Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Q, ) 1 3 3 4 4 5 6 (d) What happens if other determinants change?
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- Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qp) 9 2 6 3 4 5 (d) What else do you think will happen? (e) What happens if other determinants change?The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20a) Everything else held constant, what will happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up and health officials announced that eating peanut butter was good for your health? Provide brief explanation. b) Everything else held constant, there is a 12 percent increase in the price of peanut butter jar. As a result, quantity demanded drops by 20 percent. Calculate the price elasticity of demand for a jar of peanut butter. ( c) For part (b), explain briefly whether the revenue will increase or decrease?
- A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.If the supply schedule for tin is relatively inelastic to price changes , a decrease in the demand schedule for tin-will cause a: a) Increase in price and a increase in sales revenue. b)Increase in price and decrease in sales revenue. c)Decrease in price and increase in sales revenue. d) Decrease in price and a decrease in sales revenue.The demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2
- Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.Q) The quantity demanded or product X has increased by 10% in response to a 15% increase in price of product Y. Calculate the cross elasticity of demand and tell whether the product pair is (a) Voltas AC and Videocon AC or (b) Cars and Petrol and what you suggest for strategies the pricing policy.Price (dollars) 9. 7 10 14 18 22 26 30 Quantity (units per year) In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to A) 0.62. B) 0.40. C) 2.50. D) 1.00.
- If the own price elasticity of demand for a good is 4.0. then a 10 per cent increase in price results in a : (a) 0.4 percent decrease in the quantity demand (b) 2.5 percent decrease in the quantity demand (c) 4.0 percent decrease in the quantity demand (d) 40 percent decrease in the quantity demandWhen 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…In the following demand curve, use the midpoint method and calculate the price elasticity Between price of $60 and $70. (60, 20) (70,15)
