The demand function for a certain kind of laptop is given by p = 600e-0.04x 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.

Consider the demand function for good1, Q1 = 2037 - 9P1 + 0.6000000000000001P2 - 0.75P3 + 0.07Y Where, price of good1 (P1) is 59, price of good2 (P2) is 255, price of good3 (P3) is 195, and income (Y) is 24425; (a) Find the price elasticity of demand (PED). (Give your answer to two decimal places) (b) Find the income elasticity of demand (YED). (Give your answer to two decimal places) c) Find the cross price elasticity of demand (XED) between good1 and good3. (Give your answer to east two decimal places) d) Estimate the percentage change in the demand for good1 resulting from a 4% decrease in the price of good2. (Give your answer to two decimal places, if required)

A microchip company is looking at new product lines and is reviewing the findings of its marketing team. The second product, a semiconductor microchip, has the elasticity of demand function: E(p)=√p^2-6p+5. If they set the price at $5.35 will the demand be elastic or inelastic? To increase the revenue should they raise the price or lower it?

Suppose the supply and demand curves for a particular product are given by: QS = -20 + 2P QD =100 - 2P where QS and QD are quantities in units and P is the price per unit. (b) Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.] [5]