Consider a competitive market for pork with the quantity demanded (per year) at various prices are...
Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows:
|
Price (dollars/kg) |
Demand (million kg) |
|
60 |
22 |
|
80 |
20 |
|
100 |
18 |
|
120 |
16 |
Calculate the price elasticity of demand when the price is $80/kg.
Calculate the price elasticity of demand when the price is $00/kg.
Calculate the arc elasticity between price of $80/kg and $100/kg.
Homework Answers
Ans 1)
Price elasticity=[(Q2-Q1)/(Q1)[(P1/(P2-P1)]
=[(20-22)/22][60/20]
=(-2/22)*(3)
=-6/22
=-0.27
Ans 2)
Price Elasticity of demand when Price=$80/Kg
Price elasticity=[(Q2-Q1)/(Q1)[(P1/(P2-P1)]
=[(18-20)/20][80/20]
=(-2/20)*(4)
=-8/20
=-0.4
Answer 3)
Price Elasticity of demand when Price=$80/Kg
Price elasticity=[(Q2-Q1)/(Q2+Q1)/2][(P1+P2)/2/(P2-P1)]
=[(18-20)/19][90/20]
=(-2/19)*(4.5)
=-9/19
=-0.473
Add Answer to:
Consider a
competitive market for pork with the quantity demanded (per year)
at various prices are...
3. Use graphs to demonstrate the income elasticity of: Steaks, Hamburgers, and Ramen noodles. What assumption...
3. Use graphs to demonstrate the income elasticity of: Steaks, Hamburgers, and Ramen noodles. What assumption did you make about each product in regard to its income elasticity? Use the appropriate economic terms in describing your assumptions. What is the economic significance of this for US agriculture? Explain. (30 points) 4. Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows: Price (dollars/kg) Demand (million kg) 60 22 80 20 100...
1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: 100-3p+3...
1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: 100-3p+3 p 5 p+2 Y Qs=100+6p- 8 Ph where Q is the quantity in million kilograms (kg) of pork per year; p is the dollar price per kg, Pb is the price of beef per kg, Pe is the price of chicken per kg, Ph is the price of hogs per kg, and Y is the average income in thousand dollars. Suppose that p, $8.00...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Qp = 100-3 p + 3 p + 5 + 2 Y, Os = 100 + 6 - 8 PA where Q is the quantity in million kilograms (kg) of pork per year; p is the dollar price per kg, Po is the price of beef per kg, pe is the price of chicken per kg, P,...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Q = 100-3 +3 p + 5 + 2Y, Os = 100 + 6 - 8 where Q is the quantity in million kilograms kg) of pork per year, p is the dollar price per kg, Po is the price of beef per kg, Pe is the price of chicken per kg, PA is the price of...
A firm has kept track of the quantity demanded of its output during four time periods....
A firm has kept track of the quantity demanded of its output during four time periods. Product price, consumer income, and advertising expenditures were also recorded for each time period. The information is provided in the table that follows. Use it to calculate the arc elasticity of demand with respect to price, income, and advertising. Time Period 1 2 3 4 Quantity 120 80 100 80 Price 20 30 30 30 Income 150 150 250 250 Advertising 50 50 50...
Consider the market demand curve for apples, which relates the quantity demanded of apples (in thousands...
Consider the market demand curve for apples, which relates the quantity demanded of apples (in thousands of bushels) to various prices of apples. Suppose that the price elasticity of demand for apples is -2. If the price of apples increases by 3 percent, then by how much will the quantity demanded of apples decrease? Select one: a. none of the above b. by 2 thousand bushels c. by 6 thousand bushels d. by 6 percent e. by 2 percent
Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the...
Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the following table. Column 3 shows the quantity demanded of good A by a household when household income is $60,000. Column 4 shows the quantity demanded of good A when household income is $70,000 (2) (3) (1) Quantity Quantity demanded Quantity demanded Price Supplied (income = $ 60,000) (income = $70,000) $10.00 100 60 20 $8.00 80 80 30 $6.00 60 90 60 40 100...
Page 6 of 8 Q.3 (15 points) Consider the market for good A. The quantity supplied...
Page 6 of 8 Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the following table. Column 3 shows the quantity demanded of good A by a household when household income is $60,000. Column 4 shows the quantity demanded of good A when household income is $70,000 (2) (3) (1) Quantity Quantity demanded Quantity demanded Price Supplied (income = $ 60,000) (income = $70,000) $10.00 100 60 20 $8.00 80 80 30 $6.00 60...
If the on campus demand for soda is as follows: Price (per can) Quantity demanded (per...
