Consider the inverse demand and supply for dates to be given by P = 30-3Qd and P= 6+Qs. The total surplus in this competitive market is where is due to producers.

For which product is the income elasticity most likely to be negative?  Group of answer choices 1. Bread 2. Rice 3. Used clothing 4. Cheerios cereal   A state government wants to increase the taxes on cigarettes to increase tax revenue. This tax would only be effective in raising new tax revenues (as well as causing the smallest impact in society's economic welfare) if the price elasticity of demand is:  Group of answer choices 1. Inelastic. 2. Perfectly elastic. 3. Elastic. 4. Unit elastic.

Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group. C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?

What is the cross price elasticity?

15

Carla consumes 10 juices per week when the price is $1.50 per unit. A reduction in this year's orange crop lead to 50% an increase in the price of juice. At the new price level Carla's weekly juice consumption cell to 6 units. calculate Carla's own-price elasticity of demand for juice.

Apple sells 10 million iPhones at $100 each. Apple increases the sale price to $200. Sales decreased to 9 million units. Calculate the product’s elasticity of demand then classify it as inelastic or elastic..

Typed plzzzzz And Asap

Define consumer behavior as it relates to patterns of consumption relative to utility, marginal utility, and law of diminishing marginal utility. How does the concept of price elasticity of demand & supply (“PED" &” PES”) relate to consumer choices and it’s influence on total revenue?

Quantity Demanded 45,000 37,000 Price of Strawberries (p) 5 10 20 26,000 30 20,000 40 15,000 50 10,000 1. Using the table above plot the information and draw the demand curve for strawberries 2. Use the graph to estimate the demand for strawberries if the price was: a) 15 b) 35 c) 60 3. If the producers were interesting in selling a set amount of produce rather than looking to revenue maximise, what should they charge to sell a) 23,000 b) 40,000 4. If the producers wanted to revenue maximise how many strawberries should they produce and at what price should they sell 5. Explain why the demand curve for strawberries slopes downwards?