Consider the following demand and supply schedules and specify the inverse demand and supply functions: Price Quantity Demanded Quantity Supplied $4 12 12 $8 10 28
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- If a decrease in the price of movie tickets increases the total revenue of movie theaters, this is evidence that demand is a. price elastic. b. price inelastic. c. unit elastic with respect to price. d. perfectly inelastic.Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?The demand equation for a particular candy bar is px + x + 20p = 3000where 1000x candy bars are demanded per week when p cents is the price per bar. If the current price of the candy is 49 cents per bar and the price per bar is increasing at the rate of 0.2 cent each week, find the rate of change in the demand.
- A TV channel has estimated the demand for its service to be givenby the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4whereQ = monthly sales in unitsP = price of the service in $A = promotional expenditure in $’000Y = average income of the market in $’000P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is$120,000, average income is $28,000, and the price of ‘homemovies’ is$45.Indicate whether the following statements are true or false, givingyour reasons and making the necessary corrections h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its price this will reduce its profit.Assume that a retailer sells 1000 six packs of Pepsi per day at at $3./6pk. You, as an economic analysis , estimate that the cross price elastcity between pepsi and coca cola is 0.4. If the retailer raises the price of coca cola by 10%, how would sales of pepsi be affected, ceteris paribus, whySMART WATCH HAS CREATED A NEW DIMENSION IN THE MARKET OF WRIST WATCH. THE DEMAND SCHEDULE OF SMART WATCHES CAN BE REPRESENTED USING THE EQUATION Qd=300-50p. the supply schedule of smart watches can be represented using the the equation: Qs=-100+150P SOLVE THIS QSTN FOR ME :) THANKS IN ADVANCE
- A) Derive the demand function B) Analyze thefeatures of function elements of a and b PLEASE ANSWERAll of the following are non-price determinants of demand except * income number of buyers tastes and preferences costs incurred in buying the productSuppose Amazon lowers its Prime membership monthly fee from $12.99 to $9.99. The price elasticity of demand for Amazon membership subscription in this price range is estimated at -0.8. You predict that the number of Prime subscriptions will (increase/decrease) increase Aby (enter a number rounded to one digit after the decimal point, e.g., 22.2) A/ % and that Amazon's revenue will (increase/decrease) A by (enter a number rounded to one digit after the decimal point, e.g., 9.9) A %.
- Suppose the demand function for product X is estimated by the equation: QDX= -2PX + 0,5PY - 0,2PZ + 1,2I. In there:QDX is the quantity demanded of product XPX is the price of product XPY is the price of product YPZ is the price of product ZI is the average income of consumersa/ Please make an argument to determine the relationship between two products X and Y, X and Z.b/ Please make an argument to determine whether product X is an ordinary good or a low-end goodQ. 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…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…
