For the demand function p= 40 - 5x², match each of the points (0, 40) and (8,0) with statement (a) or (b). Explain your reasoning. (a) No one will buy the product at this price. (b) You cannot give more than this number away
Q: You have collected data for the 50 U.S. states and estimated the following relationship between the…
A: The unemployment rate means the percentage of people in the labor force who are unemployed.…
Q: 1.Emily and Joel Schumaker are married clients who have just been approved for a twenty-year,…
A: Cash flow is the net balance of money coming into and going out of a firm at a particular moment in…
Q: Eastman Publishing Company is considering publishing an electronic textbook about spreadsheet…
A: Given that; Estimated cost= $156,000 Variable price- $9 Price of book= $41 Demand is D=4000-6*p…
Q: Much of modern economic thought believes people to be, generally speaking, rational and…
A: Almost all the major economic theories are based upon assumptions which are necessary to hold them…
Q: 6. In Carfree Town the citizens can travel by bicycle or skateboard. Aluminium is an input to…
A: Substitutes are those goods which satisfy the same type of want and can be used in place of one…
Q: What is market equilibrium and does market equilibrium matter?
A: Disequilibrium macroeconomics is a habit of research focused on the role of disequilibrium in…
Q: In 1997, the economy of Aptonville had an aggregate demand and aggregate supply according to the…
A: Equilibrium Output is where Quantity Demanded is equal to Quantity Supplied. or, where Demand =…
Q: define Aggregate Demand, give a couple of examlples tied to todays current events (a couple…
A: A market, industry, or economy's aggregate demand is the sum of consumer demand for all final goods…
Q: The aggregate production function is Y = 2KL. There are 36 units of capital and 25 units of labor.…
A: The production function depicts the relationship between the inputs used by an entity and the total…
Q: Write a clearly positive economic statement referring to comparative advantage. Explain why is it a…
A: Positive economic statements are the ones which do not necessarily have to be true but they can be…
Q: Which of the following is consistent with the functions and responsibilities of the Bank of Japan?…
A: When talking about the Bank of Japan, it can be said that it is the Central Bank of Japan that is…
Q: Refer to Figure 8-6. What would happen to consumer surplus if the tax were imposed in this market?…
A: Equilibrium in the market occurs at the intersection of the demand and supply curves. Consumer…
Q: Multiple-choice questions each have four possible answers (a, b, c, d), one of which is correct.…
A: A distribution is called a discrete probability distribution, where the collection of outcomes is…
Q: Good A Good B 2015 Price $30 $100 2015 Quantity 900 192 2016 Price $31 $201 a) Compute nominal GDP…
A:
Q: If the price elasticity of demand for football tickets is estimated to be 4.5, then a 10 percent…
A: price elasticity estimates the responsiveness of the quantity demanded or provided of a decent to an…
Q: Identify which curve on the previous graph corresponds to each of the following descriptions. If the…
A: In short run, economy is in equilibrium when aggregate demand and short run aggregate supply are…
Q: 6. Consider an economy of three-period-lived people in overlapping gener- ations. Each individual is…
A: 3 period overlapping model refers to that population lives for the 3 periods The first period---…
Q: 16 hat conditions must a property satisfy to be considered depreciable? oose all the correct…
A: Depreciation: Depreciation is the decline in the value of the machine over time basically from wear…
Q: Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q…
A: Introduction: The equilibrium quantity exists at a level where the demand curve and supply curve…
Q: Sir Francis Galton, a cousin of James Darwin, examined the relationship between the height of…
A: We have given the regression equation where student's height is regressed on parents height.
Q: aiting times (in minutes) of customers in a bank where all customers enter a single waiting line and…
A: Mean is found out by dividing the sum of all observations by the number of observations.
