How to get the bottom 2 questions
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How to get the bottom 2 questions
Suppose the demand function for avocados is -104-40p+20pt 0.01Y...
The estimated monthly U.S. demand function for avocados is Q=144-40p+20pt, where p is the price of...
The estimated monthly U.S. demand function for avocados is
Q=144-40p+20pt, where p is the price of avocados and pt is the
price of tomatoes. The estimated supply function is Q=50+15p.The
initial price of tomatoes is $0.80 per pound. Using algebra,
determine the initial equilibrium price and quantity of avocados,
and then determine how price and quantity change if the price of
tomatoes increases by $1.15 to $1.95. Given pt=$0.80, the
initial equilibrium price of avocados is p=$?? and the initial...
h) If the price of tomatoes increase how would you explain the change in demand for...
h) If the price of tomatoes increase how would you explain the change in demand for avocados with substitution and income effects? Explain in detail. 1) What is income elasticity of demand for avocado at the market clearing equilibrium price and quantity in Brooklyn avocado market? Explain. Also, based on your results explain what type of good tomatoes must be in Brooklyn. 1) Explain why as the price of avocado increases the demand for avocados becomes relatively more elastic? Also...
Q=58+15p-20pf Where pf is the price of fertilizer. Holding the price of fertilizer constant, by how...
Q=58+15p-20pf
Where pf is the price of fertilizer. Holding the price of
fertilizer constant, by how much would the price of avocados need
to rise to cause an increase of 75 (million lbs. per month) in
the quantity of avocados supplied?
To increase the quantity of avocados by 75 million lbs. per
month, the price of avocados would need to change by
$??. (Enter your response rounded to two decimal
places.)
Text Question 2.3 Question Help Suppose the supply function...
2. Consider again the avocado example, where demand and supply functions are Qd 160 40p Qs-50+15p...
2. Consider again the avocado example, where demand and supply functions are Qd 160 40p Qs-50+15p Suppose a severe drought hit California, and the state government decided to subsidize farmers 40 cents for each pound of avocados produced. (Unit: Q is million pounds of avocados, and p is dollars). (1) With government subsidy, write down the functions of demand and supply. (2) What is the new equilibrium price and quantity of avocados? (Rounding to two decimal places) (3) Plot the...
Question 1 (36 points) Suppose that the demand function is given as follows: 5000 3Pr +P,...
Question 1 (36 points) Suppose that the demand function is given as follows: 5000 3Pr +P, -2I and 2P T - P. where Pr denotes price of good x. P, denotes the price of a related product y, I denotes income, T denotes the tax imposed by the government on firms and P. denotes the price of alternative product that can be produced by firms a-) (8 points) Find equilibrium price and output (Peg and Oe") as a function of...
2. Suppose that the demand function is D(p) = 600 - 3p and the supply function...
2. Suppose that the demand function is D(p) = 600 - 3p and the supply function is S(p) = 300 + 3p. a. Derive the equilibrium price and quantity. b. What is the change in consumer's surplus after an increase in the price of 50 dollars? c. Now suppose South Korea is exporting phone to United States and the demand function for Korean phones in the United States is the same as above (in thousands of phones), where p is...
Problem Set 1 Due Date: Wednesday, January 25,2017 1. Consider the following demand function of an...
Problem Set 1 Due Date: Wednesday, January 25,2017 1. Consider the following demand function of an individual for good 1: where p" p2, ps are the prices of good 12, and 3, respectively, and Y represents the income the individual. Suppose good 1 and 2 are substitutes while good 1 and 3 are complements. (a) Describe in words what B,,B,, B, and B, measure. (b) Can you say anything about the expected signs of p.B.B, and B, in the demand...
The estimated monthly U.S. demand function for avocados is
Q=144-40p+20pt, where p is the price of avocados and pt is the
price of tomatoes. The estimated supply function is Q=50+15p.The
initial price of tomatoes is $0.80 per pound. Using algebra,
determine the initial equilibrium price and quantity of avocados,
and then determine how price and quantity change if the price of
tomatoes increases by $1.15 to $1.95. Given pt=$0.80, the
initial equilibrium price of avocados is p=$?? and the initial...
h) If the price of tomatoes increase how would you explain the change in demand for avocados with substitution and income effects? Explain in detail. 1) What is income elasticity of demand for avocado at the market clearing equilibrium price and quantity in Brooklyn avocado market? Explain. Also, based on your results explain what type of good tomatoes must be in Brooklyn. 1) Explain why as the price of avocado increases the demand for avocados becomes relatively more elastic? Also...
Q=58+15p-20pf
Where pf is the price of fertilizer. Holding the price of
fertilizer constant, by how much would the price of avocados need
to rise to cause an increase of 75 (million lbs. per month) in
the quantity of avocados supplied?
To increase the quantity of avocados by 75 million lbs. per
month, the price of avocados would need to change by
$??. (Enter your response rounded to two decimal
places.)
Text Question 2.3 Question Help Suppose the supply function...
2. Consider again the avocado example, where demand and supply functions are Qd 160 40p Qs-50+15p Suppose a severe drought hit California, and the state government decided to subsidize farmers 40 cents for each pound of avocados produced. (Unit: Q is million pounds of avocados, and p is dollars). (1) With government subsidy, write down the functions of demand and supply. (2) What is the new equilibrium price and quantity of avocados? (Rounding to two decimal places) (3) Plot the...
Question 1 (36 points) Suppose that the demand function is given as follows: 5000 3Pr +P, -2I and 2P T - P. where Pr denotes price of good x. P, denotes the price of a related product y, I denotes income, T denotes the tax imposed by the government on firms and P. denotes the price of alternative product that can be produced by firms a-) (8 points) Find equilibrium price and output (Peg and Oe") as a function of...
Problem Set 1 Due Date: Wednesday, January 25,2017 1. Consider the following demand function of an individual for good 1: where p" p2, ps are the prices of good 12, and 3, respectively, and Y represents the income the individual. Suppose good 1 and 2 are substitutes while good 1 and 3 are complements. (a) Describe in words what B,,B,, B, and B, measure. (b) Can you say anything about the expected signs of p.B.B, and B, in the demand...
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