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suppose the demand for shoes is given by qd=40-5p and supply is given by qs=10p-20
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- Evaluate the behavior of consumers in terms of the demand for productsthe demand function of a consumer is given as Qd=100-2p. if the demand changes to 100-4p, find the effect of this change on quantity demand at price 10 birrDaffy’s is a pet care company that recently increased the average price of its services by 5%. As a result, the number of customers dropped by 4%. Bufasthar, another pet care company in the area that competes with Daffy’s decided to increase the average price of its services by 3%. How will this decision likely impact the demand for services at Daffy’s?
- The demand for Woobles is unit elastic. When Woobles are priced at $20.00, 10 units are sold. If the price is increased to $40, how many units of Woobles will be sold?According to the graph above, what is the quantity demanded at S80Demand for Corn Flakes is: P = 10 - Q Supply of Kellogg's Corn Flakes is: P = 2 + Q Now a generic company enters the market, selling generic Corn Flakes for $4. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. How many boxes of generic Corn Flakes will sell?
- Suppose a 10 cent change in price induces a 1000 unit change in willingness to consume. At a price of 2.00, 1000 units are demanded. Find the price elasticity of demandBeachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded at each price is twice what it was). Which product experiences a larger change in quantity? What happens to total consumer spending on each product?Suppose the cross-price elasticity of demand between avocados and limes is –0.3 (E avocados / limes = −0.3). If the price of limes increases by 10%, we would expect the quantity of avocados demanded to decrease by what percentage?
- Suppose that you are a staff economist with an economic consulting firm. The operator of a local harbour has commissioned your firm to do a market analysis of the demand for berths (parking spaces) for boats. Your firm finds that the price elasticity of demand for berths is –0.8. If the price of a berth in the area decreases by 6%, how will the quantity of berths that people demand change? The number of berths demanded will: Increase by 0.8% Decrease by 7.5% Increase by 6% Increase by 4.8%You start a business making decorative reusable water bottles. Suppose the demand for the bottles is modeled by the equation q = V15 – 2p where p is the price per bottle and q is the number of bottles sold per week. Suppose that your cost of materials for each bottle is 3 dollars. a) Calculate the price elasticity of demand when p = 3. Write a sentence explaining what this means in terms of the demand and the price. b) Find the range of prices for which demand is inelastic (assume p < 0) c) Find the price that would maximize your revenue. d) Find the price that would maximize your profit. (Include steps justifying that this is a maximum).Q = 5000 – 5P Find out i) Demand curve