Q: The table below shows your production function relating output per number of hired workers (assume…
A: We know that, Marginal product of labour can be calculated by change in total product divided by…
Q: define demand and supply, give a couple of examlples tied to todays current events (a couple…
A: The law of supply and demand joins two economic standards depicting how changes in the cost of an…
Q: Labor productivity is the term used for Select one: a. None of the answers are correct b. Total…
A: Real output per work hour, which is the unit used to determine labour productivity, is how growth in…
Q: Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q…
A: The quantity demanded is the number of units of the commodities that customers have ordered at a…
Q: Use the same scales to construct modified boxplots for the pulse rates of males and females from the…
A: Males pulse Rate 62 62 69 62 86 82 78 78 73 85 55 102 67 70 57 82…
Q: The owners if a small manufacturing concern have hired a vice president to tun the company with the…
A: compensation of VP = Salary + 0..75 of 1,50,000 + 10% of 150,000 The purchase price is 4.5 times of…
Q: Which of the following is a challenge of government setting a price floor? A risk of excess supply…
A: Price controls are imposed by the government for the welfare of people in the market. These price…
Q: d) On the graph given below, plot the following points showing the quantity and dollar amounts. •…
A: The difference in total production caused by adding one additional unit of labour is referred to as…
Q: What is the opportunity cost of taking this Intro to Microeconomics course at NYU? What is the…
A: In economic terms, cost can be classified as explicit and implicit cost. Explicit cost refers to the…
Q: You are going to buy a home, and will be taking out a home loan for $275,000. The loan will be a…
A: Introduction: Annual payment is the amount that will be paid or repay the loan amount. Since the…
Q: B1) Country A has 10 million workers and Country B has 20 million workers. Each worker in Country A…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 1. Suppose firms use two inputs, capital, K, and labour L to produce output. Their production…
A: The production function shows the relationship between the output and inputs. The change in the…
Q: We consider a game between two players, Alice and Bob. Alice chooses a number x (between -infinity…
A: There are two players: Alice and Bob. Strategies of each player: A number x∈ ( -∞, +∞) for Alice.…
Q: True/False A Well tested or widely accepted economic theory is often called an economic principle
A: The economic principles are those principles which satisfy unlimited consumer wants with very less…
Q: Refer to the information provided in Table 2 below to answer the questions that follow. All Figures…
A: Introduction: Planned investment is the investment that is predecided or the investment that has to…
Q: Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units…
A: # Total cost of purchase = total units purchased * cost per unit of purchase # Goods available for…
Q: Suppose an initial investment of $100 will remain $50/year fo r three years (assume the $50 is…
A: The profitability of an investment including a sequence of cash flows at various times is determined…
Q: Given the following economic information for Country A (in RM billion): Saving (S) = –500 +…
A: The IS-LM model, which stands for "investment-savings" (IS) and "liquidity preference-money supply"…
Q: Consider the following T-account for National City Bank: Assets Reserves $10,000 Loans $90,000 A)…
A: Reserve are the compulsory reserve which is taken out of deposit. Loan = Deposit - Required…
Q: The model of national economy is characterised by the following data: Household consumption…
A: C = 400+0.9DI Ig = 200 G = 250 T = 150 DI = Y -T
Q: Suppose that a market is described by the following supply and demand equations: Qs = 2P, Qd = 300 -…
A: In the free market, equilibrium price and quantity is determined by the forces of demand and supply…
Q: Assume that the relationship between test scores and the student-teacher ratio can be modeled as a…
A: We have relationships between the text score and student-teacher ratio and which can be modeled as a…
Q: Suppose demand is D and supply is S0. If a price floor of $12 is imposed, what is the resulting…
A: Price Ceiling A price ceiling is welfare computed opted by the governments to increment the welfare…
Q: Draw a diagram of the marginal abatement cost curve described by:
A: The marginal abatement cost refers to the change in the total abatement cost when a additional unit…
Q: 2. In the space below, insert the names for X and Y axis, graph LRAS and AD (Aggregate Demand) line,…
A: Equilibrium is where AD = LRAS AD = Aggregate demand LRAS = Long run aggregate supply When AD =…
Q: If a firm, wanting to maintain the same level of output and reduce costs is producing where MPL/MPK…
A: MRTS(marginal rate of technical substitution) is the slope of isoquant which is the ratio of…
Q: c) Estimation output is presented in Figure 4 below. Interpret the marginal effect of variable…
A: The marginal effect gives us an effect on the probability. In the probability scale, all effects are…
Q: The quantity equation states that the money supply divided by the velocity of money equals the price…
A: Quantity Theory of money states that relationship between the money supply and general price level.…
Q: Suppose there are three polluting sources with MAC1 = 100 - 4E, MAC2 = 80 - 2E and MAC3 = 60 -…
A: Three polluting sources are following: MAC1 = 100 - 4E MAC2 = 80 - 2E MAC3 = 60 - 0.5E…
Step by step
Solved in 2 steps
- a) The demand function for a product is p = 60 3-9/15) where q is the number of units and p is the price of one unit. At what price will the demand be 15 units? How many units will be demanded if the price is $41.60?The monthly demand function for a particular product is q=f(p)=2400-15p, where q is stated inunits and p is the price in dollars.i) Determine (a) the Revenue function, (b) concavity, (c) revenue at a price of $50, (d) atwhat price will the revenue be maximized, (e) graph the revenue function.ii) In general how we determine Maximum and minimum value of Quadratic function.What does concavity tell us about the function’s behaviour?the demand equation for a product is q=1.5p+600, where q is the number of a products that can be sold in a month and p is the price per product. (a) what price will produce the largest revenue? (b) what is the largest monthly revenue?
- Consider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).For a demand function Qaf (P), a change in price causes a change in the quantity demanded. There are other five (5) variables, enumerate and explain each variable influencing demand in the general demand function. These are fixed at specific values for a given demand equation.The demand x is the number of items that can be sold at a price of $p. For x = p" - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. The rate of change of the price p with respect to the demand x is
- The demand curve for a product is p = 60 - 0.0005q; where p is the price per unit, and q is the number of units demanded. How many units must be sold to achieve sales of $1,200,000?When 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 hereIn this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 69 - 300 at (9, p) = (25, 150). (b) How will a price increase affect total revenue? O Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. O Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is inelastic, an increase in price will increase the total revenue. Need Help? Read It Watch It
- Find the demand equation using the given information. (Let x be the number of items.) A company finds that it can sell 120 items at a price of $120 each and sell 160 items at a price of $100 each.Ricky has utility function u=x'y. This implies that MUx=2xy. MUy=x². His income is 100. The price of y is 10. (a) Find his demand for x at price 20. (b) Find his demand for x at price 30. (c) Write down his demand function for x: that is, write down his demand for x as a function of the price of x.When 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…