First suppose the market demand for “cougar caps” is given by the equation:   Q = a1 + a2 * P - a3 * P2 + a4*I   where P is the price of cougar caps, I is income, Q is quantity of cougar caps and a1, a2, a3, a4 are positive constants.   What is the price elasticity of demand? What conditions need to hold for this to be an elastic demand? An inelastic demand? What is the income elasticity? What conditions are needed for this to be a normal good ? Inferior?

Consider the following demand function Qd=1000-4P2+6P*+5Y which describes how the demand Qd for a good depends on its price, P, the price P*of another good and income Y. Calculate the own-price elasticity, the cross price elasticity and income elasticity when P=10, P*=20 and Y=1000. Is demand elastic or inelastic? Are the goods complements or substitutes? Is demand normal?

The demand for hamburgers is given by Qd=10-p and the supply is Qs=4p-10, where pd and ps are, respectively the price paid by demanders and the price received by suppliers. A: Draw the demand and supply functions. What is the price-elasticity of demand? What is the price-elasticity of supply? B: Find the equilibrium quantity and price, and show them on the graph. C: Suppose due to the rising health awareness the demand decreases to Q d=5-p. Find the new equilibrium prices and quantity, and show them on the graph.  D: Suppose that the demand and supply are as before, i.e. Qd=10-p and Qs=4p-10, but now the government imposes a quantity tax on the suppler at the rate of 1 per unit of the quantity. What quantity will be sold and what price? E: In part d), what is the total amount of tax collected by the government? How this tax amount is divided between the demanders and supplier? Who pays more and why? Explain

Please check answer twice and explanation for all steps

What is the elasticity of demand for the demand curve Q = 10 – 5P when P=1?

A Demand curve is given by Q = 300 - 6 P What is the point elasticity of demand (Ed) at P = 40.09? Round to 2 decimal places

Given the demand function Qx= 97.7-2.5Px+3.1Py-2.1Qx, is the quantity demanded, Px is the price of the good itself in dollars, Py is the price of a related good in dollars, and Y is average income. If Px=$24.8, Py=$29, Y=$36, what is the point or own price elasticity of demand?