Homework Answers
Number of questions answered as HOMEWORKLIB guidelines.
1.
(c)Price elasticity of demand describes how changes in the price for goods and the demand for those same goods relate. A poor harvest of apples means that the supply of apples will reduce (the demand remaining the same). This is will result in increase in the price level of apples in general. Since the elasticity is more than 1, it means the demand for apple is price elastic. It implies a percentage rise in price will be more than offset by a larger percentage fall in quantity so that the total revenue (p*q) falls.
Add Answer to:
(10 marks) Suppose the market for apples is represented by: Supply: Demand: QP Q=36-3P Find the...
3. (11 marks) Answer with reference to the following article. Genetically Modified Foods A gentetically modified...
3. (11 marks) Answer with reference to the following article. Genetically Modified Foods A gentetically modified (GM) food has had its DNA altered through genetic engineer rather than through conventional breeding. The first commercial GM food was Calgene's Flavr Savr tomato that resisted rotting, which the company claimed would enable it to stay on the vine longer to ripen. It was first marketed in 1994 without any special labeling. Other common GM crops include canola, cotton, rice and sugar cane....
(10 marks) Suppose the market for apples is represented by: Supply: Demand: -p Q-36-3p Find the...
(10 marks) Suppose the market for apples is represented by: Supply: Demand: -p Q-36-3p Find the market equilibrium price and quantity. (2 marks) b. Find the price elasticity of demand at the equilibrium. (3 marks) Suppose bad weather results in a poor harvest of apples. Using the price elasticity calculated in (b), explain its effect on the total revenue of the apple farmers (5 marks)
In December 2019, The Travel Industry Council of Hong Kong (TIC) announced that the average price...
In December 2019, The Travel Industry Council of Hong Kong (TIC) announced that the average price of outbound travel during Christmas holidays dropped by 5% whereas the corresponding outbound travelers dropped by 15%, compared with the last year figures. The council explained that the change in figures were due to the growing consumers’ pessimism brought by Sino-US trade frictions and the social unrest. (a). With the above figures, calculate the relevant price elasticity for outbound travel of Hong Kong. Briefly...
(9 marks) Suppose the market for copper is represented by: Q = 5P2 - 200 Q...
(9 marks) Suppose the market for copper is represented by: Q = 5P2 - 200 Q = 1,300 - 10P2 Find the market equilibrium price and quantity. (2 marks) Find the price elasticity of demand at the equilibrium. Show your steps. (3 marks) Suppose there is a rise in the supply of copper in the market. Based on your result in (b), explain how the total sales revenue in the copper market will change. (4 marks)
suppose the following is the demand equation of the famous flower Question 1 (12 marks) Suppose...
suppose the following is the demand equation of the famous
flower
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop, Brighten in Hong Kong and the current price charged by Brighten is $600 for a bunch of roses: Qd = 5000 - 2P where P is the unit price of a bunch of roses and Qd is the quantity demanded (in bunch of roses) (a) Use the midpoint method to calculate the price...
Question 1 The market demand and supply schedules for a premium Belgian chocolate in Hong Kong...
Question 1 The market demand and supply schedules for a premium Belgian chocolate in Hong Kong are shown as follows: Price per box 5,000 4,500 4,000 3,500 3,000 2,500 2,000 Quantity Demanded (No. of boxes) 3,000 3,500 4,000 5,000 5,300 5,500 9,800 Quantity Supplied (No. of boxes) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 a) Identify the equilibrium price and quantity of the Belgian chocolate. (1 mark) b) (i) Using the average method, calculate the price elasticity of demand of...
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop,...
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop, Brighten in Hong Kong and the current price charged by Brighten is $600 for a bunch of roses: Qd = 5000 - 2P where P is the unit price of a bunch of roses and Qd is the quantity demanded (in bunch of roses) (a) Use the midpoint method to calculate the price elasticity of demand if Brighten decreases the unit price of a...
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop,...
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop, Brighten in Hong Kong and the current price charged by Brighten is $600 for a bunch of roses: Qd = 5000 - 2P where P is the unit price of a bunch of roses and Qd is the quantity demanded (in bunch of roses) (a) Use the midpoint method to calculate the price elasticity of demand if Brighten decreases the unit price of a...
Scenario: Suppose the demand schedule in a market can be represented by the equation Q -500-10P,...
Scenario: Suppose the demand schedule in a market can be represented by the equation Q -500-10P, where is the quantity demanded and P is the price. Also, suppose the supply schedule can be represented by the equation Q* - 200+ 10P, where is the quantity supplied. Refer to Scenario: What is the elasticity of demand at the equilibrium and which one is more elastic, supply or demand at the equilibrium)? O a elasticity of demand is 3/7 and both demand...
1)Suppose Demand for Apples (in bushels) is given by Q = 90-P and Supply is given...
