Market demand is given as Qd = 750 – 2P. Market supply is given as Qs = 3P - 15. What is the point elasticity of demand at the equilibrium price, and if the firm could change its price, would the firm increase or decrease the price in order to increase total revenue? a. 5.80, the firm will decrease the price b. 0.69, the firm will decrease the price c. 0.69, the firm will increase the price d. 5.80, the

Find the elasticity of demand when 15 water bottles are sold.

If the price of Moonlight massage oil decreases from $3 to $2.50 and, as a result, total revenue of $6,000 does not change, what is the elasticity of demand? Multipie Choice 0.22 0.55 1. 1.2 1.67 Note:-      Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

If the price of product X increases from $10 to$12, the quantity demanded for gasoline (X) will fall from 100 to 82 and the quantity demanded for product Y also fall from 90 to 63 but the quantitydemanded for product Z will increases from 50 to76. a.What is price elasticity of demand for X?b.What is cross-price elasticity of demand for Ywith respect to price X? What are X and Y?c.What is cross-price elasticity of demand for Zwith respect to price X? What are X and Z?

For each of the following absolute values of price elasticity of demand, indicate where the demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or you need elastic. In addition, determine what happened to total revenue if a firm raised its price eight each elasticity range identified . ED=2.5 ED=1.0 ED=infinity  ED=0.8

Denzil's Fried Chicken estimates its demand function for Chicken Dinners to be (see image) a. Given current price and income variables, how many chicken dinners are sold each month? b. What is the income elasticity of demand? 

and the cost function of the second firm is , where are all positive parameters. The demand function in this industry is where α C(q₁) = A * qu C(92) = Bq₂ (A, B, a, ß) Q = Dp (D,y)

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c. Describe quantity and revenue responses to price changes when the price elasticity of demand (e) takes on the following values: (1) e = 0, (ii) 0 > e > -1, (iii) e = -1, (iv) e < -1

The demand function for product is p = -4q+400 and the average cost for producing q units 500 is c = 37q + 40 + where p= price, and q= quantity demand. 2 9 1. 2. 3. 4. Compute the point elasticity of demand and find the intervals where the demand is inelastic, elastic, and the price for which the demand is unit elastic. Find the quantity that maximizes the total revenue and the corresponding price. Interpret your result. Find the quantity that minimizes the average cost function and the corresponding price. Interpret your results. What are the quantity and the price that maximize the profit? What is the maximum profit? Interpret your result.