Cadmium is a chemical element with many industrial uses, including batteries and paint pigments. Suppose that the market f cadmium is highly volatile and can experience many shifts in productivity. Using this information, please place each of the situations in the correct category, according to which situation causes that effect.
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- Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.llustrate a generic demand and supply curveThe equation for a demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4? Whatistheelasticityofdemandasthepricefallsfrom9 to 8? Would you expect these answers to be the same?
- en hired as an economic consultant by Google and given the lollwrg derrand wedfor wh st Price of Good X (Millions) Quantity Demanded for XQuantity Demanded ta (Millions) 260 240 5. Y Mllions) 200 220 240 10 15 220 20 200 260 Your advice is needed on the following questions: A) Draw the demand and supply curves for the above market. (4 marks) B) Calculate the price elasticity of demand for software X if the price of soltware X increases tom5 millen to 10 mil p t S whether it is elastic or inelastic.(4 marks) C) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milion lo 10 Mlion hdie between X and Y. (4 marks) D) Draw diagrams for the demand of X. If other things are not constant what will be the impact on the dend D E) Calculate the equilibrium price and quantity demanded and supply of the above market Label the equilm prt be quantity, and the equilibrium price. (4 marks) O Type here to searchWhen supply increases, the effect is a large decrease in price and a small increase in quantity demanded, consumers are responsive to the change in price O consumers are not responsive to the change in price O producers are not responsive to the change in price O producers will increase price.When the price of a good is lowered from £350 to £200 the quantity demanded increasesfrom 600 to 750 units. Calculate elasticity of demand over this section of its demandschedule.
- After analyzing the demand for his products, Ahmed realized that the demand for his products is inelastic. This means that, _______. a. it is fine to increase his price b. it is not advisable to increase his price c. the demand for his products are sensitive to price changes d. the demand for his products are weakIn Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per yearA negative demand shoek aill lead to a depnietation of the domestie carreney (Hint : dicaw'a pietwa)
- The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.Price Quantity DemandedQuantity Supplied$65,0002,00074,0002,00083,0002,00092,0002,000101,0002,000The stadium owners need to find the optimum price for the games.What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8?The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.Price Quantity DemandedQuantity Supplied$65,0002,00074,0002,00083,0002,00092,0002,000101,0002,000The stadium owners need to find the optimum price for the games.What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8? Characterize the demand and supply for tickets based on the calculated elasticies. What is the optimum price that the stadium owners can set for the tickets? Why is the selected price for the tickets better than other prices given in the table above?Que stLon a Suppose thot ot Roma Masheta piice q PiodoGA tell from mso to Mus, whle quantity demonded (ose trom H to S-Lihewise, the pice of product Bfell tsom Maa to Mis, while the quontitsp demend rose trom 14 to 16. ) Colculate he price elasticity a demord q pioduct A a ènterpret it. b) You ore a chairperson of a govern ment tax Commission responsible tor establikhong a program to raive new rouonue through Consumer ta Xes. Based On the respoo se in al above, would you recomment that product A be Considered in the Comsumer tax porkage EXPlain. 9 Calculote cross elasticaty of demond, Eob. OAre Pioduct A and product B Complements or Substitutes? Exploir