detail 1. Given a demand function 250 p q + 50 where p is price and...
The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 150 3 130 − q (a) Find the elasticity of demand as a function of the quantity demanded, q. η = (b) Find the point at which the demand is of unitary elasticity. q = Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic...
1. The quantity demand for kites is given by q(P) (P 10)2, where P is price and q is the quantity demanded. At what price is the price elasticity of demand equal to -1? a. P 1 c. P- 20 d. P- 10 e. P- 22
2. Demand and supply equations for Good X is given as: Demand: P=6 - (1/50) Q and Supply: P= 1 + (1/100) Q [P: Price, Q: Quantity] i. Given the above information find the equilibrium price and quantity for Good X. ii. What is the point elasticity of demand at equilibrium? Is it elastic, inelastic or unitary elastic? iii. What is the point elasticity of supply at equilibrium? Is it elastic, inelastic or unitary elastic? iv. If the price increases...
The demand function of canned soda is linear Q=2000-500p, where Q is quantity in cans and p is price/can in dollars. 1) when p=1.5, what is the elasticity of demand? 2) what is the price at which the demand for soda has unitary elasticity? 3) suppose after the anti-sugar campaign, the demand function of soda becomes Q=2500-500p^2. at the price, you identified in (b), what is the elasticity of demand now given the new demand function? is it elastic or...
Given the following nonlinear demand function for processed pork Q = 250 - p3 + 0.7logPb +0.9logy, where Q is the quantity demanded for processed pork, P is the price of processed pork, Pg is the price beef and Y is the consumer's income. If P = N$3, PB = N$100 and Y = N$5000, income elasticity is Select one: O A. 19.76% O B. 90% O C. 0.9%
The demand is given by P = 100 – 2Q, where P is the price and Q is the quantity demanded. Find the price at which the own-price elasticity is – 2.
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...
The demand function for an oligopolistic market is given by the equation, Q = 275 – 4P, where Q is quantity demanded and P is price (Note: inverse demand for the dominant firm here is P = 50 - .2Q). The industry has one dominant firm whose marginal cost function is: MC = 12 + 0.7QD, and many small firms, with a total supply function: QS = 25 + P. In equilibrium, the total output of all small firms is
For the demand function q =D(P) = 340 - p, find the following. a) The elasticity b) The elasticity at p = 105, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) a) Find the equation for elasticity E(p) = 0 b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity....
4. Given the demand function Q=98.6-2.3P+3.1P,-2.1Y where Q, is the quantity demanded, Px is the price of the good itself in dollars, P is the price of a related good in dollars, and Y is average income (measured in thousands). If P $23, Ps $29, Y = $36, compute the value for Q C 1 point Using the information in part a, compute the cross-price elasticity (Eo) and determine if Py is describing a substitute or complement (round to 2...