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- EVALUATION A. Using the following demand function, solve for the demand schedule of consumer Robert given the following prices for bottled water. Qd = 60 – P/2 Prices Qd PO 2 4 8 10 12 14 16 • Based on this schedule, construct a demand curve for Robert. Make also a graph for itWhat are independent demand items? What two basic ordering systems are used for theseitems? What are dependent demand items? What system should be used to order these items?In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.
- 1 Question: Write down the inverse demand function 2 Question: write expressions for TR and MR as a function og the Numbers of tickets sold9. Application: Elasticity and hotel rooms The Inlinwing graph input tool shows the daily demand for hotel moms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an woonomist identified three primary factors that affect the demand for me ach night. The demand factum, lung with the values corresponding to the initial demand curve, are shown in the following table and alungside the graph input tool. Demand Factor Average American household income Roundtrip airfare from New Orleans (MSY) to Atlantic City (ACY) Room ratu at the Meadows Hotel and Casino, which is near the Ocean Use the graph input tool to help you answer the following questions. You wil not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Show Transcribed Text 600 450 ****** 100 0 Demand ++ 55155 366 350 351 350 100 ans…Graph the demand and marginal curves..each line should contain 6 reference points
- Explain the simultaneous change in demand and supply with the help of graph?Please, show how to compute a slope of linear demand function?Solve subpart 4. Suppose the supply and demand curves for a particular product are given by Qs=-20+2p Qd=100-2p Where Qs and Qd are quantities in units and P is the price per unit. Graph the supply and demand curves. Be sure to calculate the P and Q intercepts for demand and the P intercept for supply. Calculate and illustrate the equilibrium price and quantity. Calculate both the demand and supply elasticity around the equilibrium point. Suppose the government implements a price ceiling of $20/unit in this market. Is the price ceiling binding on the market? What are the quantities demanded and supplied at the price ceiling? How many units are exchanged at this price? Given the effects of the policy, is there a potential for illegal trade? Briefly explain your answers where necessary. What is the value of the economic surplus that would be generated in the original equilibrium? Is there a deadweight loss due to the price ceiling policy, and if so, what is its value? Briefly explain.
