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- A TV channel has estimated the demand for its service to be givenby the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4whereQ = monthly sales in unitsP = price of the service in $A = promotional expenditure in $’000Y = average income of the market in $’000P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is$120,000, average income is $28,000, and the price of ‘homemovies’ is$45.Indicate whether the following statements are true or false, givingyour reasons and making the necessary corrections h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its price this will reduce its profit.Assume that a retailer sells 1000 six packs of Pepsi per day at at $3./6pk. You, as an economic analysis , estimate that the cross price elastcity between pepsi and coca cola is 0.4. If the retailer raises the price of coca cola by 10%, how would sales of pepsi be affected, ceteris paribus, whyPrice 4 6 8 10 Market demand 40 35 30 25 New market demand - - - - (i) Plot the market demand at each pricelevel on a graph paper and label the demandcurve as DI(ii)Derive the market demand function for good x(iii) Suppose the price of acomplement good has fallen and caused a rise in the demand for good X by 25% at each price level, fill in the new quantity for market demand at each price level fill in the new quantity for market demand at each price level.(iv) Based on part (iii) plot the new demand curve on the same graph as in part (i) and label it as D2
- The demand equation for a certain brand of pencil is 100y? + 9t2 = 3600 where (y) represents the number (in thousands) of ten-packs demanded each week when the unit price is $(t). How fast is the quantity demanded increasing when the unit price per ten-pack is $14 and the selling price is dropping at the rate of $0.15 per ten-pack per week?Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?The demand equation for a particular candy bar is px + x + 20p = 3000where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cent each week, find the rate of change in the demand.
- Use the price-demand equationp+0.001x=45, 0sps45. Find the elasticity of demand whenp%3$25. If the $25 price is decreased by 4%, what is the approximate percentage change in demand? The elasticity of demand whenp%3 25 is (Type an integer or a simplified fraction.) If the price is decreased by 4%, the demand approximately %. (Type an integer or a simplified fraction.) is increases by decreases byThe cross price elasticity of demand for fuel with respect to the price of transport (e.g., automobile travelincluding insurance, etc.) has been estimated to be -0.48. If the price of transport falls by 10 percent in aperiod, how will that affect the demand for fuel in that period, all other things unchanged?Due to a recession that lowered incomes, the 2008 market prices for last-minute rentals of U.S. beachfront properties were lower than usual. Suppose that the inverse demand function for renting a beachfront property in Ocean City, New Jersey, during the first week of August is Derive the equilibrium price, p, and the quantity, Q", in terms of Y. The equilibrium quantity, Q', ist p=1000-Q+= Y where Y is the median annual income of the people involved in this market, Q is quantity, and p is the rental price. The inverse supply function is Q Y 50 p= Q² = 10
- The estimated market demand for good Xis @-8,000-25P-0.12M-30Рg where is the estimated number of units of good X demanded, Pis the price of the good, M is income, and is the price of related good G. (All parameter estimates are statistically significant at the 1 percent level of significance.) a. Good Xis a(n) -- good and goods X and Gare b. At P= $12, M= $30,000, and = %3D $50, the predicted quantity demanded is units of good X.Assume we have the following demand curve: Qa = 60 – 4P, were Pis the price of the good and Qd is the quantity demanded of the good. Assume the price increases from $5 to $6. What is the price elasticity of demand for the good in the range of $5 to $6? Use the ARC elasticity formula to calculate the elasticity estimate. O -2.15 -0.58 O -1.26 O -1.07(20). Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd=190-2p. The government is trting to decide between two options: Maintain the number the number of quotas and let the market adjust , or maintain the price support and increase the number of quotas. suppose that the government decides to maintain the number of quotas and let the amrket adjust. calculate price observe in the market consumer surplus producer surplus deadweight (21). suppose now that the government decides to increase the number of quota available to 72 units but it keeps the price support at the current level at $72. calculate the consumer surplus the producer surplus the deadweight