Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 What is the maximum price that consumer is willing to pay for 1500 bottles?

Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 What is the maximum price that consumer is willing to pay for 1500 bottles?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section: Chapter Questions

Problem 23AA

See similar textbooks

Related questions

Q: If the price elasticity of demand for a product is equal to 1.5, then a decrease in price of 4…

A: Given: Elasticity = 1.5 Decrease in price = 4%

Q: If the current price of a good is $10, market demand is Qd = 400 - 20P, and market supply is Qs =…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and…

A: The Sell increased as the price increased so the demand is inelastic between $8 and $10.A inelastic…

Q: Quantity 38. A move from M to N best represents a A change in quantity demanded B. change in demand…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8…

A: Elasticity of demand: It is the measurement of percentage change in the quantity demanded of a…

Q: • price drops • consumers make more money • consumers convince their friends 1. to consume •…

A: Change in the quantity demanded differs from the change in demand. Change in the quantity demanded…

Q: Demand refers to consumers wanting a product so much that they insist on the product being produced.…

A: Demand is an economic approach that refers to a consumer's desire to buy products and services as…

Q: Find out the factors that affect the demand of this product OLIVE OIL

A: The demand for any product is dependent upon : Price of the Product. The Consumer's Income. The…

Q: These goods that are consumed in lieu of a particular product. * substitute goods…

A: These goods that are consumed in lieu of a particular product. The answer is - Substitute Good

Q: The amount of a good that buyers are willing and able to purchase at a given price.

A: Consumer theory is the theory that deals with determination of a point at which a consumer maximizes…

Q: what are Factors affecting the demand of gasoline

A: Demand for Gasoline Gasoline is a generally inelastic product, which means that price fluctuations…

Q: In the Al-Batinah region, Mr. Ibrahim supplies 75 computers, Mr. Saif supplies 50 computers, and Mr.…

A: Market supply is the total supply of a good in the market. It is the sum total of all the supplies…

Q: Deteremine the level of quantities bought and sold at the equilibrium price

A: We are provided that, Qd = a - 50P Qs = -100 + 20P The market will be in equilibrium when Qd = Qs…

Q: Cite instances where determinants of demand affect consumers behavior. List them down

A: Demand refers to the willingness and ability of the consumer to buy a good or service for a certain…

Q: does not exist today for which there is a market need

A: Market need: It refers to the need or demand of the people who have to be fulfilled by the producers…

Q: If demand for this product increased from D1 to D2 as a result of a decrease in price of a related…

A: Complementary goods are those goods which are consumed simultaneously and can't be consumed alone…

Q: Price D2 Do Pairs of Indine Roller Skates This diagram shows the market for in-line roller skates.…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: Quantity A. The current selling price for the product is too low. B. The current selling price for…

A: The equilibrium price of a good decide where the demand and supply of the goods are equal.

Q: An increase in the demand for MP3 music indicates that more is A) demanded because sellers are…

A: Demand curve shows a negative relationship between price and quantity demanded. It slopes downward.

Q: The demand is?

A: Given that the price has increased from Rs 100 to Rs 90. i.e = dp = (90-100) =-10 Change in quantity…

Q: The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the…

A: Given information, Price elasticity is 1 Earlier price is 20 Final price is 40 Initial quantity is…

Q: An increase in quantity demanded

A: Here an increase in quantity demanded is due to change in price and this cause movement along the…

Q: Pricing Scenario: You just won a new laptop in a contest, and you decide to sell your old one. You…

A: In economics, elasticity refers to the degree of proportionate change in quantity demanded or…

Q: After a destructive hurricane in Southeast Texas, gasoline prices around the country increased…

A: LEither intentionally or subliminally, the issue of elasticity surfaces for buyers and producers in…

Q: The demand for your product X has been estimated to be QX = 7, 880 − 4PX − 2PY + PZ − 0.1M where Y…

A: QX = 7, 880 − 4PX − 2PY + PZ − 0.1M PX = 10, PY = 15, PZ = 50, M = 40, 000

Q: At a unit price of 16,000 the demand of a product is 300 units and at a price of 48000 the demand is…

A: We need to find the equation of a line from 2 points The equation of a line is: y=a+bx In terms of…

Q: An increase in the demand for gasoline today caused by concerns that gasoline prices will be higher…

A: The increase in demand caused by concerns of future prices means that there are expectations of…

Q: If the price elasticity of demand for a product is 0.5, then a price cut from $3.00 to $2.70 will 15…

A: Price elasticity of demand: - Price elasticity of demand measures the responsiveness of change in…

Q: In the market for euros, a Multiple Choice cause no change in equilibrium price. increase…

A: Exchnage rate is the rate at which the nations currency are exchanged . And it is determined by the…

Q: . Factor which affects market demand but not individual demand can be: (a) Number of consumers in…

A: # Individual demand refers to the concept based on microeconomics whereby we study the demand of a…

Q: The quantity demanded isA) the amount of a good that consumers plan to purchase at a particular…

A: Change in Demand: The term change in demand is also known as the shift in the demand curve and this…

Q: A demand schedule shows.... the “market potential” for a product. how much consumers are willing and…

A: "Wish" demonstrates that a person thinks of something and wants to have it. When the wish and desire…

Q: There is an increased consumer preference for tea. How will this impact the market for tea?…

A: The law of demand illustrates the relationship between price and quantity demanded of a good.…

Q: 26 Taxes that are imposed directly on income or property are called... 1. Direct 2. Indirect 3.…

A: 26. Taxes that are imposed directly on income and property are called 1. Direct Tax This is by…

Q: When incomes in a given country rose by 14%, demand for a certain type of pasta fell by 8%.…

A: Given information: Income in a given country rose by 14% => % change in income = 14 and Demand…

Q: Subsidies ____ the price paid by the buyer and ____ the price received by the seller.

