The manager of a bicycle shop has found that, at a price (in Rands) of p(x) = 150 –x/4 per bicycle, x  bicycles will be sold . Answer the following: • Find an expression for the total revenue from the sale of x bicycles. (Hint: Revenue = Demand *Price. ) • Find the expression for the quantity to be sold q if the demand function demand is given by p = -10q + 3200 • What is the number of bicycles x, sold if the price is R40

Question #2 Consider the following demand function for frozen dinners where QD is the quantity of frozen dinners demanded per week, P is the price per frozen dinner, PF is the price per fast food meal, Y is the average yearly consumer income, and A is the number of advertisements for frozen dinners.    Demand Function for Frozen Dinners: QD = 1,000 – 10P + 20PF – 0.01Y + A         Suppose that a frozen dinner sells for $4, a fast food meal sells for $6, average yearly consumer income is $50,000, and that there are 20 advertisements for frozen dinners. Calculate and interpret the income elasticity of demand. Calculate and interpret the cross-price elasticity of demand with respect to fast food meals.

The coconut oil demand function (Buschena and Perloff, 1991) is Q= 1,200 - 9.5p + 16.2p, + 0.002Y, 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, p., is the price of palm oil in cents per pound, and Y is the income of consumers. Assume 50e per pound, p, is 31¢ per pound, and Q is 1,330 thousand metric tons per vear. 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.) tv Help Me Solve ATa ck Answ MacBook Air 80 DI DD esc F1 F2 F3 F5 F6 F7 F8 F9 F10 F11 F12 @ $ % & 1 2 3 4 5 6 7 8 9 { Q W E T Y U P tab A H K ..

Suppose you are given the following supply and demand equations for your company's product, executive fountain pens: Qd = 12,000 - 2P + 3Py - 5Pn - 2Pk + 4M + 3A Qs = 8,000 + 4,000P - 7Pm - 3Pw where:   Qd = quantity demanded of fountain pens Qs = quantity supplied of fountain pens P = price per unit of fountain pens Py = price per unit of pencils Pn = price per unit of notebooks Pk = price per bottle of ink M = consumer income A = number of units of advertising purchased by the company Pm = cost of purchasing materials (inputs) for fountain pens Pw = cost of hiring a worker (wage rate) a) given the signs of the coefficients in the demand equation, how does the demand for fountain pens react to each variable (i.e., substitutes, complements, normal good, inferior good)?   b) given the signs of the coefficients in the supply equation, how does the supply for fountain pens react to each variable?   c) suppose you are given the following data:   Py = $10 Pn = $15 Pk = $8 M = $20,000 A =…

Suppose the demand function for smart phones is given by Q(P) = AP¹-a 1-a where A> 0 and a > 1. Use calculus to show that the price elasticity is equal to 1 — a everywhere along the whole curve. (Hint: Recall that if f(x) = x³, then ƒ'(x) = ßxß-¹). Interpret this result.

Denzil's Fried Chicken estimates its demand function for Chicken Dinners to be (see image) a. Given current price and income variables, how many chicken dinners are sold each month? b. What is the income elasticity of demand? 

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

Please do not give solution in image formate thanku. The demand for airline travel is quite sensitive to price. Typically, there is an inverse relationship to between demand and price; when price decreases, demand increases and vice versa. One major airline has found that when the price (p) for a round trip between Chicago and Los Angeles is $600, the demand (D) is 500 passengers per day. When the price is reduced to $400, demand is 1,200 passengers per day. Use a data table to estimate the price that maximizes total revenue.

The demand functions for a pineapple is given by p=-0.10x+15.  a.) find the revenue function b.) how many pineapples will you sell when you are maximizing revenue? c.) what price gives the maximum revenue and what is the maximum revenue?

Q. Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the following linear specification: Q = a + bP + cM + dPR. Where Q is the number of cans of tennis balls sold quarterly, P is the wholesale price Wilpen charges for a can of tennis balls, M is the consumers’ average household income, and PR is the average price of tennis rackets. The regression results are as follows: a- Discuss the statistical significance of the parameter estimates a^, b^, c^, and d^ using the p-values. Are the signs of b^, c^, and d^ consistent with the theory of demand? Wilpen plans to charge a wholesale price of $1.65 per can. The average price of a tennis racket is $110, and consumers’ average household income is $24,600. b. What is the estimated number of cans of tennis balls demanded? c) At the values of P, M, and Pr given, what are the estimated values of the price (E^), income…