The table contains information on the price per month and the monthly demand and supply of online music streaming subscriptions. Price Quantity demanded (thousands) Quantity supplied (thousands) $10.20 260 190 $10.40 220 220 $10.60 170 290 $10.80 90 420 What is the quantity demanded at $10.60? Quantity demanded is 170 thousand subscription What is the quantity supplied at $10.60? Quantity supplied is 290 thousand subscription At what price is the quantity supplied equal to 190,000? $

The table contains information on the price per month and the monthly demand and supply of online music streaming subscriptions. Price Quantity demanded (thousands) Quantity supplied (thousands) $10.20 260 190 $10.40 220 220 $10.60 170 290 $10.80 90 420 What is the quantity demanded at $10.60? Quantity demanded is 170 thousand subscription What is the quantity supplied at $10.60? Quantity supplied is 290 thousand subscription At what price is the quantity supplied equal to 190,000? $

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 6.1IP

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Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.
The schedule below shows the quantities of nails demanded at each price: Price Quantity Old 400 10000 New 380 12000 a)Calculate the elasticities of demand, using the point method and interpret your result and List any four (4) factors that could result in the nails having the elasticity calculated
6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108
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
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
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.
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
Choose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded? Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).
The figure shows the price and quantity supplied of long-distance phone calls. Price(centsper minute) Quantity supplied(millions ofminutes per day) 10 200 20 400 30 600 40 800 Calculate the elasticity of demand when the price falls from 40¢ to 30¢ a minute. The average price is 20¢ a minute
Refer to the demand schedule below: Price ($) 80 70 60 50 40 30 20 10 0 Quantity demanded 0 50 100 150 200 250 300 350 400 Price increases from $60 to $70. Demand is (Click to select) V 9 and total revenue (Click to select)
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