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- Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?Draw the price effect and the quantity effect fora price change from $60 to $70. Which effect islarger? Does total revenue increase or decrease?No calculation is necessary.Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
- 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.What is the relationship between TR, Price and quantity sold?Which term is used to describe the want satisfying power of a commodity or a service?[A] Demand[B] Want[C] Utility[D] Consumption Please dont use any ai tool. Thank you
- How are you going to increase your total revenue, if the demand of your product is inelastic? a. Increasing price b. Decreasing price c. changing price will not affect total revenue d. total revenue is increasing while the price changesChoose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded? Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).What is likely to cause a high price elasticity of demand for a product? Pick a,b,c, or d a. The product is habit forming b. Expenditure on the product forms a small proportion of total spending c. The product is considered to a be a necessity? d. There were close substitutes to the product?
- Make sure that no plagiarism otherwise I will give you downvote Explain what is meant by cross-price effects. and explain how the cross-price effects can explain the consumer's optimal choice.What is the likely demand for the product?vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
