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- When the U.S. government announced that a domestic mad cow was found in December 2003, analystsestimated that domestic supplies would increase inthe short run by 10.4% as many other countriesbarred U.S. beef. An estimate of the price elasticity of beef demand is (Henderson, 2003).Assuming that only the domestic supply curveshifted, how much would you expect the price tochange? (Hint: See the discussion of price flexibilityin the application “The Big Freeze.”)Answer b and c Road Runner Co is a Pakistani manufacturer making Bicycles. It exports to two markets,Bangladesh and Sri Lanka. Demand for Bicycles in thesetwo markets is given by the following Functions: Bangladesh Q1 = 12 – P1 Sri Lanka Q2 = 8 – P2 Where Q1 and Q2 are respective quantities sold (in thousands) andP1 and P2 are the respective prices (in Pak. Rupees per unit) in the two markets. Total cost function is C = 5 + 2 (Q1+ Q2) a. Determine the company’s total profit function. Also, (i) What are the profit maximizing levels of price and output for the two markets? (ii) Calculate the marginal revenues in each market. b. Now consider two cases: (i) Company is effectively able to price discriminate in thetwo markets. What will be the total profits? (ii) Suppose the company does not engage in price discrimination. By charging thesameprice in the two markets what are the profit maximizing levels of price,output, and the total profits? c. Analyze,…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
- Mari and Tess are shopping for a cellphone accessories. Mari's demand function is Qx 500 - 5P while Tess demand function is Qx 200 - 3P. If the price is Php50, what will be their combined demand? *10 Demand QUANTITY (Units) For each of the regions listed in the following table, use the midpolinit method to identify if the demand for this good is elastic, (approxin elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between Y and Z Between W and X Between X and Y True or False: The value of the price elasticity of demand is equal to the slope of the demand curve. True O False PRICE (Dolars per unitSuppose that a product p and demand x are related through the price-demand equation 40p + x = 5, 000. Calculate the elasticity of demand when p = 10. Which of the following statements are true? Select all that apply Select all that apply: O At p = 10 revenue decreases with respect to price. O At p = 10 revenue increases with respect to price O At p = = 10 the demand is inelastic. O At p = 10 the demand is elastic.
- The table below shows two demand schedules for a given style of men’s shoes—that is, how many pairs per month will be demanded at various prices at a men’s clothing store in Winnipeg called Stromnord. Price D1QuantityDemanded D2QuantityDemanded $85 53 13 80 60 15 75 68 18 70 77 22 65 87 27 Suppose that Stromnord has exactly 55 pairs of this style of shoe in inventory at the start of the month of July and will not receive any more pairs of this style until at least August 1. a. If demand is D1, what is the lowest price that Stromnord can charge so that it will not run out of this model of shoe in the month of July? What if demand is D2? If demand is D1, the lowest price Stromnord can charge is $ .If demand is D2, the lowest price Stromnord can charge is $ . b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D1 in August, how many pairs of shoes should Stromnord order for August if it wants to end the month of August…In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by 2p²q = 10,000 + 5000p2. (a) Find the elasticity when p $50 and q = 2502. (Round your answer %3D (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. Demand is unitary elastic. Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? An increase in price decreases revenue. An increase in price increases revenue. Revenue is unaffected by price.The manager of the Sell-Rite drug store accidentally mismarked a shipment of 20- pound bags of charcoal at $3.15 instead of the regular price of $4.25. In a week, a total of 180 bags of charcoal was sold. The store normally sells an average of 120 bags per week. What is the store’s arc elasticity of demand for charcoal? Also make an economic interpretation of the elasticity figure.
- The elasticity of resource demand is calculated as: % Chage in resource quantjty/% Change in resource price If a calculation of Resource Demand Elasticity returns a quotient that is less than 1, then O Resource demand elasticity is relatively elastic, indicating there is a lack of resource substitutability O Resource demand elasticity is relatively elastic, indicating there is an ease of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is a lack of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is an ease of resource substitutabilityThe Future Flight Corporation manufactures a variety of Frisbees selling for $2.98 each. Sales have averaged 10,000 units per month during the last year. Recently Future Flight's closest competitor, Soaring Free Company, cut its prices on similar Frisbees from $3.49 to $2.59. Future Flight noticed that its sales declined to 8,000 units per month after the price cut. a. What is the arc cross elasticity of demand between Future Flight's and Soaring Free's Frisbees? b. If Future Flight knows the arc price elasticity of demand for its Frisbees is -2.2, what price would they have to charge to obtain the same level of sales as before Soaring Free's price cut?Suppose that the demand function for a product is given by the equation: pq + 16p + 104q = 51690 where p represents the price in dollars per unit and q represents quantity demand in units. a. Implicitly derive the equation above to find the instantaneous rate of change of quantity with respect to price. REMEMBER THE PRODUCT RULE! dq dp b. Write the formulation for price elasticity of demand, n, based on your answer above as a function of and q. c. Evaluate the price elasticity of demand when p = $155 and q = 190. Round your answer to the fourth decimal place. N$155,190 = d. What type of demand do you have in this market? inelastic elastic ||