Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 2 3 3 4 4 (d) What happens if other determinants change?
Q: Plot the supply curve from the supply schedule information provided. Price Quantity Supply ( Qs ) 1…
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- Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qp) 9 2 6 3 4 5 (d) What else do you think will happen? (e) What happens if other determinants change?Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs ) 3 3 4 4 5 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.
- a) Everything else held constant, what will happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up and health officials announced that eating peanut butter was good for your health? Provide brief explanation. b) Everything else held constant, there is a 12 percent increase in the price of peanut butter jar. As a result, quantity demanded drops by 20 percent. Calculate the price elasticity of demand for a jar of peanut butter. ( c) For part (b), explain briefly whether the revenue will increase or decrease?For a good with the following demand: Quantity Demanded Price 6000 $20 14,000 $15 (a) Calculate the price elasticity of demand using the Midpoint Method. (b) Is the demand for this good considered elastic or inelastic? (c) Do you think it is more likely that the average consumer will consider this good a necessity or a luxury? How did you determine your answer? (d) If sellers' production costs rise, will they be able to pass these higher costs onto the buyers in the form of higher prices? Explain.QUESTION ONE The demand function for a product is quadratic in nature. Three points, which lie on the function, are (10, 3800), (30, 1000) and (15, 2800). (i) Determine the equation for the demand function (ii) Compute the quantity demanded at a market price of Ksh 20? (a)
- Given: Market for Flowers Price of Flower/boquet 100 Qd (x) of Flower/boquet 40 Fertilizer (f) for Flower/bag 70 Point Price of Candle Consumer (z) /piece 40 Income (I) (Time) A 10,000 15,000 20,000 330 32 60 90 C 500 20 70 110 1. Own price elasticity of demand (Pn) C A, 2. Income elasticity (ny) A-C; (inferior or normal good?) 3. Cross-price elasticity (nxz) B-C; (substitute or complementary?) 4. Input-price elasticity (nf) ABEstimate the lowest price at which the demand is zero. $ . Round to the nearest dollar. Refer to the graph below to answer question thanks appreciate it!!!6T Demand for Milk in Smalltown IISA Fill in the Blank Question Refer to the graph as shown. If the price of milk is $2 per gallon, then th consumers would be willing to purchase gall of milk per day. (Enter a number in the blank.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Suppose John, the owner-manager of a local hotel, projects the following demand for his rooms: Price ($) Quantity Purchased (per Night) Total Revenue 90 100 110 90 130 70 (a)Calculate the price elasticity of demand between $90 and $110. (Use the midpoint formula) (b)Is the price elasticity of demand between $90 and $110 elastic, unit elastic, or inelastic? (c)Will John’s total revenue rise if he increases the price from $90 to $110?…Which of the following is NOT a determinant of the price elasticity of demand for a product? Select one: a. price b. substitutes c. time period d. market definitionWhich of the following elasticities measure a movement along a curve rather than a shift in the curve?(a) The price elasticity of demand. (c) The cross elasticity of demand.(b) The income elasticity of demand. (d) The price elasticity of supply.
