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- Suppose that during the past year, the price of a laptop computer rose from $2,750 to $2,880. During the same time period, consumer sales decreased from 446,000 to 321,000 laptops. Original New Average Change Percentage Change Quantity -32.59% /-16.3%/-306.8% Price 4.62% /2.31%/2165.38% Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand…Sharp Inc., a wholly Ghanaian owned company specializes in the production of hand sanitizers branded as Quin. The company has branches in all the regions in Ghana with its head office located at Cape Coast. It employs 1,200 people and pays an average of GH¢ 550.00 as income tax to the government of Ghana on a monthly basis. Suppose that seven thousand, eight hundred and twenty (7,820) units of Quin are produced and supplied by Sharp Inc. but the quantity demanded for Quin is eight thousand (8,000) units. Ceteris Paribus, a GH¢ 20.00 change in the price of Quin results in a change in quantity demanded for and supplied of 4 and 5 units, respectively. [Hint: change in X due to change in Y is given as Ax]. Given the above information: a) Determine the equilibrium price and equilibrium quantities of Quin. b) Suppose the Government of Ghana in the wake of the COVID-19 pandemic grants a subsidy of GHs 4.50 on each Quin produced. Compute the new equilibrium price and quantities of Quin. c)…Convert 26.5 Ft to Inches.
- What is the price of gasoline per litre in Canadian dollars if a U.S. gallon of gasoline costs US$2.357 One U.S. dollar is worth C$0.98 and one U.S. gallon is equivalent to 3.8 litres. CIT The cost per litre is C$. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)After developing the new Personal computer with special functions the company would need to be cautious. Although there are patents out protecting the design of this new computer it is still possible for others to see the design and create something similar based off of it. Although licensing the brand would greatly benefit the cost of production and relieve most of the cost from transportation it would be wise to not give another company the opportunity to see the design. Creating the company in the home-country and exporting would help keep the design to ourselves and is therefore safe. However, doing this will increase the cost of transportation significantly. A third option that the company has is to wholly own a subsidiary. This will allow the company to control all matters regarding the production strategy as well as the marketing aspect. Setting up a wholly owned subsidiary is expensive and a major risk as it requires the parent company to commit 100% of the equity contributed.…Organic foods purchases 600lb. Of strawberries at $0.85 per pound. They use a 56% markup based on cost. They know from experience that 20% of the strawberries will spoil and will need to be composted. What will be the original full price that they put on the strawberries?
- A company manufacturers and sells x electric drills per month. The monthly cost and price-demand equations are C0) = 73000 + 60x, px) = 210 - 30' OsxS 5000. (A) Find the production level that results in the maximum revenue. Production Level - I (B) Find the production level that results in the maximum profit. Number of drills = (C) Find the price that the company should charge for each drill in order to maximize profit. Price =3. The unit cost in peso to produce a chemically formulated product is $13 and the fixed cost is $370. The price-demand function in dollars per unit is p=70-2D. Determine the following; Determine the optimal demand of this product and confirm that profit occurs at this demand. What is the demand that will give maximum revenue of this product and how much is the total revenue? Find the demand at which breakeven occurs and the range of profitability. a. b. C.AD has estimated the following demand relationship for its product over the last four years, using monthly observations: ln Qt = 4.932- 1.238 ln Pt + 1.524 ln Yt-1 + 0.4865lnQt-1(2.54) (1.38) (3.65) (2.87)R2= 0.8738where Q = sales in units, P = price in Rs., Y is income in Rs,000, and the numbers in brackets are t-statistics.a. Interpret the above model.b. Make a sales forecast if price is Rs. 9, income last month was Rs. 25,000 and sales last month were 2,981 units.c. Make a sales forecast for the following month if there is no change in price or income.d. If price is increased by 5 per cent in general terms, estimate the effect on sales, stating any assumptions.
- 39. Which one is expected to be the larger amountPrice per bushel Quantity Demanded (bushels) Quantity Supplied (bushels) US$2 40,000 0 4 36,000 4,000 6 30,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 How many bushels will be sold if the market price is US$6 per bushel? If the market price is US$6 per bushel, what must happen to restore equilibrium in the market? At what price will suppliers be able to sell 36,000 bushels of wheat? Suppose the market price is US$14 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? How many bushels will be sold if the market price is US$14 per bushel? If the market price is US$14 per bushel, what must happen to restore equilibrium in the market?While a firm produces 200 units, the total cost of production is $ 4000. When they increase the output to 220, the cost increases to $ 4200. When the firm produces zero output, the cost is $ 1000. a) What is the fixed cost per unit when they produce 200 units? (ans: $5) b) How much sales would they have to sell at a selling price of $ 10 to make a profit of $ 1000?