduced" demand equ b. Find the inverse demand function (in which P is a function of Qp). c. Initially, P $25 and F 22. Find the "reduced" supply equation. d. Find the inverse supply equation (in which P is a function of Qs). e. Will a price of $600 cause a shortage or surplus? How much?
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- The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20SMART WATCH HAS CREATED A NEW DIMENSION IN THE MARKET OF WRIST WATCH. THE DEMAND SCHEDULE OF SMART WATCHES CAN BE REPRESENTED USING THE EQUATION Qd=300-50p. the supply schedule of smart watches can be represented using the the equation: Qs=-100+150P SOLVE THIS QSTN FOR ME :) THANKS IN ADVANCEQ4 The demand function and supply function for a good in the market are as follows: Q =140 – 10P Q, = 20 +10P where: Qa = Quantity demanded (units) O, = Quantity supplied (units) P = Price (RM) %3D (a) Given the price of an item as in Table Q4(a), find the quantity demanded (in units) and quantity supplied (in units) Table Q4 (a) Price (RM) Price (RM) 1 7 4 9 10 (b) Determine the market equilibrium price and quantity (c) Why is the price of RM4 not the equilibrium price? (d) Using your answer in (a), draw a graph and determine the market equilibrium price/point.
- Name: DEMAND IN-CLASS WORKSHEET 3 Course: This question examines the market for apples. You will identify a demand curve in the presence of a related good, like a substitute or complement, and demonstrate how the price of the related good shifts the demand curve you identified. The demand for apples is given as: Qd = 10-PA + 0.5 PB, (600) Section: Price where Q is the quantity demanded of apples, PA is the per-pound price of an apple, and PB is the per-pound price of a banana. Q = Quantity demanded for apples PA= Per pound prize of an apple P8 = Per pound prize banana Task 1: Suppose that the price of a pound of bananas is PB = $6.00. What is the demand curve function for apples when PB = $6.00? ad = 10-PA+ 0.5 (6.00) @d=10-PA+3 1-3 ad = 7 - PA Task 2: In the space below, in black ink, sketch out the demand curve for pounds of apples when the price of a pound of bananas is $6.00. Remember to place "Quantity of Apples Demanded (pounds)" on the horizontal axis and "Price (dollars)" on…Q2 The demand and supply function for a good in the market are as follows: Q = 60 – 5P Q, =10P where: Q = Quantity demanded (units) Q, = Quantity supplied (units) P = Price (RM) (a) Given the price of an item as in Table Q2(a), find the quantity demanded (in units= and quantity supplied (in units) Table Q2 (a) Price (RM) 1 2 3 4 5 (b) Draw the demand and supply curves. (c) Determine the value of price and equilibrium quantity. (d) Calculate the value of price elasticity of demand at the point of equilibrium. (e) Explain what is inflation and give TWO (2) causes of the inflation.The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 166 131 $31 146 181 $43 Use this information to find the following. (a) points on the demand linear equation (x, p) (smaller x-value) (х, р) %3 (larger x-value) points on the supply linear equation (х, р) (smaller x-value) (x, p) = ( ) (larger x-value) (b) the demand equation p = (c) the supply equation p (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity is
- Explain the following demand determinants: (1) Income (2) Price of related goods and services (3) Taste or preferences of consumers (4) Size of Population (5) Expected Price of the Product in the future periodsThink about the market for chocolate bars. Market research has revealed the demand and supply equations as follows: QD 1600- 200P Qs = 100+ 100P Where, P is the price in £ (UK pounds), QD and Qs are quantity demanded and supplied for the product, respectively. C) Compute the price elasticity of demand between the price of £3 and £4. Use the mid-point (arc) method (use 2 decimal places). D) If the market price is now at £3, should a chocolate bar firm increase its price to increase its total revenue? Explain why or why not.Question 05 The figure below shows the supply and demand of two related markets: eggs and omelets. Price Market for Omelets Market for Eggs Price 9₁ D₁ Market for Peanut Butter 9,4 Quantity Which story is consistent with the shifts and changes depicted in the figure? (a) A new, widely read medical study suggested eggs are healthier than previously thought. (b) A new, widely watched cooking show, aired a special episode dedicated to omelet recipes. (c) Changes in agricultural policy increased the price of egg-laying hens for farmers. (d) Changes in consumer income increased the prices of both eggs and omelets. Quantity Question 06 The figure below shows the supply and demand in the market for peanut butter, which is related to the market for jelly in the US. Price Quantity Which story is consistent with the shift and changes depicted in the figure? (a) Changes in production costs decreased the prices of both peanut butter and jelly. (b) There was a negative shock (left shift) in the…
- A travel company has hired a management consulting company to analyze demand in 26 regional markets for one of its major products: a guided tour to a particular country. The equation for the quantity demanded is Q = 1500 – 4p + 5A + 10I + 3Px Where . Determine the simplified demand function for this product using the following data. (Provide procedure) P = $400, A = $20,000, I = $15,000, Px = $500(a) Given the quadratic supply and demand functions, determine the equilibrium price and quantity. P = Q2S + 2QS + 12 P = -Q2D - 4QD +68When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…