A: Subsidies Subsidies refers to the incentive that is provided by the government to the people or…

Q: Analyse the problems carefully. Answer the problems and present your solutions. Interpret the…

A: Equilibrium is attained in the market at the point where the demand and supply intersects each…

Q: market demand

A: Demand is defined as the quantity of the good or service demanded by a consumer at a particular…

Q: Calculate the PED for a particular style of Tom's shoes if there is a price decrease from $100 to…

A: Price elasticity of demand = percentage change in quantity demanded to the percentage change in the…

Q: is any physical good, service, or idea that satisfies a want or need, plus anything that in the eyes…

A: A sale is an action of giving a good of service in exchange for money. A test refers to evaluation…

Q: Compare and contrast price discounts and allowances, describing the types of each.

A: The markets refer to the place where the buyers, and sellers interact. In the markets, the sellers…

Q: You find a new way to organise the business that reduces the cost of delivering a pizza. You believe…

A: Initially the price of Pizza = $12 Final price after the decrease in price = $10 Elasticity of…

Q: A locus of points that shows the inverse relation between price and quantity all other things…

A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…

Q: An increase in quantity demanded is caused by an increase in the price of a substitute of the…

A: When other terms/factors remaining similar/constant, there is a negative association between the P…

Q: A minimum limit beyond which the price of commodity is not allowed.

A: In a competitive market, the equilibrium price and quantity of a good are determined at a point…

Q: n increase in the price of gasoline will : select one: a) decrease the supply of gasoline b)…

A: An increase in the price of gasoline will lead to the increase in the quantity of gasoline…

Q: Diamonds are superior goods. An increase in the incomes of diamond buyers will result in an increase…

A: In consumer theory, a superior-good is a kind of normal good whose income elasticity of demand is…

Q: Agree or disagree, during 2009, income fell sharply due to the financial crisis of 2008-2009. This…

A: The entire demand curve for a commodity would shift with a change in consumers income, taste and…

Question

Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs)

140 500 1500

120 750 1200

100 1000 1000

80 1250 750

60 1500 600

40 1750 300

What is the maximum price that consumer is willing to pay for 1500 bottles?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next Maternit
Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100
Given: Market for Flowers Price of Flower/boquet 100 Qd (x) of Flower/boquet 40 Fertilizer (f) for Flower/bag 70 Point Price of Candle Consumer (z) /piece 40 Income (I) (Time) A 10,000 15,000 20,000 330 32 60 90 C 500 20 70 110 1. Own price elasticity of demand (Pn) C A, 2. Income elasticity (ny) A-C; (inferior or normal good?) 3. Cross-price elasticity (nxz) B-C; (substitute or complementary?) 4. Input-price elasticity (nf) AB
For a good with the following demand: Quantity Demanded Price 6000 $20 14,000 $15 (a) Calculate the price elasticity of demand using the Midpoint Method. (b) Is the demand for this good considered elastic or inelastic? (c) Do you think it is more likely that the average consumer will consider this good a necessity or a luxury? How did you determine your answer? (d) If sellers' production costs rise, will they be able to pass these higher costs onto the buyers in the form of higher prices? Explain.
What is total revenue if price and quantity and $5 and 20 units
A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.
Which term is used to describe the want satisfying power of a commodity or a service?[A] Demand[B] Want[C] Utility[D] Consumption Please dont use any ai tool. Thank you
Suppose John, the owner-manager of a local hotel, projects the following demand for his rooms: Price ($) Quantity Purchased (per Night) Total Revenue 90 100 110 90 130 70 (a)Calculate the price elasticity of demand between $90 and $110. (Use the midpoint formula) (b)Is the price elasticity of demand between $90 and $110 elastic, unit elastic, or inelastic? (c)Will John’s total revenue rise if he increases the price from $90 to $110?…
Due to the COVID-19, the price of hand-sanitizer increases from 150 taka to 250 taka. In response, the quantity demanded declines from 20 units to 15 units.(a) Calculate the price elasticity of demand. (b) Explain if the demand is elastic or inelastic. Based on the elasticity, what change (increase, decrease, or keep it the same) in price the seller can do to maximize his total revenue? Explain your answer. Please answer Step by step. Answer must be correct.Do all calculation step by step.Don,t copy from any where. Must answer follow question.
what are Factors affecting the demand of gasoline
hey im confused. when i enter this into my calculator 50/(1+0.05) + 50/(1+0.05)2 + 1000/(1+0.05)2 i get a 1000.so shouldnt quantity demanded be 2000?
120 100- Price ($) 80 60 40 20- 0 200 400 Demand Multiple Choice -0.50 -0.75 -1.00 -1.60 -2.00 600 800 1,000 1,200 Quantity In the figure above, what is the point price elasticity of demand when price is $80?