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- Assignment 2 1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 B. GHe25.00 D1 D2 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)-pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GHc25.00 per gallon. calculate thhe change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2?Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100A 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.
- Refer to the figure below. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.75 per can, then what will be the market demand for soda each month? Mallory's Demand for Sodal Rick's Demand for Soda Price ($/can) 1.50 1.25 1.00 0.75 0.50 0.25 0 0 10 20 30 40 50 60 70 Quantity (cans of soda/month) rev: 02_01_2018_QC_CS-116371 O 70 50 O 30 O 20 Price ($/can) 1.50 1.25 1.00 0.75 0.50 0.25 0 0 10 20 30 40 50 60 70 Quantity (cans of soda/month)1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 A GH¢25.00| C D1 D2 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pg where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GH¢25.00 per gallon. calculate the | change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2? 2. Discuss any four factors that would cause an increase in demand of petroleum engineering program in Ghanaian universities.The accompanying table shows the price and monthly demand for barrels of gosum berries in Gondwanaland. Price of gosum berries per barrel Native demand for gosum berries per month $100 0 $90 100 $80 200 $70 300 $60 400 $50 500 $40 600 $30 700 $20 800 $10 900 $0 1,000 A) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it mean for how demand will change based on a change in price within this price range? (Enter your response here.) B) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $70 to $80. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it…
- A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity. b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.Price ($/cup) 4 3.5 3 2.5 2 1.5 1 0.5 0 0 10 20 Original Supply A decrease in the price of coffee beans. New Demand Original Demand 30 40 50 60 70 80 90 Quantity (cups/hour) New Supply The figure above refers to the market for coffee. What might cause a shift from the original demand curve to the new demand curve? Check all that apply. An increase in the price of tea (a substitute for coffee). A decrease in income if coffee is an inferior good. An expectation that coffee prices will fall in the future. A decrease in the price of cream (a complement to coffee)The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in Toronto. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a litre of regular unleaded gas is $4 per litre, and the price of a subway ride is $2.00. Use the graph input tool to help you answer the following questions. You will not be scored on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a Sedan (Thousands of dollars) 20 Quantity Demanded 450 30 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand Price of Gas (Dollars per litre) 4. Price of a Subway Ride (Dollars) 2 100 200 300 400 500 600 700 800 900…
- The prices and elasticities for some different types of food are summarised in Table 1. Table 1: Price elasticities of demand for different types of food. Price Elasticity of Price per 100 g ($) Туріcal Spending per Demand (in absolute week (S) Food Calories Categories per serving value) Fruit 660 0.4 2 1.13 Vegetables 140 0.35 3.5 0.85 Pasta 1550 0.4 0.88 Bread 950 0.6 2.5 0.29 Snacks 430 1.2 0.27 Candy Milk - A 1750 0.7 8 0.30 2100 0.1 2.5 1.78 Milk - B 880 0.2 1.5 1.98 Government plans to keep people healthy by discouraging consumption of high-calorie food. A 20% excite tax will be imposed on one of the high-calorie food items which contains calories more than 1550 per serving. For three different policy goals: (i) maximization of tax revenue, (ii) maximization of reduction in high-calorie food consumption and (iii) minimization of loss in market efficiency (or deadweight loss), select the best policy choice as your recommendation for imposing the tax. Explain the rationale of your…Answer asap pleasee Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q (demand) P = 20 + Q (supply) a) Calculate the equilibrium quantity.Demand schedule and supply schedule Price Quantity Demanded Quantity Supplied $ 6 68 28 $10 20 40 a)Using the demand schedule below, write down quantity demanded as a function of price.Using the supply schedule below, write down quantity supplied as a function of price. b)Find equilibrium price and equilibrium quantity. c)Find price elasticity of supply when price changes from $6 to $10. Find price elasticity ofsupply when price changes from $10 to $16.
