4. Calculate demand functions with different intercept and draw on graph. Qd=1,400 – 10P Qdz = 1,700 – 10P Qds= 1,100 – 10P 160 140 Price Demand2 = Demands = 120 | 1,400 – 10P | 1,700 – 10P | 1,100 – 10P ]100 Demand = 20 80 40 60 60 80 100 40 120 140 160 20 400 500 600 700 900 1000 1100 1200

8) Price (€ per liter) 15 10 5 A) 0 B) 400 C) 1,000 D) 1,600 Don 1000 2000 3000 4000 5000 6000 Quantity (liters) Refer to the figure above. The total demand curve has the vertical intercept at and the horizontal intercept at Dom , and its slope A) 15.00 euros; 7,000 liters; changes at 10.00 euros B) 15.00 euros; 7,000 liters; changes at 8.12 euros C) 18.00 euros; 7,000 liters; is twice as steep as Sue's demand curve D) 10.00 euros; 7,000 liters; is half as steep as Carlos's demand curve 9) Refer to the figure above. If the price of gasoline is 12.00 euros per liter, the total quantity of gasoline demanded is liters.

6. A fast-food restaurant determines that each 10¢ inc «ase in the price of a hamburger results in 25 fewer hamburgers sold. The usual price for a hamburger is $5.00 and the restaurant sells 300 hamburgers each day. a) Write an equation to model the daily revenue for the restaurant. b) Find the optimal price for a hamburger. c) What is the optimal revenue?

Hans is a butcher in Washington. The following contains data on prices and weekly sales at his shop Good Beef Chicken Price 9.00/lbs $4.00/lbs Quantity 400 lbs 300 lbs ShS He estimates that the own price elasticity for beef is 2 and for chicken is .75. He also estimates that the cross price elasticity for chicken is .60. His current revenue from the sale of these two goods is making a total of $4800/week. In the spirit of the return to good times and outdoor grilling, he has decided to lower the price of beef for the summer, from $9.00 to $8.55. Overall, Hans can expect to take in dollars in revenue, given the information in this problem? (Revenue = Price x sales). Record your answer without a dollar sign and without a comma. Helpful Hint: In this problem, we are not changing the price of chicken.