Suppose that the price of a ride is $12. Then Angela buys 8 rides a month. Suppose her demand curve is P = 40-2Q. Then how much is her consumer surplus in a month? (Note: 1) If your answer is a whole number, then there is no need to round to 2 decimal places. 2) If your answer is "200 dollars", please key in 200 directly without any units or dollar sign.)

Hello could you please answer this ? If the price of a room at the Exhilaration were to decrease by 10%, from $250 to $225, while all other demand factors remain at their inital values, the quantiy of rooms demanded at the Triple Sevens (Rises/Falls) from___rooms per night to ___rooms per night. Because the cross price elasticity of demand is (Positive/Negative), hotel rooms at the Triple Sevens and hotel rooms at Exhilaration are (Complements/Substitute)

Explain two factors that determine a buyer’s reservation price? No more than 3 lines

Problem Number 8 Economics: Elasticity of Demand for DVD Rentals. The demand for DVD rentals at Klix Video is given by q= D(x) = 120 - 20x, where q is the number of DVDs rented per day at x dollars per rental. Find each of the following. a) The elasticity as a function of x b) The elasticity at x = 2 and at x = c) The value of x for which E(x) = 1. Interpret the meaning of this price. d) The total-revenue function, R(x) = (x) D(x) e) The price x at which total revenue is a maximum 4. Interpret the meaning of these values of the elasticity.

You can drag and drop files here to add them. Consider the public policy aimed at smoking: (a) Suppose studies indicate that the price elasticity of demand for cigarettes is about 2. If the government is able to increase the price of a pack of cigarette from $2 to $3 (through may be, higher taxes), by what percentage will the consumption (demand) of cigarettes decrease? Please show all calculations. (b) Studies also find that the price elasticity of demand for cigarettes for higher income earners is more inelastic compared to that of those earning less income. Why might this be true? Please explain your answer I of U X2 x2 画 tv MacBook Pro

V surplus is the difference between the highest price a consumer is willing to and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area Do Quantity (per time period)

If you had been hired to advise your local public transit authority on how they could raise transitrevenues and you knew the elasticity of demand for transit rides, you would be able to give a goodanswer.Explain why above statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate.

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2. For a particular commodity, the supply and demands functions are given by S(q) = 2q, D(q) = √192-8q where q is thousands of units and p is the the price per unit in dollars. (a) What is the equilibrium quantity q* and price p*? (b) Calculate the consumer's surplus and interpret your result.

Problem 1 Mary has the following utility function: u(x, y) = I = 10 and the prices originally are p̟ = 1 and p, = 2 3 In(x) + 2y. Her income is given by %3D (a) What are Mary's marshallian demands? (b) How much of each good is Mary currently consuming? (c) What is the utility level that Mary can achieve? (d) Assume the price of r increases to p, = 3, find Mary's new levels of consumption. (e) Find the total, substitution and income effects for good r caused by the price change. Consider this price change a "large" price change (Apz = p, - Px = 3 – 1 = 2).