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- DRAW THE MARKET EQUILIBRIUN CURVE. NOW SHOW NEW TECHNOLOGY AND INCOME GOES UP FOR BUYERS OF INFERIOR PRODUCTSSuppose the own price elasticity of demand for good X is −4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (−) sign.a. The price of good X decreases by 4 percent. percentb. The price of good Y increases by 9 percent. percentc. Advertising decreases by 2 percent. percentd. Income increases by 3 percent. percentIf the price of Product E decreasing by 9% causes its quantity demanded to increase by 14% and the quantity demanded, for Product F to increase by 12%, what is the cross-price elasticity of demand? Also, How is the relationship between theses goods complements?
- Marc-Antoine and Annabelle have demand curves for books which are descending lines. Annabelle's demand curve has the same slope as Marc-Antoine's. Annabelle's demand curve is to the right of Marc-Antoine's. An increase in the price of books will cause: (a) a shift to the right of the Annabelle and Marc-Antoine demand curves. (b) a left shift of the Annabelle and Marc-Antoine demand curves. (c) a greater reduction in excess consumer consumption for Annabelle than for Marc-Antoine. (d) a smaller reduction in excess consumer demand for Annabelle than for Marc-antoineSuppose the market demand for a product is given by this inverse demand equation P = 100 - 2Q^D. Furthermore, you know that initially 40 units are demanded in this market. Then, there is an increase in price by 50%. A. Calculate the price elasticity of demand as price increases by 50% from the initial level. (Use the midpoint method.) Interpret the figure you get for elasticity. B. Will the change in price increase or decrease the total revenue of the producers of this product? By how much? C. Graph and calculate the price effect and the quantity effect. Does this match your answer to part (B)?In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.
- Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -4. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. a. The price of good X decreases by 5 percent. percent b. The price of good Yincreases by 10 percent. percent c. Advertising decreases by 3 percent. percent d. Income increases by 4 percent. 4 percentSuppose the own price elasticity of demand for good X is -5, its income elasticity is -1, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers.a. The price of good X decreases by 6 percent. percentb. The price of good Y increases by 7 percent. percentc. Advertising decreases by 2 percent. percentd. Income increases by 3 percent. percentSuppose the own price elasticity of demand for good X is -2, its income elasticity is -1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -3. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers. a. The price of good X decreases by 4 percent. percent b. The price of good Yincreases by 10 percent. percent c. Advertising decreases by 3 percent. percent d. Income increases by 2 percent. percent
- Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers.a. The price of good X decreases by 5 percent.percentb. The price of good Y increases by 10 percent.percentc. Advertising decreases by 2 percent.percentd. Income increases by 3 percent.percentAssume that one week sneakers sold at $150.00 and sell 80 units., next week they price them at $140 and sell 100 units. a. Assuming demand is approximately linear, determine the demand function b. Given: 1.7 p +42.i. Determine: Ep and Eq c. Draw both the demand and supply curves.Using the supply and demand equations given below: Demand Qd = 25 – 2PSupply Qs = 1 + P If the price falls from $8 to $7:a. Compute for the own price arc elasticity of demand. Provide an economic interpretationof your computed value (this is different from what is asked next) and classify the good according tothe type of elasticity. b. Compute for the price elasticity of supply. Provide an economic interpretation of yourcomputed value and classify the good according to the type of elasticity. 1. What is the relationship between total revenue and own-price elasticity of demand? 2. Illustrate a situation when the producer of a good will have a greater tax incidence than a consumer.What does elasticity have to do with tax incidence?