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- In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.Marc-Antoine and Annabelle have demand curves for books which are descending lines. Annabelle's demand curve has the same slope as Marc-Antoine's. Annabelle's demand curve is to the right of Marc-Antoine's. An increase in the price of books will cause: (a) a shift to the right of the Annabelle and Marc-Antoine demand curves. (b) a left shift of the Annabelle and Marc-Antoine demand curves. (c) a greater reduction in excess consumer consumption for Annabelle than for Marc-Antoine. (d) a smaller reduction in excess consumer demand for Annabelle than for Marc-antoine
- Suppose the own price elasticity of demand for good X is −4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (−) sign.a. The price of good X decreases by 4 percent. percentb. The price of good Y increases by 9 percent. percentc. Advertising decreases by 2 percent. percentd. Income increases by 3 percent. percent• Sketch a correctly labeled graph of demand showing the effect of an increase in the number of buyers. Be sure to fully label your graph including all axes and curves. Label the demand curve before the change D1 and the demand curve after the change D2. Your graph should resembe the graphs in the textbook that show a decrease in demand.DRAW THE MARKET EQUILIBRIUN CURVE. NOW SHOW NEW TECHNOLOGY AND INCOME GOES UP FOR BUYERS OF INFERIOR PRODUCTS
- Suppose you have the demand (schedule or curve) for bottled water for 100 individuals. In order to represent (market) demand for all 100 consumers, you should add their individual ______________ at each _____________ . Group of answer choices prices, quantity demanded quantities demanded, price willingness to pay, price demand, quantityPlease solve my question soon I will give you like Demand for Corn Flakes is: P = 11 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a generic company enters the market, selling generic Corn Flakes for $8. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. How many boxes of corn flakes will sell in total (both brand and generic)? Enter as a value.Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if: Instructions: Enter your answers as percentages. Include minus (-) sign for all negative answers. a. The price of good X decreases by 6 percent. percent b. The price of good 'increases by 7 percent. percent C. Advertising decreases by 4 percent. percent d. Income increases by 3 percent. percent
- What does the concept of 'price elasticity of demand' in microeconomics measure? A) The responsiveness of the quantity demanded of a good to a change in the income of consumers. B) The change in demand when a good’s price remains constant. C) The responsiveness of the quantity demanded of a good to a change in its price. D) The responsiveness of a good’s supply to a change in its priceAssume that one week sneakers sold at $150.00 and sell 80 units., next week they price them at $140 and sell 100 units. a. Assuming demand is approximately linear, determine the demand function b. Given: 1.7 p +42.i. Determine: Ep and Eq c. Draw both the demand and supply curves.Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers.a. The price of good X decreases by 5 percent. percentb. The price of good Y increases by 8 percent. percentc. Advertising decreases by 4 percent. percentd. Income increases by 4 percent. percent