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- The demand x is the number of items that can be sold at a price of $p. For x = p" - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. The rate of change of the price p with respect to the demand x isThe demand function for a product is p= 45 5-9/10) where q is the number of units and p is the price of one unit. At what price will the demand be 5 units? How many units will be demanded if the price is $12.42?The economic advisor of a large tire store proposes the demand function D(p) = = 1800 P-20' where D(p) is the number of tires of one brand and size that can be sold in one day at price p. Answe
- In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 69 - 300 at (9, p) = (25, 150). (b) How will a price increase affect total revenue? O Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. O Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is inelastic, an increase in price will increase the total revenue. Need Help? Read It Watch ItA local firm produces three types of Pizza, for delivery to homes in the area. The owner has completed research, to discover the demand curves for each of the three pizzas. The schedules are shown below: (Quantities are per week). Price Pizza A (Qd) Pizza B (Qd) Pizza C (Qd) 12 800 0 100 11 840 0 200 10 880 400 300 9 920 800 400 8 960 1200 500 7 1000 1600 600 6 1040 2000 700 5 1080 2400 800 Plot the three demand curves, on one graph. (It does not have to be Excel). Calculate PED for all three pizzas over the price range $9 to $10. Use the midpoint formula (see your class lecture notes.) Explain why the three PED measures are different. What change would make all three PED measures become more elastic? What about more inelastic?A local firm produces three types of Pizza, for delivery to homes in the area. The owner has completed research, to discover the demand curves for each of the three pizzas. The schedules are shown below: (Quantities are per week). Price Pizza A (Qd) Pizza B (Qd) Pizza C (Qd) 12 800 0 100 11 840 0 200 10 880 400 300 9 920 800 400 8 960 1200 500 7 1000 1600 600 6 1040 2000 700 5 1080 2400 800 Plot the three demand curves, on one graph. Calculate PED for all three pizzas over the price range $9 to $10. Use the midpoint formula Explain why the three PED measures are different. What change would make all three PED measures become more elastic? What about more inelastic? NB: THIS NOT A GRADED QUESTION, ITS A SAMPLE PRATICE QUESTION. THANK YOU
- Find the demand equation using the given information. (Let x be the number of items.) A company finds that it can sell 50 items at a price of $140 each and sell 60 items at a price of $120 each. D(x) =A local firm produces three types of Pizza, for delivery to homes in the area. The owners have completed research, to discover the demand curves for each of the three pizzas. The schedules are shown below: (Quantities are per week). Price Pizza A (Qd) Pizza B (Qd) Pizza C (Qd) 12 800 0 100 11 840 0 200 10 880 400 300 9 920 800 400 8 960 1200 500 7 1000 1600 600 6 1040 2000 700 5 1080 2400 800 Calculate price elasticity demand for all three pizzas over the price range £9 to £10. Why does a firm want to know cross elasticity demand?A local firm produces three types of pizza, for delivery to homes in the area. The owners have completed research, to discover the demand curves for each of the three pizzas. The schedules are shown below: (Quantities are per week). Price Pizza A (Qd) Pizza B (Qd) Pizza C (Qd) 12 800 0 100 11 840 0 200 10 880 400 300 9 920 800 400 8 960 1200 500 7 1000 1600 600 6 1040 2000 700 5 1080 2400 800 Plot the three demand curves, on one graph.Calculate PED for all three pizzas over the price increases from £9 to £10. For pizza C only, what price must be charged if the firm wishes to maximize its sales revenue? (Hint: more elastic demand will affect the revenue adversely).
- The demand function for a manufacturer's product is D = 80 - 3p, where D is the number of units and 'p' is the price per unit. The value of D that will achieve maximum revenue is Blank 1units. Blank 1 Add your answerIn this problem, p is in dollars and q is the number of units. (a)Find the elasticity of the demand function 2p + 3q = 72 at the price p = 12. (b)How will a price increase affect total revenue? _Since the demand is elastic, an increase in price will decrease the total revenue. _Since the demand is inelastic, an increase in price will decrease the total revenue. _Since the demand is elastic, an increase in price will increase the total revenue. _Since the demand is unitary, there will be no change in the revenue with a price increase. _Since the demand is inelastic, an increase in price will increase the total revenue.A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.