If the on campus demand for soda is as follows: Price (per can) Quantity demanded (per day) $225 30 2.00 40 1.75 50 1.50 60 1.25 70 1.00 80 0.75 90 0.50 100 and the marginal cost of supplying a soda is $125, what price will students end up paying in: Instructions: Enter your responses rounded to two decimal places a. A perfectly competitive market? SE b. A monopolized market? < Prev 2004 here to search
The table below shows Angelina’s quantity demanded for goods at different prices. Use this information to...
The table below shows Angelina’s quantity demanded for goods at different prices. Use this information to answer the questions below. Quantity Demanded Goods 2015 2016 2015 Meat 500kg 700kg $7 Noodles 200 packets 120 packets $0.12 Spaghetti 50 packets 60 packets $0.30 Fish 200kg 150kg $8 Prices 2016 $8 $0.70 $0.30 $12 a) Determine own price elasticity of demand for meat. b) Using the quantity demanded for meat, determine the cross price elasticity of demand between meat and fish. c)...
1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: 100-3p+3 p 5 p+2 Y Qs=100+6p- 8 Ph where Q is the quantity in million kilograms (kg) of pork per year; p is the dollar price per kg, Pb is the price of beef per kg, Pe is the price of chicken per kg, Ph is the price of hogs per kg, and Y is the average income in thousand dollars. Suppose that p, $8.00...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Qp = 100-3 p + 3 p + 5 + 2 Y, Os = 100 + 6 - 8 PA where Q is the quantity in million kilograms (kg) of pork per year; p is the dollar price per kg, Po is the price of beef per kg, pe is the price of chicken per kg, P,...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Q = 100-3 +3 p + 5 + 2Y, Os = 100 + 6 - 8 where Q is the quantity in million kilograms kg) of pork per year, p is the dollar price per kg, Po is the price of beef per kg, Pe is the price of chicken per kg, PA is the price of...
Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the following table. Column 3 shows the quantity demanded of good A by a household when household income is $60,000. Column 4 shows the quantity demanded of good A when household income is $70,000 (2) (3) (1) Quantity Quantity demanded Quantity demanded Price Supplied (income = $ 60,000) (income = $70,000) $10.00 100 60 20 $8.00 80 80 30 $6.00 60 90 60 40 100...
Page 6 of 8 Q.3 (15 points) Consider the market for good A. The quantity supplied is shown in the following table. Column 3 shows the quantity demanded of good A by a household when household income is $60,000. Column 4 shows the quantity demanded of good A when household income is $70,000 (2) (3) (1) Quantity Quantity demanded Quantity demanded Price Supplied (income = $ 60,000) (income = $70,000) $10.00 100 60 20 $8.00 80 80 30 $6.00 60...
If the on campus demand for soda is as follows: Price (per can) Quantity demanded (per day) $225 30 2.00 40 1.75 50 1.50 60 1.25 70 1.00 80 0.75 90 0.50 100 and the marginal cost of supplying a soda is $125, what price will students end up paying in: Instructions: Enter your responses rounded to two decimal places a. A perfectly competitive market? SE b. A monopolized market? < Prev 2004 here to search
Most questions answered within 3 hours.
-
concentrated phosphoric acid solution is 85.5% H3PO4 by mass and
has a density of 1.69 g/mL...
asked 25 minutes ago -
60 pts) Convert the following numbers into 32-bit IEEE 745
floating format. You need to include...
asked 25 minutes ago -
A ship, carrying freshwater to a desert island in the Caribbean,
has a horizontal cross-sectional area...
asked 25 minutes ago -
What is the yield to call for a $1,000 par, 20-year, 8% coupon
bond with annual...
asked 28 minutes ago -
In a study following individuals taking prednisone to treat
various conditions over a 12-month period of...
asked 35 minutes ago -
8. Suppose that in a particular sample, the mean is 50 and the
standard deviation is...
asked 43 minutes ago -
customers are arriving to a shop according to Poisson process
with mean 6.6 customers/hour. What is...
asked 1 hour ago -
Which of the following is an example of supply risk?
1. A change in the dynamics...
asked 47 minutes ago -
Do you believe that there has been moral progress in the past
thousand years of human...
asked 45 minutes ago -
Consider this reaction data:
T(k)
k(s^-1)
325
.399
775
.621
If you were going to graphically...
asked 57 minutes ago -
Riverisland Cold Storage, Inc. v. Fresno-Madera Prod. Ass'n
1. How did this ruling impact California in...
asked 1 hour ago -
HI please answer all parts of my question. Thank you so much! I
will rate you!...
asked 1 hour ago