12 10 8 6 4 2 0 Demand 10 20 30 40 50 60 Quantity Demanded (Q) & Quantity Supplied (Q.) Fer to the graph. Using Qd for quantity demanded and Pfor price, which of the following equations correctly states the demand for this product?
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- What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.½ 1.CQLPrecalc.2 The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. Quantity, q S(p) = D(p) = (Type expressions using p as the variable.) 5000- 4500- 4000- 3500- 3000- 2500 2000-€ 1500- 1000- 500-S(p) 0+ 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p).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) 100
- According to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....Q. Suppose the price elesiticity of demand is estimated to be 3 what does this mean with schedule and graph?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.
- PRICE (Dollars per CD) 20 18 16 14 2 0 0 S₂ S₁ 1 2 1 4 5 6 7 QUANTITY (Millions of CDs) 8 9 10 Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be you know that at a price of $10 per CD, the is five million CDs. Moreover,In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qp) 9 2 6 3 4 5 (d) What else do you think will happen? (e) What happens if other determinants change?
- Price ($) a) Suppose that the demand for pizzas were to increase by 120 pizzas per day. Show the new demand, in the graph below: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 64 56 48 40 32 24 16 8 0 40 80 120160200240 280 320 360 400 440 480 S D Tools Demand Help i Save & Exit SubmitPRICE (Dollars per bippitybop) 282 283 2 120 110 100 90 80 70 50 30 20 10 0 X8 05 10 15 20 25 30 35 40 QUANTITY (Bippitybops) Demand 45 50 55 60 Total Revenue On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70, and $80 per bippitybop.Plot the demand curve from the demand schedule information provided. Price Quantity demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?