The demand functions for two products are given below. P1, P2, 91, and q2 are the prices (in dollars) and quantities for products 1 and 2. (91 12 = 1200-3p1 - 2p2 ༨༽q 900 4p1-2p2 What is the marginal demand of quantity 1 with respect to price 1? What is the marginal demand of quantity 1 with respect to price 2? What is the marginal demand of quantity 2 with respect to price 17 What is the marginal demand of quantity 2 with respect to price 2? Are these two products complementary goods or substitute goods? Select an answer
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- 6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and price2-5 Suppose the demand function for milk is P = 8-Q/10, the demand function for mangos is P = 20-2Q a) What's the price elasticity of demand for milk when price = $4? b) If the hurricane hits the region, now everyone is in the shortage of goods and services, how would this lead to the quantity demanded change on milk and mangos? Use graphs to help with your explanation.Q3. Let D(x) and S(x) represent, respectively, the Demand and Supply functions, for a certain commodity, where y is the unit price and x is the number of items for that unit price. For the given Demand and Supply functions. Demand: D(x) = y = -2x +100 Supply: S(x) = y = x² + 4x – 60 a) Find the equilibrium quantity (if it exists) [Spts] b) Find the equilibrium price. [5pts] c) For which values of x, market has shortage. [5pts] d) For which values of x, market has surplus. [5pts] e) Draw the graphs of demand and supply functions on the same coordinate systems. [5pts]
- In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X A decrease in the price of a product that is a complement to X will increase D, increase P, increase Q increase D, decrease P, increase Q increase D, increase P, decrease Q decrease D, decrease P, increase Q shift D left with no change in P and Q1. It is known that the number of lunches demanded is 80 units when the price is GH¢S5.00 and 45 units when the price is GH¢12.00 Determine the equation of the demand function in the form Q=f(P) Use the equation of the demand function to calculate the change in demand when the price; increases by GH¢3.00; decreases by GH¢2.00 Estimate the decrease in price for each lunch when the number of lunches demanded (quantity demanded) increases by GH¢15The marginal price for a weekly demand of x bottles of shampoo in a drugstore is given by the function shown below. Find the price-demand equation if the weekly demand is 150 when the price of a bottle of shampoo is $2. What is the weekly demand when the price is $4.50? - 9,000 p'(x) = (3x + 50)? 2 Find the price-demand equation. (Type an equation.)
- Consider the demand function for processed pork in Canada, Qd = = 270.00 - 12p +20p + 3pc +0.002Y The supply function for processed pork in Canada is: Qs p is the price of pork Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ rounded to two decimal places.) = 234.00 + 36p - 60ph Pp is the price of beef = $4 per kg Pc is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbersThe demand functions for two products are given below. p1, P2, 91, and q2 are the prices (in dollars) and quantities for products 1 and 2. 1700 – 4pi – 3p2 92 1000 – · 4p1 – 3p2 What is the quantity demanded for each when the price for product 1 is $50 per item and the price for product 2 is $10 per item? Demand for product 1: Demand for product 2: Are these two products complementary goods or substitute goods? | Select an answerIn the following question(s) you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. An increase in the price of a product that is a close substitute for X will: Group of answer choices a. decrease D, increase P, and decrease Q. b. increase D, increase P, and decrease Q. c. increase D, increase P, and increase Q. d. increase D, decrease P, and increase Q.
- Consider the demand function for processed pork in Canada, Q= 171- 20p + 20p, + 3p. + 0.002Y where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, p, is the price of beef, p. is the price of chicken, and Y is the income of consumers. If the price of beef decreases from $4 per kg. to $2.53 per kg., then the demand curve for processed pork will shift to the right left : 30 étv Help Me Solve This eText Paui. ar All MacBook Air esc 80 F1 DI DD F2 F3 F5 F6 F7 F8 F9 F10 @ #3 & 1 2 3 4 6. 7 8 Q W E R T Y tab P 多:Calculate total quantity demanded (Qd) of Stouffers frozen meal that would be demanded given demand function of Stouffers' microwavable frozen meals as follows: Where Qd = 3100 -5P + 3Px + 3M+51 where P (price of Stouffers) =$10, Px (price of Lean Cuisine), M (number of microwaves) = 500, and I (Income)%=$50001. The graph below illustrates the inverse demand functions (demand curves) D1 and D2 for which the demand functions are: Q1 = 120.5P₁ (D1) and Q2 = 30-5P₂ (D2). P 24 20 16 12 8 6 4 2 D1 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Q a) Given the current price for P= $4, compute the point elasticity of demand for D1 and D2 and state demand is elastic, unit elastic, or inelastic at this price? b) Given your computations in part a, how much would the quantity demanded change (as a percent) for each demand curve if the prices increased by 20%? c) If the current price is $4 per unit in both markets, and the firm wants to maximize revenue, what price should they be charging in each market? (Motivate)