The price p and the demand x for a product are related by the price– demand
X=f(p)=1000(40-p)
equation Find the elasticity of demand E(p) for the price–demand equation
(A) E(8)
(B) E(30)
(C) E(20)
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Question 1 (36 points) Suppose that the demand function is given as follows: 5000 3Pr +P, -2I and 2P T - P. where Pr denotes price of good x. P, denotes the price of a related product y, I denotes income, T denotes the tax imposed by the government on firms and P. denotes the price of alternative product that can be produced by firms a-) (8 points) Find equilibrium price and output (Peg and Oe") as a function of...
ROBAT O Search W Wikipedia A AE De Signature Line Date & Time Online Video Comment Link Bookmark Cross- reference Header Footer Page Number Header & Footer А Text Quick WordArt Drop Box Parts Object ins Media Links Comments Text PART 2: Demand 21 points] Section A p = f(x) forml 1. 1" Order: Use the Chart feature of Excel to help... a. [4... derive the product's linear (1* order) trend line equation p = f(x). b. (1) ...identify the...
Use the price-demand equation to find E(p), the elasticity of demand. x=f(p)=150 - 55 ln(p) E(p) = ?
Use the price-demand equation below to find E(P), the elasticity of demand. x=f(p) = 6800 - 4p? E(p)=0
2. Suppose demand is given by Qs = 43.2 p.Sep-28 where / income, P. is the price of a related good, and P is the price of the product. Find (a) the price elasticity of demand: (b) the income elasticity of demand: (c) the cross-price elasticity of demand
The quantity q demanded each week for a new digital camera is related to the price p of the camera (in dollars per camera) by the functionq /400 -Sp hundred cameras. a. Find the elasticity of demand function, E(p) b. Find E for p-$40/camera and p $60/camera and state whether inelastic. c. For what price is there unit elasticity? d. At the price of S40/camera, ifthe price is increased by 3%, how will the demand change? Answer in a sentence...
3) PED and Total Revenue (7 points) A demand curve is represented by the equation P = 60 - 20. The price has changed from $40 to $30. a. Graph this demand curve, labeling the two price points and their corresponding quantities demanded. (Hint: In addition to using the graph, you may also use the demand equation to find the quantities demanded for each price point b. On your graph, draw and label the total revenue, price effect and quantity...
of 2. (30 points) The demand of a product y depends on its own price UP ), and the price another product X (P. The price elasticity of Yis e,ー3.5, and the cross-price elasticity of Y with respect to X is e0.8. (a) Are X and Y substitutes or complements? lete (b) Suppose now P, increases by 2%, and r, decreases by 5%. Will the quantity demanded of Y increase or decrease? By what percent? 3. (20 points) The demand...
2. Find the price elasticity when p10; p-20 and p-30 for the following demand curve: P 40-1Q 4 a. Remember that the price elasticity formula is: Ed Illustrate the demand below. Now illustrate the price elasticities found above. Do not forget to label your axis b. and points. c. Interpret the price elasticity when the price is 10.