Suppose that the demand and supply functions for good x are given as follows: Q-120-2P, +1+P, and Q=-30+P-21+3-2f where P, denotes the price of good x, P, denotes the price of a related product y. I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. Suppose also that exogenous variables are given as follows: Income (1)-450, Price of the related product (P)-30, txx (1)-24, subsidy (s)-15 and factor prices (1)-36. What is the cross price elasticity of demand at the equilibrium? -0.27 and thus products x and y are complements. 0.27 and thus products x and y are substitutes. -0.23 and thus products x and y are complements. 0.23 and thus products x and y are substitutes.

Suppose the makers of PEZ candies have decided to test market a new dispenser with red, white, and blue candies. The PREZ dispenser (as it will be called in 2024) bearing the likeness of each political party's presidential candy-date is estimated to have a market demand given by: 5Q = 3000 - 200p where p is expressed in dollars per dispenser and Q is expressed in thousands of dispensers sold per week. a. If p= $6 per PREZ dispenser, how many PREZ dispensers will be sold that week? Less than a thousand? b. If p = $6 per PREZ dispenser, what will be the price elasticity of demand? PLEZ show your work. c. If the objective is to maximize revenue, how much would you recommend the company charge per PREZ dispenser?

There are many possible ways to limit the number of cabs in a city. The most common method is an explicit quota using a medallion that is kept forever and can be resold. One alternative is to charge a high license fee each year, which is equivalent to the city’s issuing a medallion or license that lasts only a year. A third option is to charge a daily tax on taxicabs. Using figures, compare and contrast the equilibrium under each of these approaches. Discuss who wins and who loses from each plan, considering consumers, drivers, the city, and (if relevant) medallion owners.  

The demand for haddock has been estimated as: log(Q)=a+b log(P)+c log(I)+d log(Pm)log⁡�=�+b log⁡�+c log⁡�+d log⁡��   where Q� = quantity of haddock sold in New England P� = price per pound of haddock I� = a measure of personal income in the New England region Pm�� = an index of the price of meat Suppose b=−1.559�=−1.559, c=0.567�=0.567, and d=1.909�=1.909. What is the price elasticity of demand? -1.559   0.567   1.909   -2.750     What is the income elasticity of demand? 0.567   0.297   1.909   -1.559     What is the cross price elasticity of demand? -1.559   1.909   3.367   0.567     According to the estimated model, the demand for haddock is    with respect to price.   Suppose disposable income is expected to increase by 5 percent next year. Assuming all other factors remain constant, the quantity of haddock demanded next year will    by    percent.

Suppose that the demand and supply functions for good x are given as follows: 0 = 240- 2P, + 1 – P, and Q =-30+ P, – 2t +s- 2f where P, denotes the price of good x. P, denotes the price of a related %3D product y, I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. Suppose also that exogenous variables are given as follows: Income (I) 450, Price of the related product (P,)= 30, tax (t)=24, subsidy (s)-15 and factor prices (f)-36. What are the equilībrium price and output values. respectively? 100, 240 130, 265 265, 130 240, 100

Paper cups are popular items for schools and are produced in the market. There are equations for the Supply and Inverse Demand of paper cups that model its Supply and Demand graph. These equations are (for supply), P = 2 + 3Qs, and (for Inverse Demand), P = 12 - 2Qd. Likewise, paper cups are inexpensive and not very helpful for companies trying to achieve high profits. As a result, the government placed a price support of $9. (Part I) Draw the market equilibrium with the government intervention (Q**, P**) of the price ceiling. Please label the graph for slopes, equilibrium points, price support, etc. (Part II) What is the market equilibrium with the intervention of the government (Q**, P**)? (Part III) What is the government surplus (GS**)? (Part IV) What is the Dead Weight Loss (DWL**)?

Suppose that the demand and supply functions for good x are given as follows: Q = 240-2P, +1-P, and Q - -30+ P-21 +8-25 where P, denotes the price of good x. P, denotes the price of a related product y, I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices What is the equilibrium quantity of x as a function of exogenous variables P, .I. t. s and f eqb Qeqb Qeq = 60 + = 90 + = 1+Py-4t+2s-4f 3 90+ 1-Py-4t+2s-4f 3 eqb Qx = 60 + 1-Py-4t+2s-4f 3 1+Py+4t+2s-4/ 3

In 2014, the Spanish government passed a law to change a regulation, known as the "Beckham law", on foreign athletes. This new law will require foreign professional athletes to pay the standard Spanish tax rate of 52 percent on earnings of more than 300,000 euros, up from the 24 percent rate they had been paying since 2005. For top-quality players, the elasticity of migration under the Beckham law was estimated to be 1.80 based on the average annual tax rate. Using this estimate of elasticity, the migration of top quality players to Spain should decrease by%. Round your response to the nearest two decimal places.

Suppose that a certain product has the following demand and supply functions. Demand: Supply: p = -0.049 + 45 0.049 + 20 p = A $5 tax per item is levied. Determine the supply function when tax is added. p = Find the market equilibrium point after the tax. C (q, p) = =

An estimate of the demand function for household furniture produced the following results: F = 0.0036 Y¹.08 R0.16 p(-0.48) where F = furniture expenditures per household Y = disposable personal income per household R = value of private residential construction per household P = ratio of the furniture price index to the consumer price index The point price elasticity for household furniture is r² = 0.996 and the income elasticity is According to the estimated model, a 10 percent increase in the value of private residential construction per household demanded by percent. the quantity