Homework Answers
Ans) partial derivative of this demand function with respect to price = -2
Differentiate the demand function with respect to price
dQ/dP = -2
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Problem 4 Suppose that the quantity demanded for a particular product is given by the following...
4) Given the following demand function: Q = 50P-1.310.9 40.2 Where: Q: monthly quantity demanded A:...
4) Given the following demand function: Q = 50P-1.310.9 40.2 Where: Q: monthly quantity demanded A: Advertising exp. (S000 US) : price in I: Disposable income (SUS) a) What is the price elasticity of demand (use calculus)? b) Will an increase in price increase or decrease the amount spent on this product? c) What is the income elasticity of demand?
4. Suppose the supply curve for apples is given by QS -2P, where QS is the...
4. Suppose the supply curve for apples is given by QS -2P, where QS is the quantity offered for sale when the prices is P. Also, suppose the demand curve for apples is given by QD- 182-4PI, where QD is the quantity of apples demanded when the price is P and the level of income is erw a) Find the equilibrium P and Q when I -6 b) Find price-elasticity of demand at the equilibrium when 6, and give an...
Consider the following demand and supply functions: where d is the quantity demanded, Q is the...
Consider the following demand and supply functions: where d is the quantity demanded, Q is the quantity supplied, P is the price, and all pa- rameters [ao, αι, βο'Al are positive constants unless otherwise stated. Denote θ as the partial derivative symbol, and Δ as the discretized units of change 1. (1 point) Derive the demand curve. What is the slope of the demand curve? A. 1 2. (1 point) What is the intercept of the demand curve (along the...
Suppose the supply curve for wool is given by Q s = P, where Q s...
Suppose the supply curve for wool is given by Q s = P, where Q s is the quantity offered for sale when the price is P. Also suppose the demand curve for wool is given by Q d = 10 − P + I , where Q d is the quantity of wool demanded when the price is P and the level of income is I. Assume I is an exogenous variable. Question:Find the equilibrium price and quantity if...
Suppose the supply curve for apples is given by QS = 2P, where QS is the...
Suppose the supply curve for apples is given by QS = 2P, where QS is the quantity offered for sale when the prices is P. Also, suppose the demand curve for apples is given by QD = 182 − 4P I, where QD is the quantity of apples demanded when the price is P and the level of income is I. a) Find the equilibrium P and Q when I = 6. b) Find price-elasticity of demand at the equilibrium...
3. In a function particular county in California, the demand fuuction for each person i for...
3. In a function particular county in California, the demand fuuction for each person i for a particular kind of good is where Q4 denotes the quantity demanded for person i, I, is the income for personi, and P is the price of the good (which remains constant). The supply function for this particular good is Qs =-30 + 10P where Q is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers...
Suppose that the quantity of steel demanded in France is given by QS = 100 −...
Suppose that the quantity of steel demanded in France is given by QS = 100 − 2PS + 0.5Y + 0.2PA, where QS is the quantity of steel demanded per year, PS is the market price of steel, Y is real GDP in France, and PA is the market price of aluminum. In 2011, PS = 10, Y = 40, and PA = 100. How much steel will be demanded in 2011? What is the price elasticity of demand, given...
Consider the following demand and supply functions: where Qd is the quantity demanded, s the quantity...
Consider the following demand and supply functions: where Qd is the quantity demanded, s the quantity supplied, P is the price, and all pa- rameters [ao, αι, β0,A] are positive constants unless otherwise stated. Denote θ as the partial derivative symbol, and Δ as the discretized units of change. 1. (1 point) Derive the demand curve. What is the slope of the demand curve? αι B.αι αι
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given...
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -250 + 50p D(p) = 1000 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $(Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number) (b) Determine the prices for...
dont need multiple choicd just fill in the blank In this problem, p is in dollars...
dont need multiple choicd just fill in the blank
In this problem, p is in dollars and is the number of units. Suppose that the demand for a product is given by + ?)=3-1380 (a) Find the elasticity when - s. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An...
4) Given the following demand function: Q = 50P-1.310.9 40.2 Where: Q: monthly quantity demanded A: Advertising exp. (S000 US) : price in I: Disposable income (SUS) a) What is the price elasticity of demand (use calculus)? b) Will an increase in price increase or decrease the amount spent on this product? c) What is the income elasticity of demand?
4. Suppose the supply curve for apples is given by QS -2P, where QS is the quantity offered for sale when the prices is P. Also, suppose the demand curve for apples is given by QD- 182-4PI, where QD is the quantity of apples demanded when the price is P and the level of income is erw a) Find the equilibrium P and Q when I -6 b) Find price-elasticity of demand at the equilibrium when 6, and give an...
Consider the following demand and supply functions: where d is the quantity demanded, Q is the quantity supplied, P is the price, and all pa- rameters [ao, αι, βο'Al are positive constants unless otherwise stated. Denote θ as the partial derivative symbol, and Δ as the discretized units of change 1. (1 point) Derive the demand curve. What is the slope of the demand curve? A. 1 2. (1 point) What is the intercept of the demand curve (along the...
3. In a function particular county in California, the demand fuuction for each person i for a particular kind of good is where Q4 denotes the quantity demanded for person i, I, is the income for personi, and P is the price of the good (which remains constant). The supply function for this particular good is Qs =-30 + 10P where Q is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers...
Consider the following demand and supply functions: where Qd is the quantity demanded, s the quantity supplied, P is the price, and all pa- rameters [ao, αι, β0,A] are positive constants unless otherwise stated. Denote θ as the partial derivative symbol, and Δ as the discretized units of change. 1. (1 point) Derive the demand curve. What is the slope of the demand curve? αι B.αι αι
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -250 + 50p D(p) = 1000 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $(Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number) (b) Determine the prices for...
dont need multiple choicd just fill in the blank
In this problem, p is in dollars and is the number of units. Suppose that the demand for a product is given by + ?)=3-1380 (a) Find the elasticity when - s. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An...
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