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In the graph above, if the maximum price is set at P1, what area(s) represent the
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- Whatisthedifferencebetweenthedemandandthe quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.calculate the cross price elastocoty of demand, if there is 5% change in the demand of a good when price of another good is change by 10%.Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?
- Calculate income elasticity of demand, andinterpret the sign of the elasticityWhen the price of goods X increases by 20% and the quantity of demand decreases by 30%, the demand for the goods is inelasticTrue or false?explain in detail with the help of graph ? Does the sales tax affect the consumers with price increase ?
- Relationship between changes in price and corresponding changes in quantity that consumers will demand isThe accompanying table shows the price and yearly quantity sold of souvenir t-shirts in the town of Crystal Lake, according to the average income of the tourists visiting. Price Qty. Demanded with Average Income of $20,000 Qty. Demanded when Average Income is $30,000 $4 3,000 5,000 $5 2,400 4,200 $6 1,600 3,000 $7 800 1,800 Using the midpoint method, calculate the price elasticity of demand when the price of a t-shirt rises from $5 to $6 and the average tourist income is $20,000. Also, calculate it when the average tourist income is $30,000. Using the midpoint method, calculate the income elasticity of demand when the price of a t-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $7.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.