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Q6
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- 2. Suppose the demand for a product is given by x = 30 − 2p. (a) Find the elasticity of demand and use that to find the price that maximizes revenue. (b) Now, let’s do the same thing a different way. Find the revenue functions in terms of the variable p. This will be a quadratic function. Find the p value of the maximum by finding the vertex of the parabola. (You should get the same p value as in part (a).A garden shop determines the demand function D(p) = 4p+1000 during early summer for %3D 40p+26 comato plants where q is the number of plants sold per day when the price is p dollars per plant. a. Find the price elasticity of demand equation. b. Calculate the price elasticity of demand at a price of $3. Is the demand elastic, inelastic, or unit elastic? How do you know? C. Based on the information in part b, should the garden shop increase, decrease, or leave the price the same at $3 if it wants to increase revenue? Explain. d. Calculate the revenue before the price change and after to support your answer to part c.What is the total revenue in a market with the following demand and supply curves? QD=478-6P and QS=128+8P
- A firm estimated a demand function for their mugs:Dm = 1.25Y- 0.8Pm + 0.5Dc – 0.1PcWhere D stands for demand, Y is income growth, P is the price, m is mugs, and c is coffee. (a) What is the price and income elasticity of demand estimates for mugs? (b) How do we estimate the cross price elasticity between coffee mugs and coffee? Are they complementary goods or substitute goods?Using the image please find: a. Find the total revenue function, using the fact that there is no revenue when no units are sold. R= b. Find the demand function, using the relation between price, demand, and revenue. P=The weekly demand function for a particular product is q=f(p)=2400-15p. Where q is stated in units and p is stated in dollars. Determine the quadratic total revenue function, where R is the function of p. What is the concavity of the function? What is q intercept? What does total revenue equal at a price of 60 dollars.
- Lumber-4-Less knows that the monthly demand for framing studs is 2550 when the price is $1.75 each, but the demand rises to 3050 when the price decreases to $1.70. Assuming that the demand function is linear, write the equation for the demand function. Use q for quantity. P =a) The demand function for a product is p = 60 3-9/15) where q is the number of units and p is the price of one unit. At what price will the demand be 15 units? How many units will be demanded if the price is $41.60?3. Derive the MR function for the demand function q = 400 - 0.1p.
- The weekly demand function is given by p+x+4xp = 68, where x is the number of thousands of units demanded weekly and p is in dollars. If the price pis decreasing at a rate of 91 cents per week when the level of demand is 5000 units, which one of the following statements is true? Demand is decreasing at 1330 units per week Demand is decreasing at 1470 units per week Demand is increasing at 1470 units per week O Demand is increasing at 1400 units per week O Demand is decreasing at 1400 units per weekWhen sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…Imagine the demand function for your firm’s product is q = 1500 – 4P. How much is the Total revenue when q=100?