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A: In period 1: Y = AKxL0.5100 = A*200x1000.5 Given A=1 100 = 200x*10200x = 10 x= 0.4346
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- Effect of Sales Tax Price (S per pack) 1.50 1.40 1.30 1.25 1.15 Quantity (Millions of pack) 3 4 5The table provides information for the quantity demanded of a product at different income levels. Calculate Income elasticity of demand. Interpret the results. Yearly Income Quantity demanded, units /year 30000 1200 36000 1100Time Income (Y) Quantity (Q) 2017 1500 35 2018 2000 25 Calculate income elasticity?
- Using the table below calculate the cross-price elasticity of flour with respect torice [4 marks]P1 P2 Q1 Q2Flour $9 $12 40 25Rice $4.45 $6.75 150 125DODODO DDO 41% 7:45 PM MSA assignme.. Q Assigument 2 1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 GHe 25.00 D 0. 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, Di. from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GHe 30.00 per gallon and the price is cut to GHe25.00 per gallon. calculate tihe change in total expenditure if the demand curve of thc individual is Di? What will be the change in total expenditure if demand is D2? 2. Discuss any four factors that would cause an increase in demand of petroleum engineering program in…what will happen to the equilibrium of mobile phones of government announces higher sales taxes on mobile phones?
- Price increases from Tk10 to 12 and the price elasticity of demand is -0.5. The quantity demanded was 500 units. What will it be now? I need all details. ANswer minimum 3 page6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50Price 0 E B D ₂ 52 S₁ 1 Quantity
- Follow up question regarding elasticities and taxes.Refer to the figure, Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S 10 20 30 40 50 60 70 80 90 100110 Quantity Toola DL 0 O Use the graph to show the area representing the deadweight loss, and then determine the deadweight loss created as a result of setting the price at $150. Instructions: Use the tool provided "DL to illustrate this area on the graph. Deadweight loss: $Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?
