Homework Answers
please solve Q20 Month Pxx PY Y Pz Qz an Feb Mar Apr May $10 100...
please solve Q20
Month Pxx PY Y Pz Qz an Feb Mar Apr May $10 100 $20 90 70 50 25 200 25 225 25 275 25 290 25 320 50 $25 60 90 10 10 12 15 18 15 15 100 15 120 Use the data from February and March. In the above table, the cross price elasticity of demand for good Z with good Y when PY falls from $18 (old price) to $15 (new price) is to...
How can I get the answer -1.25? Month QY Рx Ох PY $20 PZ $25 Qz...
How can I get the answer -1.25?
Month QY Рx Ох PY $20 PZ $25 Qz 200 Jan 50 $10 100 Feb 90 25 225 10 18 60 Mar 70 275 10 15 90 25 25 290 Аpr May 12 50 15 100 15 25 320 25 15 120 Use the data from January and February. In the above table, the cross price elasticity of demand for good Z with good Y when PY falls from $20 (old price) to...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py where X quantity demanded of good X in units/year Px = price of good X in dollars/unit per capita income in dollarsyear Py price of good Y in dollars/unit a) Calculate the market (own-price) demand curve when I = 25 and Py =12 b) Using your results from part a), calculate the quantity of good X demanded in the market when PX-10 c) Calculate...
18. Two goods, X & Y, all called complements if a) An increase in Px causes...
18. Two goods, X & Y, all called complements if a) An increase in Px causes more Y to be bought. b) An increase in Px causes less Y to be bought. c) An increase in Py causes less Y to be bought. d) An increase in income causes more of both X & Y to be bought. 19. If good X is a normal good and its price rises, then quantity demanded a) May or may not fall. b)...
1. Suppose that the supply and demand schedules for pizza in the ABC campus are as...
1. Suppose that the supply and demand schedules for pizza in the ABC campus are as follows: QUANTITY DEMANDED (slices/week) 1000 PRICE QUANTITY SUPPLIED (TL/slice) (slices/week) 200 400 600 800 1000 a) Find the equilibrium price and quantity of pizza 600 400 200 b) Find the price elasticity of demand at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. c) Find the price elasticity of supply at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. 2....
P (S) 16 15 6 8 10 12 14 16 18 20 22 7 9 11...
P (S) 16 15 6 8 10 12 14 16 18 20 22 7 9 11 13 15 17 19 21 (Thous) Figure 2 4. Figure 2 represents the market for T-shirts in Krugmania, a small country. Assume that there is free trade with the rest of the world (ROW). The world price of a T-shirt is S10 a.Draw the supply and demand diagram for Krug mania's domestic market with trade. Label the relevant prices and quantities, e.g., the domestic...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1 u(x,y) = 2x+2y C2 u(x,y) = x^3/4y^1/4 C3 u(x,y) = min(x,y) C4 u(x,y) = min(4x,3y) On the appropriate graph, draw each consumer’s indifference curves through the following points: (2,2), (4,4), (6,6) and (8,8), AND label the utility level of each curve. Hint: Each grid should have 4 curves on it representing the same preferences but with different utility levels. 3. In the following parts,...
need them in the next 15 min! For Questions 1-6 refer to below statement and demand...
need them in the next 15 min!
For Questions 1-6 refer to below statement and demand and supply function that demand and supply curves for avocado in Brooklyn are as the fol Qd = 72 - 12P Qs = -18 + 6P where Qd and Qs are quantities demanded and supplied in tons respo dollars per kg? aded and supplied in tons respectively, and P is the price of avocado in ' 9pm 1) If price elasticity of demand for...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40...
1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40 euros, the price per unit of good X (i.e. Px ) is 5 euros and the price per unit of good Y (i.e. Py) is 1 euro. a) What is the marginal utility of good X (MUx) for the consumer? ( Answer: MUx = 10) b) What is the marginal utility of good Y (MUy) for the consumer? ( Answer: MUy = 1) c)...
please solve Q20
Month Pxx PY Y Pz Qz an Feb Mar Apr May $10 100 $20 90 70 50 25 200 25 225 25 275 25 290 25 320 50 $25 60 90 10 10 12 15 18 15 15 100 15 120 Use the data from February and March. In the above table, the cross price elasticity of demand for good Z with good Y when PY falls from $18 (old price) to $15 (new price) is to...
How can I get the answer -1.25?
Month QY Рx Ох PY $20 PZ $25 Qz 200 Jan 50 $10 100 Feb 90 25 225 10 18 60 Mar 70 275 10 15 90 25 25 290 Аpr May 12 50 15 100 15 25 320 25 15 120 Use the data from January and February. In the above table, the cross price elasticity of demand for good Z with good Y when PY falls from $20 (old price) to...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py where X quantity demanded of good X in units/year Px = price of good X in dollars/unit per capita income in dollarsyear Py price of good Y in dollars/unit a) Calculate the market (own-price) demand curve when I = 25 and Py =12 b) Using your results from part a), calculate the quantity of good X demanded in the market when PX-10 c) Calculate...
18. Two goods, X & Y, all called complements if a) An increase in Px causes more Y to be bought. b) An increase in Px causes less Y to be bought. c) An increase in Py causes less Y to be bought. d) An increase in income causes more of both X & Y to be bought. 19. If good X is a normal good and its price rises, then quantity demanded a) May or may not fall. b)...
1. Suppose that the supply and demand schedules for pizza in the ABC campus are as follows: QUANTITY DEMANDED (slices/week) 1000 PRICE QUANTITY SUPPLIED (TL/slice) (slices/week) 200 400 600 800 1000 a) Find the equilibrium price and quantity of pizza 600 400 200 b) Find the price elasticity of demand at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. c) Find the price elasticity of supply at equilibrium and indicate whether it is elastic, unit-elastic, or inelastic. 2....
P (S) 16 15 6 8 10 12 14 16 18 20 22 7 9 11 13 15 17 19 21 (Thous) Figure 2 4. Figure 2 represents the market for T-shirts in Krugmania, a small country. Assume that there is free trade with the rest of the world (ROW). The world price of a T-shirt is S10 a.Draw the supply and demand diagram for Krug mania's domestic market with trade. Label the relevant prices and quantities, e.g., the domestic...
need them in the next 15 min!
For Questions 1-6 refer to below statement and demand and supply function that demand and supply curves for avocado in Brooklyn are as the fol Qd = 72 - 12P Qs = -18 + 6P where Qd and Qs are quantities demanded and supplied in tons respo dollars per kg? aded and supplied in tons respectively, and P is the price of avocado in ' 9pm 1) If price elasticity of demand for...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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