After weeks of data processing, you’ve settled on the following equation: QZ = 500 − PZ...
After weeks of data processing, you’ve settled on the following equation: QZ = 500 − PZ − 2PY − 0.2I You’ve also determine approximate values of PZ = 100, PY = 25, and I = 1, 000
(a) Determine the own-price elasticity for good Z and explain what type of good it is. Round to three decimal places
. (b) Determine the cross-price elasticity for good Z and explain what type of good it is. Round to three decimal places.
(c) Determine the income elasticity for good Z and explain what type of good it is. Round to three decimal places.
Homework Answers
the solution of above questions are below :
Add Answer to:
After weeks of data processing, you’ve settled on the following
equation: QZ = 500 − PZ...
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...
Problem 1 Dext season. You need to set the following demand curves Imagine you are asked...
Problem 1 Dext season. You need to set the following demand curves Imagine you are asked to help with football tickets for the Congo the price for student tits and student tickets. You are for students (s) and non-students (ns): Q. = 50 - 4P. + P... Q = 100 - 2P... +P. Assume the marginal cost for all tickets is $10 pot hint: You won't What should you set the student ticket price to if you want to make...
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...
PX $10 Month Jan Feb Mar Apr May QZ 200 225 PY $20 18 15 QX...
PX $10 Month Jan Feb Mar Apr May QZ 200 225 PY $20 18 15 QX 100 90 70 50 25 10 10 12 QY 50 60 90 100 120 PZ $25 25 25 25 25 275 15 290 320 15 15 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 $18 (new price) is _ Hint: You'll...
The demand curve is given by: Qdx=500-1.5Px-0.2I-2Py+Pz Where Qdx= quantity demanded of good X Px= Price...
The demand curve is given by: Qdx=500-1.5Px-0.2I-2Py+Pz Where Qdx= quantity demanded of good X Px= Price of good X I= income (in thosands) Py= Price of good Y Pz= Price of good Z A. Is good X a normal or inferior good? Why? B. What is the relationship between goods X & Y? Why? C. What is the relationship between goods X & Z? Why? D. What is the equation of this demand curve if income is $40,000, the price...
Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2...
Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2 +0.001Y, where Own price, Px = $120 Quantity demanded = 13.75 Price of a related good, Py = $6 Price of a related good, Pz = $275 Consumer income, Y = $20,000 The income elasticity of demand, s, when equilibrium quantity is 13.75 units and income is $20,000 is equal to : (Enter a numeric response using a real number rounded to three decimal...
The demand curve for a product is given by QXd = 1,200 - 3PX - 0.1PZ...
The demand curve for a product is given by QXd = 1,200 - 3PX - 0.1PZ where Pz = $300. a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $140? Instruction: Enter your response rounded to two decimal places. Own price elasticity: Demand is: If the firm prices below $140, revenue will: 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....
As concrete cures, it gains strength. The following data represent the 7-day and 28-day strength in...
As concrete cures, it gains strength. The following data represent the 7-day and 28-day strength in pounds per square inch (psi) of a certain type of concrete. Complete parts (a) through (f) below. 7-Day Strength (psi), x 3340 3380 3330 2300 2480 28-Day Strength (psi), y 4630 5020 4850 4070 4120 (a) Treating the 7-day strength as the explanatory variable, x, use technology to determine the estimates of beta 0 and beta 1. beta 0almost equalsb 0equals nothing (Round to...
I need help with - (b) Determine the least-squares regression equation from the sample data -...
I need help with - (b) Determine the least-squares regression equation from the sample data - Thank you! A doctor wanted to determine whether there is a relation between a male's age and his HDL (so-called good) cholesterol. The doctor randomly selected 17 of his patients and determined their HDL cholesterol. The data obtained by the doctor is the in the data table below. Age_-_x HDL_Cholesterol_-_y 39 59 43 55 47 36 32 57 56 33 53 40 59 40...
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...
Problem 1 Dext season. You need to set the following demand curves Imagine you are asked to help with football tickets for the Congo the price for student tits and student tickets. You are for students (s) and non-students (ns): Q. = 50 - 4P. + P... Q = 100 - 2P... +P. Assume the marginal cost for all tickets is $10 pot hint: You won't What should you set the student ticket price to if you want to make...
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...
PX $10 Month Jan Feb Mar Apr May QZ 200 225 PY $20 18 15 QX 100 90 70 50 25 10 10 12 QY 50 60 90 100 120 PZ $25 25 25 25 25 275 15 290 320 15 15 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 $18 (new price) is _ Hint: You'll...
Consider the following demand function for good 'X': Q = 9 -0.1px - Py + 0.01p2 +0.001Y, where Own price, Px = $120 Quantity demanded = 13.75 Price of a related good, Py = $6 Price of a related good, Pz = $275 Consumer income, Y = $20,000 The income elasticity of demand, s, when equilibrium quantity is 13.75 units and income is $20,000 is equal to : (Enter a numeric response using a real number rounded to three decimal...
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....
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 58 minutes ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 1 hour ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 5 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 9 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 9 hours ago