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- Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice."Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of£56 in February 2023. Many fans complained about receiving constant errormessages and being stuck in long on-line queues of more than 500,000 people. Inresponse to these negative comments a spokesperson for Ticketmaster, thecompany in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’." What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)c. Will Erin's total revenue rise if she increases the price from $90 to $110? d. Calculate the price elasticity of demand between $110 and $130.
- What term would an economist use to describe what happens when a shopper gets in good deal on a product?What would the gasoline price elasticity of supply mean to UPS or FedEx?12. What will happen to the market supply curve of gadgets if a new gadget producer enters the market? It will not change. It will become more elastic. There is insufficient data to determine. It will shift right at every price with more output supplied. It will shift left at every price with less output supplied.
- 1. The manager of a fleet of cars currently rents them out at the market price of $49 per day,with renters paying for their own gasoline and oil. In a front-page newspaper article, themanager learns that economists expect gasoline prices to rise dramatically over the nextyear, due to increased tensions in the Middle East. What should she expect to happen to theprice of the cars her company rents?1. Individual Problems 6-1 Xin has been selling 4,000 T-shirts per month for $7.50. When she increased the price to $9.50, she sold only 1,000 T-shirts. Which of the following best approximates the price elasticity of demand? -5.1 -3.06 -5.61 -4.59 Suppose Xin's marginal cost is $4 per shirt. Before the price change, Xin's initial price markup over marginal cost was approximately Since Xin's initial markup, or actual margin, was Xin's desired markup is than her desired margin, raising the price was1. List 10 new market demand that people need in their lifestyle.
- 3. Two companies simultaneously determine the effect of a price increase on their total revenues. One finds total revenue will fall, while the other finds total revenue will rise. Explain how this could occur in the case where they produce same good and have the same type of customers. 0.ffer e chye (or samrWhat is the profit maximizing combination of prices of vegetables sold double to $50? What is the profit maximizing combination of price the fruit sold decreased to $12?Explain how the demand curves for normal productsand to, prestige products differ. What are demandshifts and why are they important to marketetS? Howdo firms go about estimating demand? How can marketetS estimate the elasticity of demand?