suppose there is a market demand for coffee that express with the function Qd=252-4p and at the same time the supply of coffee is perfectly inelastic Qs=172, therefore farmers cannot change the supply quanitiy in the shortrun. so make a graph and calculate 1)consumer surplus, 2)the own-price elasticity of demand at $40/unit, and 3)the reservation price of consumers where demand elasticity equal 0.189.

The demand function for a certain brand of DVD is given by p = = -0.001x? – 0.2x + 8 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the mar- ket price is set at $18 per disc.

Consumers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.3x + 19 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus (in dollars) if the market price is set at $9/disc. (Round your answer to two decimal places.) $

The demand function for a certain kind of laptop is given by -0.04x p = 600e where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded each month. (a) Find the number of laptops demanded per month of the unit price is set at $500 per laptop. (b) Use the results of part (a) to find the consumers' surplus if the selling price is set at $500 per laptop.

Suppose a market has the demand function QD =12 - 0.6P Using the midpoint method, what is the price elasticity of demand between $10 and $20 (calculate your answers up to two decimal points, such as 2.0, 2.01, 2.10    Please do not use fractions or percentages.  For example, do not write 22%, write as 0.22 instead) for p1=$10, q1=  for p2=$20,  q2=  percentage change of price =  percentage change of quantity=  price elasticity of demand =

Imagine you work as an economist for a particular airline (A).  Your job entails estimating the passenger demand for airline travel provided by A.  Accordingly, you estimate the following:   Price elasticity of demand for A’s service = 3 Cross elasticity of demand for A’s service (with respect to airline B’s price) = 2 Income elasticity of demand for A’s service = 1   Making sure to show all of your work, if consumer income falls by 5% (due to a recession), and at the same time airline B lowers its price by 10%, all else equal, what would you specifically recommend A due to its price to maintain its quantity of passengers (i.e., lower or raise its price and by what percent)?  Hint:  Elasticities are ratios of percentage changes.

Suppose that you are a staff economist with an economic consulting firm. The operator of a local harbour has commissioned your firm to do a market analysis of the demand for berths (parking spaces) for boats. Your firm finds that the price elasticity of demand for berths is –0.8. If the price of a berth in the area decreases by 6%, how will the quantity of berths that people demand change? The number of berths demanded will: Increase by 0.8% Decrease by 7.5% Increase by 6% Increase by 4.8%

Calculate the elasticity of demand, if the demand function is Q=160-8p + 32Y, at the point where p = 14 and Q = 10. The elasticity of demand is ε = -11.2. (Enter your response rounded to one decimal place and include a minus sign.) Calculate the elasticity of demand, if the demand function is The elasticity of demand is ε = . (Enter your response rounded to one decimal place and include a minus sign.) Q=12p-².

In a particular market, demand and supply curves are defined by the following equations:QD = 300 – 20P,QS = -540 + 40P,where P is the price per unit in pounds.   A) At the equilibrium point, what is the elasticity of demand? B) If the price is £12, what is the elasticity of demand?

A good with no close substitutes is predicted to have relatively inelastic demand, since consumers cannot easily switch to a substitute good if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the most elastic demand? The price elasticity of demand for a good also depends on how the good is defined. Self-driving cars Access to medicine for individuals with chronic illnesses Using the following table, organize the goods by indicating which you predict to have the most elastic demand, the least elastic demand, and the elasticity of demand that falls somewhere in between. Categories Most Elastic In Between Least Elastic O O Food Produce Strawberries O The price elasticity of demand of a good is also impacted by the defined time horizon. All else equal, the demand for natural gas will tend to be less…