The weekly demand for sobolo among the 2017 cohort of BSc Admin students at the UGBS is Qdx =50-4PX +0.5I +10Py -2Pz Where Qd x is the quantity demanded for sobolo PX is the price of sobolo per 1bottle I is the income of consumers in Ghana cedis Py and Pz are the prices of two goods that are related to sobolo a. Based on the demand function above, is sobolo a normal good or inferior good? Explain your answer. b. Based on the demand function above , what is the relationship between sobolo and good Y c. Based on the demand function above , what is the relationship between sobolo and good Z d. What is the equation of the demand for sobolo if consumer incomes areGHS30, the price of good Y is GHS 10 and the price of good Z is GHS 20? e. Graph the demand function for sobolo from d)

Based on the CEO's analysis, he reports to the Board that: *total revenue is unit elastic with respect to the number of locations. *total revenue is inelastic with respect to the number of locations. *total revenue is elastic with respect to the number of locations.

The weekly demand for Kelewele among the 2018 batch of MBA students at UPSA is Qdx = 900 – 10Px + 0.2I + 5Py – 4Pz Where Qdx is the quantity demanded of Kelewele Px is the price of Kelewele per lb I is the consumer income in Ghana Cedis Py and Pz are the prices of two goods that are related to Kelewele      Now suppose the weekly supply function for Kelewele at UPSA campus is QSx = -260 + 10Px – 2Pi Where QSx is the quantity supplied of Kelewele and Pi is the price of inputs used in preparing Kelewele Compute the equilibrium price and quantity of Kelewele. Suppose authorities at UPSA are concerned that Kelewele sellers at UPSA are exploiting students by charging exorbitant price for their Kelewele so they decree that no one should sell Kelewele above GHȼ 40 per lb                    a) What type of price control measure is this?                                                   b) Following the decree, will there be excess demand or excess supply of Kelewele at UPSA? Calculate the…

qD = 100 – 0.5p,  qS = 2p – 20 What is the price elasticity of demand? Classify and interpret it.

Market researchers estimate that the annual demand for ice cream in Gotham city is:    qi = (200,000Pp1/4)/ (Pi3/2Pb1/2) where qi is the quantity demanded for ice cream in scoops, Pp is the price serving of pudding, Pb is the price per serving of brownies, and Pi is the price per scoop of ice cream. a. What does the cross-price elasticity of demand equal between ice cream and brownies? b. What type of commodities are ice cream and brownies?

Could you please help me understand why the correct answer is what it is for each of these true/fase statments? I have tried this problem a couple times and I keep getting it incorrect. If you could show you you used your calculation solution to determine elasticity, that would be very helpful. Thanks!

Question 9 Suppose that the average income of a consumer named Wian decrease from R18000 to R12000. As a result, the quantity of product A demanded by Wian increases from 200 units to 280 units. Use the ARC (midpoint) formula to calculate and classify the income elasticity of demand for product A. Based on your answer in 9.1, name and define the type of product. 9.1. 9.2.

During a recent 30-day period, the Squish restaurant sold 600 Ocean Delights at a price of $6.45. During the next 30-day period, the price was increased to $6.95, and 400 Ocean Delights were sold. Calculate the price elasticity of demand, and indicate if demand is elastic or inelastic multiple question 1, elastic 4.125, elastic 4.125, inelastic 1, inelastic

consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently cost $5 and the government wants to reduce smoking by 20%, it should increase the price by what %? If the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be blank than the effect 3 months from now. Studies also find that teenagers have a higher price

Hula Products has reintroduced the hula hoop to the world and faces a growing demand for its product in two distinct markets: the United States and Europe. Demand in these markets is: PU = 20 - .1QU and PE = 10 - .05QE., where all quantities are expressed in thousands of units (i.e. QU = 50 means 50 thousand units). Hula can produce hoops at no cost. The maximum Hula can produce is 80 thousand hoops. How many should be sent to Europe (QE)? Enter as a value (answer should be between zero and 80).