Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the price elasticity of demand for steel is -0.3 in Europe, what is an appropriate value for the price coefficient (b) in a linear demand function Q = a - bP?

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?

-0.06 The short-term demand for crude oil in Country A in 2008 can be approximated by q = f(p) = 1,952,082p where P represents the price of crude oil in dollars per barrel and q represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $62 per barrel. The elasticity of demand for oil is (Type an integer or a decimal.)

Problem 6. The respective demands for margarine (marg) and for meals away from home (mah) in the UK during the period 1920-1937, as functions of personal income r, were estimated to be Dmarg = Ar-0.165 and Dmah = Br2.39, for suitable constants A and B. Find and interpret the (Engel) elasticities of Dmarg and Dmah with respect to r.

The demand for office chairs in thousands is Q=40-2 P2 At a price of $2, the price elasticity of demand is: Selected Answer: -0.25.

The demand and supply functions for a product are: Qd = 600 - 4P1 + 2P2 Qs = 200 + 3P1 where Qd is the quantity demanded, Qs is the quantity supplied, P1 is the price of the product, and P2 is the price of a substitute product. Assume that P2 = $10. Find the equilibrium price and quantity, the price elasticity of demand, and the cross-price elasticity of demand with respect to the price of the substitute product I need the answer urgently