The coconut oil demand function (Buschena and Perloff, 1991) is Q = 1,200-9.5p+16.2pp +0.2Y, where Q is the quantity of coconut oil demanded in thousands of metric tons per year, p is the price of coconut oil in cents per pound, pp is the price of palm oil in cents per pound, and Y is the income of consumers. Assume that p is initially 45¢ per pound, p, is 31¢ per pound, and Q is 1,322 thousand metric tons per year. Calculate the income elasticity of demand for coconut oil. The income elasticity of demand for coconut oil is (Enter a numeric response using a real number rounded to three decimal places.)

Suppose consumers will demand 40 units of a product when the price is RM12.75 per unit and 25 units when the price is RM18.75 each. Find: The demand function. i) ii) 1) iv) Price per unit when 37 units are demanded Quantity (units) demanded when the price is RM20.00. The equilibrium point if the supply equation is p = q - 0.75

Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 1183-12p, p > 0 Let the market supply of widgets be given by: Q = S(p) = -5 + 10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. What is the total revenue at equilibrium? Please round your answer to the nearest integer

The market for gravel has the following demand and supply relationships: Supply function: Q = 100P - 1,000 Inverse demand function: P = 50 - 0.01*Q + PX, where P represents price of gravel per ton in dollars, Q represents sales of gravel per week in tons, and PX is the price of some other product X in dollars per unit. Let PX = $50/ton In a diagram, qualitatively describe the change that would occur in the market for gravel (i.e. equilibrium price and quantity) if a new discovery has just made the production of product X cheaper. Briefly explain whether it is a movement along or shift of demand curve and supply curve for gravel. In addition to the new discovery regarding product X in previous question), suppose now workers producing gravel ask for sick leave due to COVID. Use supply and demand analysis to predict how these two shocks will affect equilibrium price and sales. Illustrate your results in a diagram. Is there enough information to determine if market prices will rise or…

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?

Q3. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=2372−19p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−3+6p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price.What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the price elasticity of demand (include negative sign if negative)? Please round your answer to the nearest hundredth.What is the price elasticity of supply? Please round your answer to the nearest hundredth

The weekly demand function is given by p+x+4xp = 68, where x is the number of thousands of units demanded weekly and p is in dollars. If the price pis decreasing at a rate of 91 cents per week when the level of demand is 5000 units, which one of the following statements is true? Demand is decreasing at 1330 units per week Demand is decreasing at 1470 units per week Demand is increasing at 1470 units per week O Demand is increasing at 1400 units per week O Demand is decreasing at 1400 units per week

At a price of $2:29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7000 million bushels and the demand is 7500 million bushels (A) Find a price-supply equation of the form p mxb, where p is the price in dollars and x is the supply in milions of bushels (B) Find a price-demand equation of the form p mx +b, where p is the price in dollars and x is the demand in millions of bushels (C)Find the equilibrium point (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system. (A) The price-supply equation is p (Type an exact answer) -CTD

The demand functions for two products are given below. P1, P2, 91, and q2 are the prices (in dollars) and quantities for products 1 and 2. (91 12 = 1200-3p1 - 2p2 ༨༽q 900 4p1-2p2 What is the marginal demand of quantity 1 with respect to price 1? What is the marginal demand of quantity 1 with respect to price 2? What is the marginal demand of quantity 2 with respect to price 17 What is the marginal demand of quantity 2 with respect to price 2? Are these two products complementary goods or substitute goods? Select an answer

Q = a + bP + cM In the demand function above, Q is quantity demanded, P is the price of this good, and M is consumer income. The parameter, b, is the effect on Q of change in P: b ΔQ /ΔΡ Using this relationship for b, find an expression for the price elasticity of demand (E). Select one: O a. E = b(Q/P) O b. E = b(P/Q) %3D O c. E = b(AQ /AP) %3D O d. E = b + (P/Q)