Assume your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined. Second, change something on the demand or supply side, i.e increase or decrease one of the determinants of demand ( or supply). Write a short description of what you changed and
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
Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) 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 f
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)
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
Which of the following is NOT a condition for price discrimination? Different groups of consumers must be charged differing prices for the same product. The firm's demand curve must be downward sloping. At least two groups of consumers exist for the product. The producer must be a price taker.
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.
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
1. If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? 2. Suppose a decrease in consumers' income causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? How will the equilibrium price and quantity change for each good? 3. In the United States, corn is often used as an ingredient in animal feed for livestock. Why does an increase in the use of corn to make ethanol, an additive that is used in gasoline, raise the price of meat? Use supply and demand curves for the corn market and the meat market to explain your answer. 4. What is the law of supply? Give two examples of how you have observed the law of supply at work.
1. If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? 2. Suppose a decrease in consumers' income causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? How will the equilibrium price and
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. These goods are said to have a relatively inelastic demand. What would make a good have a level of demand that is relatively inelastic, and what are some examples?
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.
If the U.S. demand for British pounds increases, then: the dollar price of a British pound will increase. the dollar price of a British pound will decrease. the exchange rate between dollars and pounds will be out of equilibrium. the pound will fall in value against the dollar.
John is willing to purchase 3 computers when each computer costs $300. If the price is $150 for each computer, John is willing to purchase 5 computers. This scenario displays the law of demand. Do you agree or disagree?
Identify the equilibrium quantity for the attached figure 270 250 320 350 10
Identify the equilibrium price for the figure above. 14 12 10 8 6
Several factors can shift the demand curve. Given an increase in the price of other goods, click the new point of equilibrium on the graph below.
Several factors can shift the supply curve. Given a decrease in the price of resources used in the production process, click the new point of equilibrium on the graph below.
Problem 1: should a company raise its price when it faces and elastic demand? Explain. Problem 2: Given a price elasticity, what price change would be needed to increase quantity demanded by a certain amount?
Sunrise Surf Shop is willing to produce 30 surfboards in a month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to produce 70 surfboards. This is an example of the law of supply. Do you agree or Disagree?
If I were a painter and the price of my paint increased per galloon from $3.00 per galoon to $3.50 a galoon this causes my paint to drop from 35 galoons a month to 20 galoons a month. compute the price elasticity of demand for paint and show calculations., decide whether the demand is elastic, unitary elastic or inelastic, then
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
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
Suppose an airline flying on Charlotte - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advanced purchase) travellers. They are: business: P = 600 -Q and MR = 600 - 2Q; Leisure : P = 500 - 2Q and MR = 500
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
Suppose the economy starts at equilibrium and the mpc=.8. What would be the effect of a $500 increase in taxes (once all the rounds of the multiplier process are complete) in relation to equilibrium output?
Describe your question and receive a step-by-step response ASAP. Results for Linear Demand Curve Estimation. Kenny Mcormick manages a 100-unit apartment building and knows from experience that all units willbe occupied if rent is $900 per month. Mcormick also knows that, on average, one additional unit will go unoccupied for
A small town is served by many competing supermarkets, which have constant marginal cost. (a) Using a diagram of the market for groceries, show the consumer surplus, producer surplus, and total surplus. (b) Now suppose that the independent supermarkets combine into one chain. Using a new diagram, show the new consumer sur
I need help with the following questions. Please explain in detail and include graphs.
What are the major advantages and disadvantages of estimating demand by consumer surveys?
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