PRICE (Dollars per unit) 2 20 18 S R 16 14 14 12 10 W 8 > Z R S P 0 +> 0 2 4 6 8 10 12 14 16 18 20 QUANTITY (Units) Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points V and X, curve QQ is inelastic. Curve QQ is more elastic between points V and X than curve RR is between points V and Y. Between points V and Z, curve SS is perfectly inelastic. True False О О C C
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- Suppose the demand function for product X is estimated by the equation: QDX= -2PX + 0,5PY - 0,2PZ + 1,2I. In there:QDX is the quantity demanded of product XPX is the price of product XPY is the price of product YPZ is the price of product ZI is the average income of consumersa/ Please make an argument to determine the relationship between two products X and Y, X and Z.b/ Please make an argument to determine whether product X is an ordinary good or a low-end goodSuppose the average age of Stanford Alumni increased at the same time the smaller stadium was built and the income elasticity of ticket sales is .5 Group of answer choices Tickets are an inferior good. If income increases with age, it is more likely the smaller stadium will increase total revenue because any increase in ticket revenue from the increase in prices will be reinforced by an increase in ticket sales from the higher income of Stanford Alumni. If income increases with age, it is less likely the smaller stadium will increase total revenue because any increase in ticket revenue from the increase in prices will be offset by a decrease in ticket sales from the higher income of Stanford Alumni.1. Demonstrate that ɛ = Ex,l + Ex,k Note that: aA /\ = Ək / k = Əl / 1 And Ex.l is the elasticity product of the factor l. Similar for the factor k. 2. Find the o of: (with the process) %3D x (L, K) = aLP + bKP)ɛ/p If p<1 and a = 1; b = 1 %3D
- Suppose Government of Pakistan wants to put a curb on public smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs Rs.175 and the government wants to reduce smoking by 30 percent, by how much should it increase the price? Kindly type only percentage change in the box given below. Do not use percentage sign in the box. Also, do not use any plus or minus sign in the box.5. 24.A large Coca-Cola vendor recently hired some economic analysts to assess the effect of a price increase in its 16-ounce bottles from $1.00 to $2.00. The analysts determined that, on average, the vendor's customers spend about $15.00 on soda (Coke and all other brands) each week, and the average price for other 16- ounce soda bottles is $1.00. The analysts also utilized some focus groups to determine the preferences of the vendor's customers. They used this analysis to build the following graph: Bottles of Budget line with price of $1.00 Other Soda Budget line with price of $2.00 Bottles of Coke Suppose Xo = 9 and X1 = 7. Should the vendor expect to sell 7, more than 7, or less than 7 bottles of Coke after raising the price to $2.00 if Coke is a normal good?When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
- Suppose that when the price of peanut butter falls from $3 to $2 per jar, the quantity of jelly purchased falls from 15 million jars to 10 million jars. The cross-price elasticity of demand between peanut butter and jelly using the mid-point method. .................... Therefore, the goods are........ (A) -1; complements (B) 1; substitutes Ⓒ1; complements D) -1; substitutesIf Andrew would like to buy slippers, He has to check the prices and the number of quantities that will fit to his financial capabilities. If at a price of P220 he can buy 3 slippers, however if he will be given a discount of P50, he would like to buy 5 slippers. Show the value of E using the Price elasticity formula and identify the kinds of E. Let's see of his capabilities be translated based on his income of P8,000 and an increase of 20% with the same number of slippers. What do you think of his ey and what kind of goods he is capable of buying? On the other hand if changes in price would be interpreted by looking at its cross relationship with same price original and a 35% increase in price due to inflation, but still Andrew, considered the same number of quantities since its Christmas season..If the supply and demand functions for a commodity are 100 + 2(4+ Pa = - (Q.) P₁ = (Q + 2)² E plot each function on the same graph Estimate the quarum price and quarty aigebraicaty and graphicaly w▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪ ‒‒‒‒‒‒‒‒‒‒‒‒wwwwwwwww
- Compute a slope and elasticity of a line, which goes through coordinate points (2,7) and (4,1). Illustrate your results by a graph of this function. Provide a written interpretation of your resultsProducers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?> Why might your initial elasticity (PED) and (PES) calculations be unreliable?