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Demand & Supply

Forecasting Techniques

Consider a price-taking firm in the competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be Chocolate demand: Q = 10,000-10,000P+2M Chocolate supply: Q = 40,000 + 10,000P- 4,000PI Where Q is the number of 10 pound bars per month, P is the price of a 10 pound b

Demand Curve Analysis

Demand Curve Analysis. Papa's Pizza, Ltd., provides delivery and carryout service to the city of South Bend, Indiana. An analysis of the daily demand for pizzas has revealed the following demand relation: Q = 1,400 ï?­ 100P ï?­ 2PS + 0.01CSP + 750S where Q is the quantity measured by the number of pizzas per day, P is

Monopolistic competition guides

1. One major reason predictions that population growth would outrip the economy's capacity to support a population turned out to be false is that (a) the supply of resources increaed faster than the dmand for them (B) the demand for resources increased faster than the supply of them (c) the population growht rate slowed and s

Managerial Economics

Suppose that the supply schedule of Maine lobsters is as follows: Price of lobster Quantity of lobster supplied (per pound) (pounds) $25 800 20 700 15

Production possibilities

Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts) PRODUCTION ALTERNATIVES TYPE OF PRODUCTION A B C D E Automobiles

Demand curve for haircuts

The demand curve for haircuts at Terry Bernard's Hair Design is P= 20-0.20Q where Q is the number of haircuts per week and P is the price of a haircut. Terry is considering raising her price above the current price of $15. terry is unwilling to raise the price if the price hike will cause revenues to fall. a. Should Terry rais

Important Information About Supply and Demand Changes

You know from data collected on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget facility? Remember that supply and demand are about the market supply and mark

Health care demand with t-statistics

Please answer in as much detail as possible especially where t-stats are concerned. t-statistics are in parentheses. A= -207.78 - 0.924P +0.031Y +4.194SNGL + 4.456LFP + 18.287W +1.207CATH (1.41) (3.22) (3.31) (1.74) (2.57) (1.74) (1.50) +43.78 (2.12)

Interpreting elasticity coefficients

Price elasticity of demand and Income elasticity of demand (1) (2) (3) (4) Electricity Price Natural gas Price Oil Price Income Electricity -0.6 1.6 1

Cross price elasticity of demand

What is cross-price elasticity? Explain why the results of calculating cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.

Optimal profit maximizing strategy for Hewlett Packard

I need assistance with the following: Determine the optimal profit maximizing strategy for Hewlett Packard within its given market type Explain specifically how this strategy may be used to maximize profits within the given market type

Please answer below questions (under full description) in short answers

Please answer with short answers. 3-6 (Key Questions) What effect will each of the following have on the supply of automobile tires? a. A technological advance in the methods of producing tires. b. A decline in the number of firms in the tire industry. c. An increase in the price of rubber used in the production of tires.

Environmental and Natural Resources Economics

Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd = 100 â?" P. The annual market supply is given by Qs = P-10. In both equations, P is the price in dollars per unit. For every unit of output produced, the industry emits one unit of pollution. The marginal

Demand Elasticity

In 2002 the U.S Postal Services increased first-class postage rates from 34 cents to 37 cents. The service had had been losing money. One of the reasons increased competition from companies such as United Parcel Service and Federal Express. Another reason is the use of faxes and e-mail, as well as electronic bill payment. With t

Elasticity of Demand and Changes in Prices

You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. It serves only a steak sandwich on a whole-wheat roll plus a salad with any beverage of the customer's choice. Normally the sandwich, salad and beverage meal sells for $12.00 and the average number of meals sold per mon

2 economics problems with multiple parts

3. Demonstrate, using supply and demand analysis, the effect on the equilibrium price and quantity of new hybrid automobiles when the following occurs. Using graphs similar to the notes in Week One, describe the change in the equilibrium price and quantity, and explain your answer. Is the equilibrium price higher or lower, or is

1- Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is contracted out to maintenance firms, and both technology and labor requirements are very basic. Supply and demand conditions in this perfectly competitive service market in New York are: Supply: Qs = 2P - 20 Demand: Qd = 80 - 2P Where Qs and Qd are measured in thousands of hours of floor reconditioning per month, and P is the price per hour. A. Algebraically determine the market equilibrium price and equilibrium output combination. B. Use a graph to confirm your answer using Excel. Helpful Directions for drawing S and D graphs: To draw the supply and demand graphs in Excel, I suggest you create a table with 3 columns in Excel by following these basic steps: I-Label the columns in your table as: Price, Qd, Qs For the price column: II-Fill in the price column with prices 10, 15, 20, 25, 30, 35, 40 III-Calculate Qd column by substituting the prices in Qd equation given above. IV-Calculate Qs column by substituting the prices in Qs equation given above. V- Highlight the table including the labels and click on the Chart Wizard in Excel to draw the graph. 2. The figure below shows a firm in a perfectly competitive market: a. Find the price below which the firm will go out of business. b. What is the firmâ??s long run supply curve?

1- Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is contracted out to maintenance firms, and both technology and labor requirements are very basic. Supply and demand conditions in this perfectly competitive service market in New York are: Supply: Qs = 2P

Individual Demand Curve

I've already done most of this problem and need help with one small part. Here's the problem: Elizabeth makes $200 a week and spends her entire income on shoes and jeans. She also insists that for every pair of jeans she buys, she must also buy a pair of shoes (without the shoes the jeans are worthless). Therefore she bu

Demand function

Given the following demand function: Q = 2.0 P-1.33 Y2.0 A0.50 Where Q = quantity demanded (thousands of units) P = price ($/unit) Y = disposable income per capita ($ thousand) A = advertising expenditures ($ thousand) Determine the following when P = $2/unit, Y = $8 (i.e., $8000), and A = $25 (i.e., $25,000) (a) Pri

Finding Equilibrium Price and Output

Question: Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firm's product is Qd=500-1.5P. The supply function of the domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250. A) Determine the equilibrium price and quantity under free trade. B) Determine th

Demand Curve and Equilibrium Price

If the demand curve for wheat in the Untied States is P=12.4-Qd where P is the farm price of wheat (in dollars per bushel) and Qd is the quantity of wheat demanded ( in billions of bushels), and the supply curve for wheat in the United States is P= -2.6 + 2Qs where Qs is the quantity of wheat supplied ( in billions of bushels),

Supply and demand

Video Concepts, Inc. (VCD) manufactures a line of DVD records (DVDs) that are distributed to large retailers. The line consists of three models of DVDs. The following data are available regarding the models: DVD Selling Price Variable Cost Demand/Year Model Per unit Per unit (units) Model LX1

Maximizing revenue

A private-garage owner is currently charging his customers $1.75 per hour. But he is considering changing the way he prices parkers in an attempt to increase profit. He has identified two distinct market segments for his business: short-term parkers and all-day parkers with respective demand curves (functions) of QS = 600 -

Predicted yearly annual sales / price elasticity

Please assist with parts: a,b,c,d,e Thank you!!! *Use this information to answer the questions that follow. Market researchers at Chrysler estimated the demand for their new Chrysler Crossfire sports cars as follows: QC = 1,050,000 - 95PC + 14.25M + 60PBMW + 25PP Where QC is the quantity of Chrysler Crossfires