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- Which of the following statements regarding price elasticity is incorrect? a. A product with a perfectly inelastic demand would have the same demand even as prices change. b. A product with a perfectly inelastic demand would see demand change as prices change. c. When demand is price elastic, lower prices stimulate demand. d. When demand is price elastic, higher prices reduce demand.Which of the following statements regarding price elasticity is incorrect? A product with a perfectly inelastic demand would have the same demand even as prices change. A product with a perfectly inelastic demand would see demand change as prices change. When demand is price elastic, lower prices stimulate demand. When demand is price elastic, higher prices reduce demand.Some agricultural price support systems have guaranteed farmers a minimum price for their output. Describe the program provisions as an option. What is the asset? The exercise price?
- What is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don't use chatgpt otherwise give 20 downvotes.A market demand function is given by the equation QD = 180 – 2P. Find the value of consumer surplus if price is equal to 65. Illustrate your demand curve and the area of consumer surplus. Identify the area of consumer surplus, the price at which demand is zero, the level of demand if price was zero and the slope (show calculation if required).Following an economic trough, the economy will often enter: Group of answer choices a. an expansion. b. a contraction. c. deflation. d. a peak. e. another trough.
- In Plant Design, one is required to compute for one time-independent and one time-dependent market indicator.Which of the following pairs will provide a better market analysis? A. Payback Period & Breakeven PointB. Capitalized Cost & Payback PeriodC. Discounted Payback Period & Annual WorthD. Inflation Rate & ROIWhat is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don'tChoose the letter/s of the correct answer/s. In Plant Design, one is required to compute for one time-independent and one time-dependent market indicator.Which of the following pairs will provide a better market analysis?A. Payback Period & Breakeven PointB. Capitalized Cost & Payback PeriodC. Discounted Payback Period & Annual WorthD. Inflation Rate & ROI
- Consider a product market with three consumers A, B and C with demand function PA = 6 – QA, PB = 6 – 2QB and PC = 12 – QC respectively, where P is the price in dollars and QA, QB and QC are the quantities demanded by Consumer A, B and C respectively. The marginal cost of the product is constant at $4. (i) If the product is public good, analyse the product and determine the optimal quantity of the product in the market.(ii) How will your answer be different if the product is a private good instead? (Hi there, may I requst for a detailed step by step explanation as i struggle with this topic. Thank you)Consider a product market with three consumers A, B and C with demand function PA = 6 – QA, PB = 6 – 2QB and PC = 12 – QC respectively, where P is the price in dollars and QA, QB and QC are the quantities demanded by Consumer A, B and C respectively. The marginal cost of the product is constant at $4. (i) If the product is public good, analyse the product and determine the optimal quantity of the product in the market.(ii) How will your answer be different if the product is a private good instead?Consider a market with the following supply and demand. (It may help to draw a graph for these questions.) P 5 6 7 8 9 10 11 12 13 14 QS 200 300 400 500 600 700 800 900 1000 1100 QD 800 750 700 650 600 550 500 450 400 35 For the questions assume that there is a $3 external COST. 1. Now imagine that they use tradable allowances. If they cap the quantity at 400 what would the value of these allowance be in the market? (Assume the market is perfectly competitive and that "one allowance" lets you produce one unit of the good.) 2. What will they be worth if the quantity is capped at 500? 3. What if it is capped at 700?