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- Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?4. There is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: (a) Determine the associated linear demand function (b) Determine the linear supply function. (c) At what price should the camera be sold so that there is neither a surplus nor a shortage?3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Bascd on the survey an estimated demand function was derived to represent an average household: P= 200 – 50Q. This is demand per year per household. If there are approximately 2000 households with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?
- . Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions respectively of an individual buyer and seller respectively for product X. Qd, 65,000 – 11.25Px + 15Py – 3.751 + 7.5A Qsx = 7,500 + 14.25Px – 15P, – 3.75C Eq. 1 Eq. 2. where Px price of product X; Py - price of product Y; I - average consumer's income; A – advertising expenditure; Pz - price of product Z; and C - cost of production. — = If the new supply equation will be Qs'x = 26,250 + 712.50PX; 0. What would be the new equilibrium price (round-up to two decimals)? P. How many of this product will be bought and sold at this new market price? Round-up to two decimals. Q. What is the specific reason for this change in supply?A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.Suppose the demand equation is 200x + 10p = 10000, where x is the num- ber of items sold when the per unit price is p dollars. Determine (a) the rev- enue function,(b) the domain of the revenue function,(c) the revenue derived from the sale of the 20th item the marginal revenu(de)wthen x = 20,level of production that maximizes the revenue,and the maximum revenue.
- You have demand for 2 products: QA = 200 - 4'PA And Qg = 180 – 2°P8 %3D You anticipate seilling 80 units of each product. You have to mark-up your two products to cover an unexpected increase in overhead costs. Based on the cost-plus pricing procedure we did in class, answer this question plus the next question. What is the percentage value of the mark-up you will put on Product A? Be careful; I am NOT asking you the value of "1 Plus the Mark Up", I am asking you the value of the mark up. Multiple Choice 80% 100% 150% 200%Q2 The market equilibrium price and quantity of a good may be found by solving the simultaneous equations: Q + 3P = 48 (1) Q – 2P = 30 (2) (a) Explain which of these equations represents the supply curve and which represents the demand curve. (b) If the demand curve were to be drawn with Q on the horizontal axis and P on the vertical axis, state the values of the slope and vertical intercept. (c) Determine the equilibrium price and quantity algebraically.The monthly demand function for a particular product is q=f(p)=2400-15p, where q is stated inunits and p is the price in dollars.i) Determine (a) the Revenue function, (b) concavity, (c) revenue at a price of $50, (d) atwhat price will the revenue be maximized, (e) graph the revenue function.ii) In general how we determine Maximum and minimum value of Quadratic function.What does concavity tell us about the function’s behaviour?
- 2. Suppose your marketing research department estimates the demand for your company’s product as Qx= 500-11Px+0.5Y, where Qx is the quantity demanded per week, Px is the price of product X, and Y is the average household income per week in the city. R2=0.87, the standard error of the coefficients of the price (Px) and household weekly income (Y) are 2 and 0.1, respectively. a. Are the coefficients of Px and Y statistically significant? b. Given the initial values Px=$10 and Y=$1000, find price elasticity (Ep) and income elasticity(EY), respectively. Is the demand for the company’s product price and income elastic, or inelastic? c. What action should the manager take to increase the company’s operating revenue? d. Is the company’s product a normal good? How do you know? e. Interpret what R2=0.87 meansThe estimated market demand for good Xis @-8,000-25P-0.12M-30Рg where is the estimated number of units of good X demanded, Pis the price of the good, M is income, and is the price of related good G. (All parameter estimates are statistically significant at the 1 percent level of significance.) a. Good Xis a(n) -- good and goods X and Gare b. At P= $12, M= $30,000, and = %3D $50, the predicted quantity demanded is units of good X.Q3. Refer to the diagram. Using the midpoint formula, calculate the price elasticity of demand between the prices of $15 and $12. Accordingly, state whether demand is elastic or inelastic between these two points. P$/unit 15 12 D 18 22 Q (units/week) Ep = Damand ie ... Q4. For each case below, answer the bolded questio Classification of the Case Calculations product(s) if requested to do so 1. Suppose that a 2% increase in income in the economy decreases the quantity of gadgets demanded by 1% ar every E,= Gadgets are possible price. Find the income elasticity of demand and dassify the product accordingly (state whether gadgets is a normal, necessity, luxury or an inferior product). 2. A firm finds that its price elasticity of demand is 4.0. Currently, the firm is selling 2000 units per month at $5 per unit. Price must be lowered by= If it wishes to increases its quantity sold by 10%, by how much it must lower its price? 1 Suppose legalization-and subseque nt regulation-of products Xand…