1)Suppose Demand for Apples (in bushels) is given by Q = 90-P and Supply is given by Q = P. The market for apples is dominated by a single, monopolistic firm "NYC Apples". Suppose you could regulate the market for Apples and impose a price ceiling. What price would maximize social welfare (combined producer and consumer surplus)? 2)Suppose Demand for Apples (in bushels) is given by Q = 90-P and Supply is given by Q = P. The market for...
3. (11 marks) Answer with reference to the following article. Genetically Modified Foods A gentetically modified (GM) food has had its DNA altered through genetic engineer rather than through conventional breeding. The first commercial GM food was Calgene's Flavr Savr tomato that resisted rotting, which the company claimed would enable it to stay on the vine longer to ripen. It was first marketed in 1994 without any special labeling. Other common GM crops include canola, cotton, rice and sugar cane....
(10 marks) Suppose the market for apples is represented by: Supply: Demand: -p Q-36-3p Find the market equilibrium price and quantity. (2 marks) b. Find the price elasticity of demand at the equilibrium. (3 marks) Suppose bad weather results in a poor harvest of apples. Using the price elasticity calculated in (b), explain its effect on the total revenue of the apple farmers (5 marks)
(9 marks) Suppose the market for copper is represented by: Q = 5P2 - 200 Q = 1,300 - 10P2 Find the market equilibrium price and quantity. (2 marks) Find the price elasticity of demand at the equilibrium. Show your steps. (3 marks) Suppose there is a rise in the supply of copper in the market. Based on your result in (b), explain how the total sales revenue in the copper market will change. (4 marks)
suppose the following is the demand equation of the famous
flower
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop, Brighten in Hong Kong and the current price charged by Brighten is $600 for a bunch of roses: Qd = 5000 - 2P where P is the unit price of a bunch of roses and Qd is the quantity demanded (in bunch of roses) (a) Use the midpoint method to calculate the price...
Question 1 The market demand and supply schedules for a premium Belgian chocolate in Hong Kong are shown as follows: Price per box 5,000 4,500 4,000 3,500 3,000 2,500 2,000 Quantity Demanded (No. of boxes) 3,000 3,500 4,000 5,000 5,300 5,500 9,800 Quantity Supplied (No. of boxes) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 a) Identify the equilibrium price and quantity of the Belgian chocolate. (1 mark) b) (i) Using the average method, calculate the price elasticity of demand of...
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop, Brighten in Hong Kong and the current price charged by Brighten is $600 for a bunch of roses: Qd = 5000 - 2P where P is the unit price of a bunch of roses and Qd is the quantity demanded (in bunch of roses) (a) Use the midpoint method to calculate the price elasticity of demand if Brighten decreases the unit price of a...
Question 1 (12 marks) Suppose the following is the demand equation of the famous flower shop, Brighten in Hong Kong and the current price charged by Brighten is $600 for a bunch of roses: Qd = 5000 - 2P where P is the unit price of a bunch of roses and Qd is the quantity demanded (in bunch of roses) (a) Use the midpoint method to calculate the price elasticity of demand if Brighten decreases the unit price of a...
Scenario: Suppose the demand schedule in a market can be represented by the equation Q -500-10P, where is the quantity demanded and P is the price. Also, suppose the supply schedule can be represented by the equation Q* - 200+ 10P, where is the quantity supplied. Refer to Scenario: What is the elasticity of demand at the equilibrium and which one is more elastic, supply or demand at the equilibrium)? O a elasticity of demand is 3/7 and both demand...
Most questions answered within 3 hours.
-
22. Suppose that each firm has the long run cost function
c(y) = y2 + 9...
asked 5 minutes ago -
Resting Metabolic Rate: Seated vs. Lying supine: What would be
happening physiologically that is different in...
asked 5 minutes ago -
What Volume (in mL) of KBr solution must be taken so it will
contain 2.83x10^-5 moles...
asked 24 minutes ago -
Dr Johnson invests $9,000 at the rate of 6% annual interest
compounded semi annually for 4...
asked 25 minutes ago -
The contribution format income statement for Huerra Company for
last year is given below:
Total
Unit...
asked 33 minutes ago -
How do I write a program in MIPs assembly that will take 2 words
from the...
asked 33 minutes ago -
two identical cars approach an intersection, one is traveling east
at 18n/s. the second is traveling...
asked 39 minutes ago -
When an X-ray beam with a wavelength of 133 pm is incident on
the surface to...
asked 48 minutes ago -
Compare and contrast the internal and external organization of
Congress and the President.
"2 paragraph"
asked 56 minutes ago -
Suppose that the average waiting time for a patient at a
physician's office is just over...
asked 1 hour ago -
C++
Can somebody help me with this
2 integer right triangles
There are right-angled triangles (i.e.,...
asked 1 hour ago -
A researcher at Lund University is interested in studying the
biological role of a so-called type...
asked 1 hour ago