A baker will supply 19 jumbo cinnamon rolls to a cafe at a price of $457 each. If she is offered $3.91, then she will supply 3 fewer rolls to the cafe. The cafe's demand for jumbo cinnamon rolls is given by p = D(x) = -0.46x + 7.19. What is the equilibrium point? rolls at a price of $ each
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- If the supply and demand functions for a commodity are 100 + 2(4+ Pa = - (Q.) P₁ = (Q + 2)² E plot each function on the same graph Estimate the quarum price and quarty aigebraicaty and graphicaly w▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪ ‒‒‒‒‒‒‒‒‒‒‒‒wwwwwwwwwMarket Equilibrium A retail chain will buy 900 cordless phones if the price is $10 each and 400 if theprice is $60. A wholesaler will supply 700 phonesat $30 each and 1400 at $50 each. Assuming that thesupply and demand functions are linear, find the market equilibrium point and explain what it means.Assume the manager is located at point B in the diagram above, and he is charging a price ofPo. What does the demand for the firm's goods look like if the managemnt anticipates thatrivals would not match price reductions but will match price rise instead of price decrease?
- Consider the following chart. What is the marginal utility per the price for the fourth unit of Chicken Fajitas? The price of a Chicken Fajita is $10. Quantity of Chicken Fajitas (1) 0 2 3₂ 4 5 6 7 O a.) +14 utils per dollar O b.) 1.9 utils per dollar Oc.) +1.0 utils per dollar d.) +16 utils per dollar Total Utility (2) 0 25 48 67 81 89 90 83 Marginal Utility (3) 25 23 19 8 1 -7Give typing answer with explanation and conclusion Graphically illustrate and explan the impact of expensive and erratic electrivity on the market for Ferrochrome?Explain, Why is the marginal utility curve declining with incresed consumpition of burgers?
- Price Keram H 1 1 4 Becky's D for Blueberries Demand Refer to the graph above to answer this question. The graph shows Becky's demand for blueberries which can be purchased in any quantities and sold at any price What is Becky's total willingness to pay for 6 kilograms of blueberries if the price of each kilogram of blueberries is $27 Multiple Choice O O O O O $12. Cannot be determined. $18. $6. $2You are in the market for a new couch and havefound two advertisements for the kind of couchyou want to buy. One seller notes in her ad that sheis selling because she is moving to a smaller apartment, and the couch won’t fit in the new space.The other seller says he is selling because the couchdoesn’t match his other furniture. Which seller doyou expect to buy from? Why? ( Hint: Think whowould be the more motivated seller.)6. Exercise 4.6 An econometrician hired to analyse a local golf course has determined that there are two types of golfers, the regular and the occasional. The annual demand for games from regular players is given by QH = 24 - 0.3P, where P is the price of a round of golf. On the other hand, the annual demand for occasional items is given by Q° = 10 - 0.1P. The marginal cost and the average total cost per item are equal to €20. a) If you could distinguish between regular and casual players, what price would be set for each type? How many games would each type of player play? How much profit could the golf course generate? Represent graphically. b) As an alternative to the discrimination of third degree prices, those in charge consider a double tranche rate according to which the members can play as many games as they wish at a price of € 20 per game. How much profit will the golf course generate if it charges all players the same annual fee for becoming a member of the club? What if you…
- It takes a considerable amount of time to Increase the production of pork. This implies that Multiple Choice O O O O a change in the demand for pork will not affect its price in the short run. the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork. an increase in the demand for pork will elicit a larger supply response in the short run than in the long run. the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork.Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.The garment producer faces the inverse demand function PG = 300 - 2G, where PG is the price of garment and G is the quantity of garment. For simplicity, assume that the garment producer has no other cost of production, other than the price per unit of electricity it pays to the electricity producer. 2 Suppose that the electricity producer and the garment producer interact as fol- lows. First, the electricity producer sets a price PE that the garment producer must pay for each unit of electricity. Then the garment producer decides how much elec- tricity to purchase from the electricity manufacturer and how much garment G to produce and sell. (i) Suppose that the marginal cost of a unit of electricity is $10 per unit and every unit of garment requires two units of electricity. Find the profit maximizing prices and quantities of electricity and garment, PE, PG, E and G. What is the profit of each firm? What is the total profit? (ii) Now suppose that the two firms merge together, i.e., the…
