how do I do this problem. i know to take the derivative but I don't know what to do with the values.
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how do I do this problem. i know to take the
derivative but I don't know...
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 demand is given by Qs = 43.2 p.Sep-28 where / income, P. is the...
2. Suppose demand is given by Qs = 43.2 p.Sep-28 where / income, P. is the price of a related good, and P is the price of the product. Find (a) the price elasticity of demand: (b) the income elasticity of demand: (c) the cross-price elasticity of demand
suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good
suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00.a)suppose P=$1.00, what is the price elasticity of demand?what is the cross- price elasticity of demand?b)suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand?
Suppose the demand curve for a product is given by Q = 15 − 1P +...
Suppose the demand curve for a product is given by Q = 15 − 1P + 2P(subscriptS) where P is the price of the product and P(subS) is the price of a substitute good. The price of the substitute good is $2.70. Suppose P = $1.00. The price elasticity of demand is _________ (two decimal places) The cross-price elasticity of demand is ____________ (two decimals) Suppose the price of the good, P, goes to $1.60. Now the price elasticity of...
IMPORTANT: I know that I have a problem walkthrough and answers below, but there's a lot...
IMPORTANT: I know that I have a problem walkthrough and answers
below, but there's a lot I don't get. Please help me with
this.
a) 1. I see how they got the price elasticity of demand
and how they got the equilibrium price AND quantity. However, I
don't see how they got the elasticity of demand AT the equilibrium
and quantity. Am I looking too much at the word usage or does the
"AND" and "AT" make a difference? If...
1. Given the demand function Q = 500 - 3P - 2P, +0.01Y where and P...
1. Given the demand function Q = 500 - 3P - 2P, +0.01Y where and P denote quantity and price of the good, Y is income, and price of an alternative good. is the a) If P=20, PA = 30, and Y= 5000, find (i) the price elasticity of demand (ii) the cross-price elasticity of demand (iii) the income elasticity of demand b) If income rises by 5%, calculate the corresponding percentage change in demand, Is the good inferior or...
Answer is B but I don't know how to do it. DJ makes zero economic pront....
Answer is B but I don't know how to do it.
DJ makes zero economic pront. ) Consider a good with own price elasticity of demand as -1.5 and price elasticity of supply as 0.5. The fraction of a specific tax that will be passed through to consumers is approximately A) 0.75 B) 0.25 C) 0 D) 1
Problem 4 Suppose that the quantity demanded for a particular product is given by the following...
Problem 4 Suppose that the quantity demanded for a particular product is given by the following demand function Q(P, M) = 100 +M-2P %3D where M is income and P is price. Find the partial derivative of this demand function with respect to price.
uppose the demand curve for a product is given by Q = 18 - 2P+1PS where...
uppose the demand curve for a product is given by Q = 18 - 2P+1PS where is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.80. Suppose P 5050. The price elasticity of demand is -0.05. (Enter your response rounded to two decimal places) The cross-price elasticity of demand is 0.14. (Enter your response rounded to two decimal places.) Suppose the price of the good, P goes...
Suppose the demand function is given use derivative to derive the following: QX = 500 Px0.10...
Suppose the demand function is given use derivative to derive
the following:
QX = 500 Px0.10
Pz3.34 I-1.4
6.1 Derive the price elasticity of demand
6.2 The Cross Price elasticity
6.3 The Income elasticity
6.4 Interpret the results of each elasticity.
6. Suppose the demand function is given derivatives to derive the following: use 3.34 500 P10 P334114 Qx Z 6.1 Derive the price elasticity of demand 6.2 The Cross Price elasticity 6.3 The Income elasticity 6.4 Interpret the results...
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 demand is given by Qs = 43.2 p.Sep-28 where / income, P. is the price of a related good, and P is the price of the product. Find (a) the price elasticity of demand: (b) the income elasticity of demand: (c) the cross-price elasticity of demand
IMPORTANT: I know that I have a problem walkthrough and answers
below, but there's a lot I don't get. Please help me with
this.
a) 1. I see how they got the price elasticity of demand
and how they got the equilibrium price AND quantity. However, I
don't see how they got the elasticity of demand AT the equilibrium
and quantity. Am I looking too much at the word usage or does the
"AND" and "AT" make a difference? If...
1. Given the demand function Q = 500 - 3P - 2P, +0.01Y where and P denote quantity and price of the good, Y is income, and price of an alternative good. is the a) If P=20, PA = 30, and Y= 5000, find (i) the price elasticity of demand (ii) the cross-price elasticity of demand (iii) the income elasticity of demand b) If income rises by 5%, calculate the corresponding percentage change in demand, Is the good inferior or...
Answer is B but I don't know how to do it.
DJ makes zero economic pront. ) Consider a good with own price elasticity of demand as -1.5 and price elasticity of supply as 0.5. The fraction of a specific tax that will be passed through to consumers is approximately A) 0.75 B) 0.25 C) 0 D) 1
Problem 4 Suppose that the quantity demanded for a particular product is given by the following demand function Q(P, M) = 100 +M-2P %3D where M is income and P is price. Find the partial derivative of this demand function with respect to price.
uppose the demand curve for a product is given by Q = 18 - 2P+1PS where is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.80. Suppose P 5050. The price elasticity of demand is -0.05. (Enter your response rounded to two decimal places) The cross-price elasticity of demand is 0.14. (Enter your response rounded to two decimal places.) Suppose the price of the good, P goes...
Suppose the demand function is given use derivative to derive
the following:
QX = 500 Px0.10
Pz3.34 I-1.4
6.1 Derive the price elasticity of demand
6.2 The Cross Price elasticity
6.3 The Income elasticity
6.4 Interpret the results of each elasticity.
6. Suppose the demand function is given derivatives to derive the following: use 3.34 500 P10 P334114 Qx Z 6.1 Derive the price elasticity of demand 6.2 The Cross Price elasticity 6.3 The Income elasticity 6.4 Interpret the results...
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