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- 2. The relationship between price and demand per month for a consumer product is p = 3500 -1.1D5 where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per month and the variable cost is $4.00 per unit. What is the optimal number of units that should be produced and sold per month? a. b. What is the maximum profit per month?please do the last partsPRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 300 200 40 200 rooms per night to ,hotel rooms at the Oceans and hotel rooms at the Meadows are 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is Oceans are ? from meaning that hotel rooms at the If the price of a room at the Meadows were to decrease by 20%, from $200 to $160,…
- Please type out the correct answer ASAP with proper explanation of the each option given below within 40 50 minutes. Will give you thumbs up only for the correct answer. Thank you . The shape of a typical supply curve would indicate which of the following? Group of answer choices a) Buyers are willing to buy more product as price goes up. b) Buyers are willing to buy fewer products as price goes down. c) Sellers want to sell fewer products as price goes down. d) Sellers want to sell fewer products as prices goes up.PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Lakes's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Mountaineer (Dollars per night) 350 150 50 100 200 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Lakes is charging $350 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Lakes rooms per night to rooms per night. Therefore, the income elasticity of demand is from , meaning that hotel rooms at the Lakes are If the price of an airline ticket from DSM to ACY were to increase by 50%, from $100 to $150 roundtrip, while all other demand factors remain at their initial values,…Actions Events E1 E2 E3 E4 A1 8 -10 6. A2 -4 12 18 -2 АЗ 14 8 Find the best action under each of the 5 decision criteria. a. Expected Monetary Value b. Expected Opportunity Loss с. Маximax d. Maximin e. Minimax Regret Rule 1.
- 400 350 Y 300 250 B4 200 150 100 50 0 B3 0 1 2 (d) has been cut in half O(e) has doubled B1 B2 04. If the budget line changed from B1 to B3, then the price of X (a) has decreased (b) has increased O (c) has not changed 3 4 5 6 7 8 X12. Do it asap!Please no written by hand solutions Bill goes to the market to buy some apples. The cost of the apples that he likes is $1.25 per pound. If he has $5 to spend on apples, how many pounds (x) can he buy?
- SOLVE STEP BY STEP DONT USE CHATGPT In a market, a supply and demand table is presented for a product. Assume that your relationship is linear Price in dollars (P) 300 350 400 450 Quantity (Q) Weekly Offered (O) 1000 2000 3000 4000 Quantity (Q) Weekly Respondent (D) 3000 2500 2000 1000 Find the linear supply and demand functions for this product Find the market equilibrium pointHow much does profit change if 6 units are sold instead of 5?3. A local contractor is considering the production of the fireworks. The variable cost per unit is $30. The fixed cost is $9,000. The price per unit is determined by equation p = 230-4D where D is the demand. (a) What is the optimum number of unit produced? (b) What is the profit if the optimum number of unit made?