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- If demand is flat, then Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b C d an increase in price will reduce total revenue, indicating little pricing power. an increase in price will increase total revenue, indicating little pricing power. a decrease in price will reduce total revenue, indicating a lot of pricing power. a decrease in price will have no effect on total revenue, indicating no pricing power. Your answerIf StarCoffee and AnotherCup are the only cafes in a village, what is the market supply of lattes in the village? The market supply of lattes is the ________.A. Average quantity of lattes that StarCoffee and AnotherCup are willing to sell at each price.B. Total quantity supplied by StarCoffee and AnotherCup at each price of a latteC. The sum of the prices at which starcoffe and anothercup are willing to offer each quantity supliedD. The highest price at which starcoffee and anothtercup are willing to sell the same quantity of lattesc. Will Erin's total revenue rise if she increases the price from $90 to $110? d. Calculate the price elasticity of demand between $110 and $130.
- a. Demand for good Q is estimated to be Q = 14 - P, where P is price. If the prices rises from P = $3 to P = $6, then the lost revenue due to the quantity effect is b. A firm selling a product Q faces a demand where Q = 24 - P, where P is price. If the firm lowers the price from P = $20 to P = $16, then the lost revenue due to the price effect isSupply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium Quantity
- 16. Revenue with Substitutable Products. The Camera Shop sells two popular models of digital single lens reflex (DSLR) cameras. The sales of these products are not inde- pendent; if the price of one increases, the sales of the other increases. In economics. these two camera models are called substitutable products. The store wishes to estab- lish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and price (P) of each model: NA 195 0.6PA + 0.25PB N = 301+0.08PA-0.5PB a. Construct a model for the total revenue and implement it on a spreadsheet. b. Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $500 in incre- ments of $10.fer to the accompanying figure Assume the market is originally at point W. Movement to point X is the result of Price W N Quantity Multiple Choice 4 O an increase in demand and a decrease in supply. an increase in demand and no change in supply. no change in demand and an increase in supply. a decrease in demand and an increase in supplyProcter & Gamble Co. is a major soap producer. All of the following, except one, would shift its supply curve of liquid soap to left . Which is the exception?a. an increase in the price of bar soapb. an increase in the price of a key ingredient of liquid soapc. environmental regulations force Procter & Gamble to use a more costly technology to produce liquid soapd. a decrease in the price of liquid soape. an increase in the wage rate for factory workers who produce liquid soap
- When supply increases, the effect is a large decrease in price and a small increase in quantity demanded, consumers are responsive to the change in price O consumers are not responsive to the change in price O producers are not responsive to the change in price O producers will increase price.Problem Discuss what factors lead to inelastic demand and supply curves. Are they likely to be found together in the same situation?← If some sellers exit a competitive market, how will this affect its equilibrium? 1.) Using the 3-point drawing tool, show the impact if some sellers exit a competitive market. Label your new curve appropriately. 2.) Using the point drawing tool, show the new equilibrium price and quantity. Label this point 'A'. Carefully follow the instructions above and only draw the required objects. SCIEE Price 10 9 8- 7- 6- 2 66 Quantity S₁ C