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- Using the supply and demand equations given below: Demand Qd = 25 – 2PSupply Qs = 1 + P If the price falls from $8 to $7:a. Compute for the own price arc elasticity of demand. Provide an economic interpretationof your computed value (this is different from what is asked next) and classify the good according tothe type of elasticity. b. Compute for the price elasticity of supply. Provide an economic interpretation of yourcomputed value and classify the good according to the type of elasticity. 1. What is the relationship between total revenue and own-price elasticity of demand? 2. Illustrate a situation when the producer of a good will have a greater tax incidence than a consumer.What does elasticity have to do with tax incidence?Refer to the figure below. Which of the statements below is entirely correct? ,S2 Price per pizza a 0 S1 Qu thousands of pizzas per month O Over time, supply rotates from S₁ to S₂, that is, it becomes more elastic. O Over time, supply rotates from S₂ to S₁, that is, it becomes more elastic. O Over time, supply rotates from S₁ to S₂. that is, it becomes more inelastic. O Over time, supply rotates from S₂ to S₁, that is, it becomes more inelastic.10 Demand QUANTITY (Units) For each of the regions listed in the following table, use the midpolinit method to identify if the demand for this good is elastic, (approxin elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between Y and Z Between W and X Between X and Y True or False: The value of the price elasticity of demand is equal to the slope of the demand curve. True O False PRICE (Dolars per unit
- What 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?The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…The demand equation for a product is q = 500 - 30p + where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p = 13. If this price of 13 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p=13 is n= (Simplify your answer.) Clear all Check answer Help me solve this View an example Textbook 9:09 AM 69% E O ENG 2/14/2022 T490 Insert Delete Home End F11 F12 F9 F10 F8 F7 F6 F5 F4 Backspace F3 & 8 4 E T Y H. K F
- For each case below, state whether you think the correlation is positive or negative. Also state whether the correlation is due to a direct cause, common underlying cause or a coincidence. a. Correlation between demand for breakfast cereal and demand for bread. The correlation is likely? The correlation is likely due to O a direct cause because an increase in demand for breakfast cereal would likely cause an increase in demand for bread O a common underlying cause that would affect both demand for breakfast cereal and demand for bread O a direct cause because an increase in demand for breakfast cereal would likely cause a decrease in demand for bread O a coincidence because it is unlikely that an increase in demand for breakfast cereal would cause demand for bread to changeRefer to the graph below to answer the questions. Use the mid-point formula. Please show your working calculation. $4 10 A 8 1 2 3 4 5 Number of hamburgers If the price of a hamburger increases from RM8 to RM10, the price elasticity of demand equals а. b. If the price of a hamburger increases from RM6 to RM8, the price elasticity of demand equals If the price of a hamburger decreases from RM6 to RM4, the price elasticity of demand equals C. 4. 2. PriceThe diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors Which statement correctly describes the demand for MQ2020? 8,000 Price, P: WTP (5) 6,000 4,800 4,000 3,200 2,000 0 0 40 60 80 100 Quantity, Q: number of consumers per day 120 Select one O a. There are 99 consumers per day who are willing to pay money for MQ2020. O b. If MQ Motors sets the price at $4,800, there will be 60 consumers who are willing to buy MC22020 Oc MQ Motors will need to raise the price up to $8,000 in order to maximise its profit Od. There are 59 consumers who are willing to pay more than $4,800 for MQ2020. Oe. The demand curve shows that points A and C are feasible options for MQ Motors.
- 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.The price elasticity of demand for a good is calculated as 1.36. From this elasticityco-efficient, we can tell that:(2)(1) The good is not a necessity;(2) The good has many close substitutes;(3) Producers can increase total revenue by decreasing the price of the good;(4) Statements 1, 2 and 3 are all correct.U Un tue policy? 3. Constant Elasticity Consider the following demand curve Id = p" With o E (-1,0). (a) Find the elasticity of the demand. (Hint: Use the formula eq.p d be
