The consumer demand for a certain video game is Q(x,y) = 200 −10x2 + 20xy video games, where x is the price of the video game and y is the price of a different competing video game. Given the price of x is currently $12, the price of y is currently $16, the price of x is decreasing by $0.50 per month, and the price of y is increasing by $0.80 per month. At what rate is the demand for the video game changing now? Be sure to use the correct units on your answer
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The consumer demand for a certain video game is Q(x,y) = 200 −10x2 + 20xy video...
5) When the price of a certain commodity is p dollars per unit, customers demand r hundred units of the commodity, where How fast is the demand r changing with respect to time when the price is $6 per unit and decreasing at the rate of 25 cents per month? 1 6) The output at a certain plant is Q-0.09r20.12ry+0.04y2 units per day, where z is the number of hours of skilled labor used and y is the number of...
You need to determine the profit-maximizing price for a video game console. Currently, you charge $180 and sell 2 million consoles per year. It costs $150 to produce a console, and the price elasticity of demand for consoles is 3. What price should you charge for consoles? Now assume that, on average, a purchaser of your video game console buys 10 video games, and you earn $10 profit on each video game. What is the correct price for consoles?
An electronics company determines the demand function q=D(x)=sqrt(450-x5 ) for a new game where q is the number of games sold per day when the price is x dollars per game. a) Find the elasticity. b) Find the elasticity at nx=3 c) At x=3, will a small increase in price cause the total revenue to increase or decrease?
Suppose the demand for video games is q=40-2p and the supply is q=3p, and there is a quantity tax, $5 per unit of the video game. 1. Compute the equilibrium quantity and price before the tax; 2. Compute the equilibrium quantity and prices for both buyers and sellers after the tax; 3. Compute the total tax revenue raised by the government and the fraction of tax the buyers need to paytax paid by buyers/total tax revenue). 4. Compute the dead...
You need to determine the profit maximizing price for a video game console. Currently you charge $180 and sell 2 million per year. It costs $150 to produce a console, and the price elasticity of demand for consoles is -3. What price should you charge for a console? (assume a linear demand curve) *******************Answer for part 1 is the maximizing price for a console is 195 is just so you can understand part 2 on what I actually need help**************...
The demand for a certain product is Q = 10,000 – 200 P + 0.02 Pop + 0.5 I + 0.3 A, where Q is the quantity per month, P is the price, Pop is population, I is disposable income per household and A is advertising expenditure What is the demand curve if P=300, Pop = 1,000,000, I = 50,000 and A = 15,000?
1) Suppose that the demand for good Y is given by the equation: Qdy = 200- 2Py + 3Px, where Px is the price of good X and Py is the price of good Y. Based on this equation we can conclude that: A) Good X and good Y are complementary goods B) When the price of X goes down the quantity demanded of Y goes up C) Good X and good Y are substitute goods D) When the price...
Microeconomics Questions Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
a. High Wire Electronics determines the following demand function for a new game: 9 = D(x) = V200 – x3. Where q is the number of games sold per day when the price is x dollars per game. Find the elasticity of demand. b. At what prices is elasticity of demand inelastic? Find the elasticity when price is $3. Interpret your result. d. At what price is revenue a maximum? e. What's the maximum revenue? c.
05 Question (4 points) A video game developer hires two types of workers to develop games: game coders (x1) and game testers (x2). The developer produces games according to the following production function: y = x14x3/4, where y stands for the number of games developed per month, and X1 and x2 stand for, respectively, the number of programmers and testers hired per month. Because both types of workers freelance using their own tools, the video game developer does not require...