The demand function for electric fans is as follows: • Qx = 100 – 0.5Px + 0.03I + 3Py where: • Qx = quantity demanded of electric fans • Px = average price of an electric fan • I = average income • Py = average price of an air conditioner Assume that the average price of an electric fan is $50, an air conditioner costs $400 and average income is $4,000. Determine or calculate the following: 1. The slope of the demand curve, 2. If air-conditioners are complimentary or substitutionary to electric fans with respect to the coefficient and, 3. If electric fans are a normal or inferior good with respect to the income coefficient.

The demand for organic carrot is given by the following equation Q0 = 75-5P + Pc + 21 where Po is the price of organic carrots, Pc is the price of conventional carrots, and I is the average consumer income. a. Derive the inverse demand function of organic carrots, which is a function of quantity demanded of organic carrots, price of conventional carrot, and average consumer income. b. Graph the demand curve for organic carrots when Pc = 5 and I = 10. Notice that you should denote what the each vertical and horizontal axis is, and the value of the slope and intercepts of the graph(curves). c. Following the demand function(curve) in (b.), what is the quantity demanded of organic carrot when Po = 5? What if P = 0? d. Following the demand function(curve) in (b.), what is the elasticity of demand of organic carrot when Po= 5? What if Po = 10? e. Now given the supply for organic carrot: Qos = 5Po Graph it with the demand curve in (b.), Find the equilibrium quantity Q and price P. f. Graph…

Find the demand function

Suppose that for your demand schedule for pizza is as follows:a)Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from$8 to $10 if(i)your income is $20,000(ii)your income is $24,000.b)Calculate your income elasticity of demand as your income increases from$20,000 to$24,000(i)the price is $12 and (ii) the price is $16

If the utility function for a consumer is defined by U=6X^3/5Y^2/5 Given that the consumer's income is 300 currency units and unit price of goods X and Y are 12 and 15 currency units respectively, calculate the equilibrium quantity of both goods. Compute the price elasticity of demand for both goods and interpret your results. If income and prices of the two goods increase by 50%, calculate the equilibrium quantities of both goods

The demand for hair dryers is described by the following function: P= 240-5Qd If the price is $185, what is the quantity demanded? If the price is $185, what is the total revenue? If the price is $175, what is the quantity demanded? If the price is $175, what is total revenue? Compute the price elasticity of demand at the average price of $180.

Can it be possible that for a particular product the demand curve is perfectly inelastic, regardless of price? Explain your answer in detail.

The inverse demand function for a product is defined as: Px = -0.5 Qx + 4. what is the slope and the midpoint elasticity of demand respectively? Hint: to calculate draw a table or draw the demand curve. O-0.5, -0.6 O-0.5, -0.5 O-0.5, +0.6 O-0.5, +0.5

Suppose that a large city has dozens of apartment complexes that are nearly identical in terms of size, age, and amenities. Assume the demand curve for an apartments at an individual complex is perfectly elastic. If the city places an excise tax on apartments, who will pay the tax? What will happen to the quantity demanded. Explain and show graphically. For graphical purposes, assume the supply of apartments is upward sloping.

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