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- The demand for q units of a product depends on the price p (in dollars) according to 512 P q= - 1, for p > 0. Find and explain the meaning of the instantaneous rate of change of demand with respect to price when the price is as follows. (a) $16 (b) $64 Interpret the instantaneous rate of change. O If price decreases by the absolute value of this amount, the demand will drop by 1 unit. O If price increases by $1, the demand will increase by the absolute value of this number of units. If price decreases by $1, the demand will drop by the absolute value of this number of units. If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price increases by $1, the demand will drop by the absolute value of this number of units. Interpret the instantaneous rate of change. O If price decreases by the absolute value of this amount, the demand will drop by 1 unit. O If price increases by $1, the demand will increase by the absolute value of this number of units.…The price of crude oil increased to its highest level due to conditions which impactedsupply. Historically, crude oil has traded at between 70 and 150 USD per barrel. But theprice increased to over 200 USD in March 2022. Growing demand in Canada for crude tobe turned into refined petroleum, coupled with a sharp fall in production in Saudi Arabiahave both been factors in the price increase. Bauxite production in Saudi Arabia for 2017-18 fell 65% year-on-year due to an agreement with OPEC. The Energy InformationAdministration predicts that global consumption of crude oil is likely to be greater thanproduction by 20 million barrels this year.In the US, companies in the steel and alumina industry have put pressure on the USgovernment to relax import controls, warning that otherwise they might run out of petrol.Commentators predict that most steel and alumina producers will be unaffected becausecrude is such a small part of their spending.a. Explain, using supply and demand analysis, why…5. Create a histogram of profit at the productionlevel Q. Create a histogram of profit when theproduction level Q equals mean demand. Whatis the probability of a loss greater than $100,000in each case? ■
- The tapie pelow Cotains pricerdemand and total cOSt data Tor the production of treadmilis, where p is the wholesale price (in dollars) of a treadmill for an annual demand of x treadmills, and C is the total cost (in dollars) of producing x treadmills. p ($) C ($) 2,910 1,450 3,634,000 3,415 1,275 3,782,000 4,645 1,123 4,185,000 5,330 918 4,290,000 Use this data to find a linear regression equation for price-demand data, using x as the independent variable: p= ax + b, where a is rounded to 1 decimal place and 6 is rounded to the nearest integer. Use this data to find a linear regression model for the cost data, using x as the independent variable: C(x) = cx + d, where c is rounded to the nearest integer and d is.rounded to the nearest 10,000. To Do Notifications Dashboard Calendar(J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for necessities b. for all products as long as everything else remains constant c. for products with elastic demand but not for products with inelastic demand d. for products in a market economic system but not for products in a command economic systemCircle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your answers..make sure you read the associated questions and responses). The following data for gasoline sales and prices at a Slurpico Station in West Valley, Washington are from the United States Department of Energy. Prices are in dollars and sales are in gallons per day and driven by the quantity of gallons demanded: Sales 330 340 350 360 370 380 390 400 410 420 430 Price 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 Compute the price elasticity of demand when the price increases from $3.00 to $3.25 and determine what type of product gasoline is: (hint: use the midpoint method) а. Formula Calculation Answer Price elasticity of demand for gasoline is Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product gasoline is: (hint: use the midpoint method) b. Formula…
- Problem 6Cannes Croissants (not a real company) wishes to determine the optimum production quantity for its topselling product, almond croissants. The annual demandfor almond croissants is 12,000 units. The setup costs fora production run of the croissants is US$15. The holdingcost per unit per year is US$0.50. Production is mostefficient when 80 croissants are produced per day. Thecompany operates 300 days during a year.a What is the economic production quantity (EPQ)?b How many production runs will there by per year?c What is the maximum inventory level?d What is the total annual cost (in US dollars)?e What is the length of a production run in days?nomics Volume of Production Price (dollars) Total Production Cost (dollars) 10 1434 22841 30 991 26408 35 917 23781 45 1020 29675 70 703 38801 100 298 44834 4. Compute the slope of the demand curve. The potential answers are: A: -12.89 B: -10.5 C: -11.33 D: -14.28 E: -10.64 5. Compute the maximum potential sales quantity. The potential answers are: A: 127 units. B: 125 units. C: 105 units. D: 116 units. E: 168 units . 6. What percentage of total costs can be estimated based on the volume of production? The potential answers are: A: 69% B: 97% C: 91% D: 94% E: 92%Explain five (5) contributing determinants that will lead the change on market supply for oximeter which will eventually increase the market price in malaysia
- Question 1 Figure 1: Daily spot crude oil prices ( Jan 2020 to Dec 2021) dollars per barrel (S/b) Oct 26 $86/D S90 S80 Brent West Texas S70 S60 Intermediate $50 Jan 4. 2021 $50/b $47/b $40 S30 S20 $10 Apr Jul Oct Jan 2021 Jul Oct Apr Jan 2020 Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in late October before declining in the final weeks of the year. Brent's 2021 annual average of $71/b is the highest in the past three years. The price of West Texas Intermediate (WTI) crude oil traced a similar pattern to Brent and averaged $3/b less than Brent in 2021. Source: Crude oil prices increased in 2021 as global crude oil demand outpaced supply - Today in Energy- U.S. Energy Information Administration…A business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation. You have to solve only iv,v and vi.Marginal revenue of a product is the incremental revenue of selling an additionalunit of that product. Let, the revenue of selling 20 units of a product beRs. 15,000 and the revenue of selling 21 units of the same product beRs. 15,085. Then, the marginal revenue of selling the 21st unit ________?
