Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are: P = $75 - 1.75QD (Demand) P = $2QS (Supply) where P is price per lawn mowed and Q is quantity of lawns mowed per day. A. Algeb
1). Suppose the demand and supply curves for a product are given by Qd = 500 - 2P Qs = - 100 + 3P a.Graph the supply and demand curves. b.Find the equilibrium price and quantity. c.If the current price of the product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation
In Qx = 3-0.5 in Px - 2.5 In Py + lnM + 2lnA ln being natural log Where Px = $10 Py = $4 M = $20,000 A - $250 a) Determine the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic b) Determine the cross price elasticity of demand between good X and good Y and state wheth
The demand and supply functions are given below. QD = 500 - 2P QS = -100 + 3P Graph the supply and demand curves using Excel. Find the equilibrium price and quantity. If the current price of the product is $100, what is the quantity supplied and quantity demanded? How would you describe this situation? What woul
Suppose that the demand for Dell laptop computers) can be characterized by the following point elasticities: (own) price elasticity = -1.9, cross-price elasticity with computer printers = -2, and income elasticity = +1.1. Based on these numbers answer the following questions. Explain your answers and show your work. a.If t
A restaurant that goes by the name Soft Rock Cafe is contemplating a T shirt advertising promotion. Monthly sales data from T shirt shops marketing the "Barry Manilow Eats at Soft Rock" design indicate that the demand curve for the T-shirts can be described as: Q = 4,000 - 500P where Q is T shirt sales and P is price. a.
Consider the demand and supply curves for several markets - the market for mineral resources, the market for wheat, the market for sugar, and the market for motor homes. Indicate whether the effect of each of the following is an upward or downward movement along a given demand (or supply) curve, i.e. no effect on demand or suppl
Can you please draw this graph for me. The horizontal axis of your graph should be labeled real money balances, and the vertical axis of your graph should be labeled interest rate. The points on demand for money curve when income equals 11,940 are: (2,675, 4.4); (2,750, 4.7); (2,735, 5.0); (2,720, 5.3); (2,705, 5.6); (2,6
Select a company that uses (or has used) dynamic pricing. Using the Library, the Internet, and your course materials, briefly explain how the company uses dynamic pricing. Discuss the benefits and drawbacks of dynamic pricing for that particular company. Conclude with a summary of your findings (Perloff, 2007). In your own wor
Producers' surplus - p = S(q) is the price (dollars per unit) at which q units of a particular commodity will be supplied to the market by producers, and q0 is a specified level of production. Find the price p0 = S(q0) at which q0 units will be supplied and compute the corresponding producers' surplus PS. Sketch the supply c
The domestic demand for a firms product is Qd=500-1.5P. The supply function of the domestic firms is Qsd=50 + 0.5P, while that of the foreign firms is Qsf=250 a. determine the equilibrium price and quantity under free trade. b. determine the equilibrium price and quantity when foreign firms are constrained by by a 100-unit quo
The demand function for Sprint shoes is given by P = 24q + 1200/ q+ 20 q>0 Comment on whether this demand function is concave, convex, strictly concave, or strictly convex. Explain why and draw a rough diagram for it.
Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic?
A firm has a cost function given by the following: c(w1, w2, y)= w1w2y^2/(w1+w2) where the wi's are the prices of the factors (inputs) x1 and x2 respectively, and y is output. a) Is this a legitimate cost function? b) Find the firm's production function, y= f(x1, x2). c) From the cost function derive the firm's
Attempts are being made to develop a biodegradable plastic using agricultural produce such as potatoes. If these attempts are successful, what will happen to the equilibrium price and quantity of potatoes?
The Ali Baba Co., is the only supplier of a particular type of Oriental carpet. The estimated demand for its carpets is Q= 112,000 - 500P + 5M Where Q = number of carpets, P = price of carpets (dollars per unit), and M = consumers' income per capita. The estimate average variable cost function for Ali Baba's carpets is AVC
Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/s
1. Given the demand for and the supply of a commodity that you yourself consume on a regular basis, i.e., I might choose coffee, what price will be the equilibrium price of this commodity? Explain why this price will tend to prevail in the market and why higher (lower) prices, if the do exist temporarily, will tend to fal
I cannot seem to answer questions 2, 3 or 4. Please help (see attached file).
Please see the attachment to find the question pertaining to the demand and supply curves for the market for luxury sports cars.
I need help with this question. 2. As the price of good X increases from $5 to $8, quantity demanded falls from 100 to 80. Based upon this information we can conclude that the demand for X is inelastic. True or false? Justify your answer
I have the following task, and I need some help getting started: Write a 400 word summary in which the market in which OPEC Organization of the Petroleum Exporting Countries operates in.
I really am having problems understanding several microeconomics problems. Please help by explaining step by step how to do the attach problem. With help I can attempt to do other similar problems and understand them as I do them.
A firm has estimated the following demand function for its product: Q = 8 - 2P + 0.10I + A Q is quantity demanded per month in thousands, P is product price, I is an index of consumer income, and A is advertising expenditures per month in thousands. Assume P=$10, I=100, and A=20. Based on this information, calculate
The market demand curve for a product is given as: Q = 250 - 0.5P a) Firm X1- Assume that the market is supplied by a monopolist with a constant unit cost equal to $100. Calculate the equilibrium price and quantity b) Firm X2- Now assume that the market is supplied by perfectly competitive firms and that the market supply
1.The demand for erasers (Q) is given as follows: Q = 240 - 4Pe + 2M + 1Pb + 1A , where Pe is the price of erasers, M is the level of income, Pb is the price of another (related) good, A is the level of advertising. Suppose that Pe = 10, Pb = 10, A = 10, and M = 20. a. What is the price elasticity of demand of erasers?
A local retailer has decided to carry a well-known brand of shampoo and is considering the way he prices the product. Currently, it is being sold at $6.00 per bottle. Also the marketing department tells him that the quarterly demand by an average man is: Qd = 3 - 0.25P and the quarterly demand by an ave
Is the agricultural industry perfectly competitive? Use economic rationale to explain why or why not?
Suppose the demand for baseballs is given by: Qd = 360 - 6P where Qd is the quantity demanded of baseballs and P is the price of baseballs. a) What is the Price Elasticity of Demand for baseballs between the prices of $5 and $6 (please give your answer in the form of a fraction )? Please show how to get the fraction from t
Problems: 1. Explain how opportunity cost is related to the producer's supply curve. 2. Explain why the minimum price necessary rises as the producer produces more output. 3. Define profit. 4. What are the assumptions of a perfectly competitive market. 5. Describe the demand curve faced by the individual firm. D