Find Total Revenue as a function of p. (Hint: Do not attempt to find Total Revenue as a function of q, as to do so requires use of the inverse demand function which is difficult to find in this case.
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- 2. [Own Price Elasticity of Demand] Given a demand function Q=f(P), the own price elasticity of demand is defined as P - (de). (2). ε = What is the own price elasticity of demand e (a) for the linear demand function Q = 200-3.5P when P = 10. (b) for the linear inverse demand function P= 100-3.5Q when Q = 10. (c) for the inverse demand function P=Q-35, when (i) Q = 5; (ii) Q = 10.The weekly demand function is given by p+x+4xp = 68, where x is the number of thousands of units demanded weekly and p is in dollars. If the price pis decreasing at a rate of 91 cents per week when the level of demand is 5000 units, which one of the following statements is true? Demand is decreasing at 1330 units per week Demand is decreasing at 1470 units per week Demand is increasing at 1470 units per week O Demand is increasing at 1400 units per week O Demand is decreasing at 1400 units per weekDemand for Magnum Ice Cream is given by an equation as Q = 70 – 10P + 4 Px + 50 I Where, Q = Quantity of Magnum demanded, P = Price of Magnum Ice Cream, Px = Price of Walls Ice Cream, I = Per Capita Incomea. Assume P = Rs 100, Px = Rs 120 and I = Rs 25 (Rs in thousands). Calculate (i) Price Elasticity of Demand(ii) Cross Price Elasticity of Demand(iii) Income Elasticity of Demand
- You are the manager of a firm that receive revenue of Rs.30,000 per year from product X and Rs. 70,000 per year from product Y. The own price elasticity of demand for product X is -2.5 and the cross price elasticity of demand between product Y and X is 1.1. How much will you firm’s total revenue (revenues from both products) change if you increase the price of good X by 1 present?The inverse demand function for a product is defined as: Px = -0.5 Qx + 4. what is the slope and the midpoint elasticity of demand respectively? Hint: to calculate draw a table or draw the demand curve. O-0.5, -0.6 O-0.5, -0.5 O-0.5, +0.6 O-0.5, +0.5Refer to the graph below. Use the information on the graph to determine the validity of the statements below... * a)According to the price elasticity formula, the proportional change in price between points a and b equals 20% b)According to the price elasticity formula, the value of elasticity between points a and b equals 0.25 c)The slope of this demand curve is ‐2 d)All of the above statements are correct
- What is the calculation for E= Question is : Adam makes specialized garden figurines in a small shop on his property , and his monthly total sales revenue is $630.00 when he charges $18.00 for each figurine . one month , he tried lowering his price to $17.00 , and his total revenue that month was $646.00 . On the basis of these data , what is the proce elasticity of demand for adams product ? Please show what formula you use and steps to calculate so i can know how thank you.2. Suppose the demand for a product is given by x = 30 − 2p. (a) Find the elasticity of demand and use that to find the price that maximizes revenue. (b) Now, let’s do the same thing a different way. Find the revenue functions in terms of the variable p. This will be a quadratic function. Find the p value of the maximum by finding the vertex of the parabola. (You should get the same p value as in part (a).Let a demand function be given by Q(P)=100-5P, where P is between 0 and 2O. Then, when the price increases by 3 dollars, the quantity demanded decreases by 5 O decreases by 5/3 O decreases by 0.6 decreases by 0.2 O decreases by 15
- Suppose the demand function for a firm's product is given by In Qxd = 7 -1.5 In Px + 2 In Py-0.5 In M + In A where: Px = $15 Py = $6 M = $40,000, and A = $350 a. Determine the own price elasticity of demand, and state whether demand is elastic, inelastic, or unitary elastic. Own price elasticity: Demand is: (Click to select) b. Determine the cross-price elasticity of demand between good X and good Y, and state whether these two goods are substitutes or complements. Cross-price elasticity: These two goods are: (Click to select) c. Determine the income elasticity of demand, and state whether good X is a normal or inferior good. Income elasticity: Good X is: (Click to select) d. Determine the own advertising elasticity of demand.dą 5. A demand function is given by p-g = 27 where p is in dollars and q is the number of units, q=q(p), q'p = - dp (a) Find the elasticity (n = - (a) )) of demand at (p-9, q=3). (b) How will a price increase affect total revenue ( = q(1-n))? dpThe inverse demand function for Z is given by P(Q)=100-2Q² . The elasticity of demand at the point (Q=5, P=50) is equal to: O a. 0.5 O b. 1.25 O c. 2 d.200