Let Qd = 30 - 6 P and Qs = 9 P be the demand and supply curves for soft drinks. Then the equilibrium combination in the market is: a. P* = 2; Q* = 18 b. P* = 2; Q* = 15
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- Bubble tea is one of Malaysia's most popular beverages, especially among young working adults and students. With demand currently on a downward turn due to the effects of national Covid-19 measures, it was not long ago a huge craze that began sweeping Malaysians in 2018, resulting in an explosion of bubble tea shops and franchises across the country. In early 2020, the demand for a cup of Bubble Tea in Malaysia is given by the equation Qd = 500,000 - 45,000P. At a price of $5.00 per cup (USD price), what is the price elasticity of demand PED? O a. -0.818 O b. 1.10 O c. 0.818 O d. -1.10The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=1000//p barreis, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the decrease in demand if p rises to 56 and the increase in demand if p is decreased to 54. The demand D(55)= The decrease in demand =? barrels. The increase in demand =? barrels.Suppose Government of Pakistan wants to put a curb on public smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs Rs.175 and the government wants to reduce smoking by 30 percent, by how much should it increase the price? Kindly type only percentage change in the box given below. Do not use percentage sign in the box. Also, do not use any plus or minus sign in the box.
- Demand function: Qdt = 160 − 0.8PtSupply function: Qst = -20 + 0.4Pt−1and when P0 = 160a) A good should be designed in accordance with demand and supply,The equilibrium price is 160. Find the time path of the equilibrium price of this good.b) Comment on the use of this time path. Draw the passage of the time path.Qd=250-2P+5Y Qs= 100-4P+2A Y=12, A=4 a. Is Qd endogenous or exogenous? b. Is P endogenous or exogenous? c. Is A exogenous or exogenous?The demand x is the number of items that can be sold at a price of $p. For x = p" - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. The rate of change of the price p with respect to the demand x is
- 2. Consider a product market with a supply function Q = Bo + Bị Pi + u, a demand function Q = Yo + u, and a market equilibrium condition Q = Q, where u and u are mutually independent i.i.d. random variables, both with a mean of zero. You have a data set of (P, Qi) in equilibrium. a. Show that P; and u are correlated. b. Show that the OLS estimator for 31 is inconsistent.4GE 10:01 ITEMS INFO 8. 2 attempts remaining. TAMU_QID: BM_00048 Consumers will demand 1070 items at a price of $2.75 per item. When the price per item increases to $5, the number of items demanded will decrease by 45. Write the linear demand function, p(x), for this item. Enter your answer in slope-intercept form, using exact numbers. p(x) = Submit answerPlease solve questions 15, 16 and 17. The multivariate demand function below will be needed for questions 12-18. Setting: Grapple, Inc. is a leading seller of laptop personal computers. However, they want to become a leading tablet seller, too. Your marketing department, aided by your economics staff, has estimated a function to help you in the quest for market leader in tablets. The variables are defined after the function. Qg = 10000 - 25Pg + 20Ph + 30Pr - 15dv - 35Psc - 10Pmm + 0.05Ag + 0.03A -25C + 0.1Y Qg = the number of Grapple tablet computers demanded per week. Pg = the price of each new Grapple tablet (in $). Ph = the price of each Hewpaq tablet (in $). Pr = the price of each Ronova tablet. Pdv = the price to equip a tablet with Holographic digital video (in $, this is an upgrade option that enables three-dimensional graphics on a tablet. Two-dimensional graphics is standard equipment). Psc = the price of various screen sizes (in $, a 8 inch is…
- Mr. Jones sells scrapbooking materials. He charges $20 per album and sells 120 albums month at this price. He plans to decrease the price to generate more sales. A survey indicated that for every $0.50 decrease in price, he can expect to sell 5 more album s. a) Write the expressions for the price of an album and the number of albums sold in one month b) Write an equation for the revenue using your expressions from part a. c) What price will generate the maximum revenue?(a) Show that the function Q = a/P* , where a and c are constants, has a constant elasticity of demand: ɛg = -c. (b) (i) Determine the elasticity of demand for train journeys on a given route when the demand function is Q = 1200/P|.2, where Q is the number of fares in thousands. (ii) If the fare increases by 5%, use elasticity to calculate the percentage change in demand. (iii) If the fare decreases by 5%, use elasticity to calculate the percentage change in demand.It is about travel method problem. You have been commissioned to estimate the demand curve for admission to EuroLand, an amusement park in France. To do this, you spend a day surveying visi tors to the park. Before doing this, you divide the area around the park into 10 zones with the distance from the park approximately constant within a zone. You ask each person you interview where they come from. Based on that information, and figures on annual attendance at the park, you are able to calculate the annual number of visitors from each zone. Your data are shown below: (table) Zone Distance from park (km) Zonal population Number of visitors 1 10 5,000 500 2 20 10,000 900 3 30 25,000 2,000 4 40 10,000 700 5 50 100,000 6,000 6 60 500,000 25,000 7 70 200,000 8,000 8 80 50,000 1,500 9 90 100,000 2,000 10 100 100,000 1,000 You note that admission to Euroland is 150 euros per person. you also calculate that transportation costs, including time costs, are…