Assume we have the following information about the demand for WIU T-shirts. Qwiu = 400 -...
Assume we have the following information about the demand for WIU T-shirts.
Qwiu = 400 - 25Pwiu + 0.002m + 5Pss + 0.02POP
Where Pwiu is the price of WIU tshirts; m=income; Pss is the price of a sweartshirt and POP is the population.
Interpret, in words, the coefficient for the price of WIU T-shirts
Homework Answers
In the demand function, he coefficient for the price of WIU T-shirts is -25. It means if price of WIU T-shirts changes by $1, quantity demanded will change by 25 units. For example. if the price of WIU T-shirts increases by $1, then the quantity demanded of WIU T-shirts will decreases by 25 unit. On the other hand, if the price of WIU T-shirts decreases by $1, then the quantity demanded of WIU T-shirts will increases by 25 unit.
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Assume we have the following information about the demand for
WIU T-shirts.
Qwiu = 400 -...
Assume we have the following information about the demand for WIU T-shirts. Qwiu = 400 -...
Assume we have the following information about the demand for WIU T-shirts. Qwiu = 400 - 25Pwiu + 0.002m + 5Pss + 0.02POP Where Pwiu is the price of WIU T-shirts; m=income; Pss is the price of a sweatshirt and POP is the population. Assume m=$45,000 and Pss=$60 and population=22,000. Determine the simplified demand equation under current conditions. graph the demand curve.
Assume we have the following information about the demand for WIU T-shirts. Qwiu = 400 - 25Pwiu + 0.002m + 5Pss + 0.02PO...
Assume we have the following information about the demand for WIU T-shirts. Qwiu = 400 - 25Pwiu + 0.002m + 5Pss + 0.02POP Create a graph showing the simplified demand equation, intercepts, and current market conditions (m=$45,000 Pss=$60, POP=22,00). Determine the quanity demand when price of tshirts = $30
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The demand and supply curves for T-shirts in Touristtown, U.S.A., are given by the following equations Q-24,000-500P Q-6,000+ 1,000P where P is measured in dollars and Q is the number of T-shirts sold per year. Complete derivations of equilibrium price and quantity below. Note: In equilibrium, quantity supplied is equal to quantity demanded. Therefore, Quantity Supplied Quantity Demanded 24,000-500P 6,000 + 1,000P 1,000P +500P 24,000-6,000 1,500P 18,000 If tourists decide they do not really like T-shirts that much, which of...
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