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- The demand equation is as:- 30Q - 300 = P Calculate the equilibrium price if equilibrium quantity is 12The following estimates have been obtained for the market demand for cereal In Q= 9.01- 0.68 In P+0.75In A-1.3M, where Q is the quantity of cereal,P is the price of cereal,A is the level of adverstising, and M is income. Based on this information,determine the effect on the consumption of cereal of : a: A 5 percent reduction in the price of cereal. b: A 4 percent increase in income. c: A 20 percent reduction in cereal advertising.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 by
- The demand for stoves is given by QD=450−20� and the market supply isgiven by QS = 20 – 100Piii. Using the response in part (i), calculate the price elasticity of demandfor stoves when price changes to $10.Demand equation is:- Qd = 20P - 28 And supply equation is:- Qs = 10P + 12 Calculate the equilibrium level of price(c) The demand for watches is given by p = 7000 -2q dollars, and the supply of watches is given by p where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches. 0.01q? + 2q + 1000 dollars,
- The yearly demand for bags of Chinese fortune cookies on the European market is given by Price (in GBP per bag) Quantity supplied (in 100,000,000 units) 0.50 0.60 0.70 0.80 0.90 1.00 1.10 19 16.5 14 12 7.5 5 4 As a result of a shock to the demand side, the equilibrium price changes from £0.80 to £0.70 mln. Calculate the price elasticity of supply.QUESTION 3 Inthe demand equation is D(x) = 79 - 1.65x and the supply equation is S(x) =0.71x+21, find the equilibrium prce. QUESTION 4 If the demand equation for an item is D(x) = -2.2x + 510 and a supplier is willing to supply 90 items at $700 per item, or 120 items at $2100 per item, find the equilibrium quantity, assuming linear supply and demand models.Let (inverse) demand be Pb 104 - 3 Qb and (inverse) supply be Pv 19 + 2Qv. Consider the PRICE FLOOR (Phigh). how much will CONSUMERS purchase? Answer your answer Submit Demand opy $4120 100 $00 40 $20 15 Qutty Price
- Price 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 D2Demand and supply in a market are described by the equations:Qd = 66 - 3PQd = -4 + 2PCalculate the equilibrium P.demand is given by: qd=20-3p supply is given by: q=2+3p determine the equilibrium price and quantity