Assume that the monthly demand for Gala apple in the US is given by q=1200-300p and quantity is in million pounds. The monthly supply of Gala is q= -200+400p for p>$0.5. CS and PS are equal to
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Assume that the monthly demand for Gala apple in the US is given by q=1200-300p and quantity is in million pounds. The monthly supply of Gala is q= -200+400p for p>$0.5.
CS and PS are equal to
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- Suppose the demand function for a product is given by pq+p=5000 where p is price in dollars and q is the number of units sold. If the price is $50 and increasing by $2 per week, how is the quantity sold changing?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?Think about the market for chocolate bars. Market research has revealed the demand and supply equations as follows: QD 1600- 200P Qs = 100+ 100P Where, P is the price in £ (UK pounds), QD and Qs are quantity demanded and supplied for the product, respectively. C) Compute the price elasticity of demand between the price of £3 and £4. Use the mid-point (arc) method (use 2 decimal places). D) If the market price is now at £3, should a chocolate bar firm increase its price to increase its total revenue? Explain why or why not.
- Suppose that the inverse demand curve for a product is given by: P = 100-Qd +2M, where M is the average income in 1000 USD. The inverse supply is P 0.50 - 20. If M 15 the equilibrium price is equal to and the equilibriu.n quantity is equal to 40, 60 C 100, 30 30, 100 60, 40ONLY ANSWER QUESTION #2 1. Online the timing and tailoring of prices to specific models of products is the key to successful pricing in online markets. And “Thanks to the ready availability of data in online markets, a pricing manager can easily approximate the elasticity of demands for the different products it sells online.”Assuming a 10 percent decrease in price increases sales by 28 percent, calculate the price elasticity of demand? If the wholesale price of the online product is $50 and sells at a price comparison site that charges $.50 per click and boasts a conversion rate of 5 percent (an average of 20 clicks are needed to generate a sale). What price should you charge for the product? What is the optimal markup on cost? 2. The authors assert that price sensitivity is affected by (1) product life cycles, and (2) numbers of competitors. In fact, “when the number of competing sellers doubles, a firm’s elasticity of demand is expected to double (and you should be able to verify…Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.
- In this question, you'll have to solve for price elasticity of demand using the percent change formula. When the old price of a food package was $4.64 per package, the old quantity was 1,081 packages were sold each day. After the price increased to the new price $10.89 per package, sales dropped to a new quantity of 447 packages per day. Using these numbers, what is the price elasticity of demand for food packages? Round your answer to 3 decimal places.1. The demand function for a certain brand of CD is given by p = -0.01x² - 0.2x + 10 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x² + 0.2x + 4 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.)Solve only when you know correct solution Q)Luka buys smoothies from Tropical Smoothie Cafe. His demand for smoothies is given by Q = 30 - 2P (or P = 15 - 0.5Q), where P is the price of each smoothie and Q is the quantity of smoothies. Tropical Smoothie Cafe prices their smoothies according to the following rule: First smoothie is $20 All additional smoothies are $2 Answer the following questions: A) At these prices how many smoothies will he consume? B)What is Luka's consumer surplus at this quantity?