Instruction: All answers should be numeric (numbers only, without letters, commas, spaces and currency symbols). Answers in items 1 and 2 are whole numbers. Round-off answers (to items 3 and 4) to 2 decimal places. Billy Jeans, Inc. is a manufacturer of quality denims for men. Their demand and supply equations for their low-rise jeans are given below: Qd = 35000 – 14P Qs %3D 5000 + P 1. Solve for P* 2. Solve for Q* 3. Last month, a competitor offered a 20 percent discount off their regular Php1800 price on their low-rise jeans which caused Billy Jeans' sales to decrease by 3000 units (from the Q*, computed in item 2). Calculate the arc cross-price elasticity of demand for Billy Jeans' low-rise denims for men. 4. In order to regain lost sales, Billy Jeans lowered their original price (from P*, computed in item 1) by 10 percent, increasing their sales from 4000 to 6000 units. Calculate the arc price elasticity of demand for Billy Jeans' low-rise denims for men.

I A consumer's Marshallian demand for y is given by gy(Pa, Py, I) = —— 3. The price of Py = good y is py 4 and the consumer's income is I = 15. What is ey,py, the consumer's own price elasticity of demand for y? (a) −15 (b) -5 (c) -5/12 (d) −1 (e) -15/16

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It has been determined that the cost of producing x units of a certain item is 8x + 365. The demand function is given by p = D(x) = 40 – 0.35x. %3D Step 1 of 2: Find the revenue function, Answer Keypad Keyboard Shortcuts R(x) =