Question 6 [A new drug called 'LowG', taken together with any food, reduces the glycemic index (a measure of the impact of the food on blood sugar) by 50%. Annual demand for this new medication can be described by the following table:] Quantity (millions of milligrams) 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Price ($) 1000 900 800 700 600 500 400 300 200 100
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- 1) see picturePRICE (Dollars per pound) 10 9 8 7 2 1 0 0 Y X Demand 10 20 30 40 50 60 70 80 QUANTITY (Thousands of pounds of apples) 90 100 (?)6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Houston. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bike) 300 275 ) 250 225 175 150 125 100 75 50 25 0 0 + 6 12 18 24 30 36 42 48 QUANTITY (B) Demand 54 60 66 72 Total Revenue
- 68 The demand equation for a product is q = + In (126 - p) (a) Determine the point elasticity of demand when p = 5 and classify the demand as elastic, inelastic, or of unit elasticity at this price level. (b) If the price is lowered by 2% (from $5.00 to $4.90), use the answer to part (a) to estimate the corresponding percentage change in quantity sold. (c) Will the changes in part (b) result in an increase or decrease in revenue? Explain. (a) The point elasticity of demand is (Round to two decimal places as needed.) when p = 5. Since Inl 1, demand is (b) The percentage change in quantity sold is % (Round to two decimal places as needed.) (c) Will the changes in part (b) result in an increase or decrease in revenue? Choose the correct answer below. A. Lowering the price does not affect revenue. B. Lowering the price increases revenue because demand is elastic. C. Lowering the price decreases revenue because demand is inelastic. D. Lowering the price decreases revenue because demand is…KSU Products has just carried out a survey of the demand fortheir guidebooks to spoken Arabic. They have found thefollowing results over the last six months.Sales revenue 356 398 372 360 365 350Price ($) 4.5 4.0 4.2 4.5 4.3 4.8a. Estimate an appropriate demand relationship; Q=aPb.b. Make a forecast of sales revenue for a price of $5, statingany assumptions.c. Estimate the price elasticity of demand for the data as a whole.d. If price is raised 10 per cent in general terms, what willhappen to revenue?Textbook Question.. please help
- Part I The headline about Russian wheat suggests the market is broken. Illustrate the supply and demand for Russian wheat indicating the price in relation to equilibrium. Explain why the market is "broken," and what needs to occur to fix the market. Russian wheat trade falls silent as price floor leaves market 'broken' HIGHLIGHTS Russian wheat not offered below $275/mt since late March Government believed to have intervened to support prices, farmers Traders assess pricing power of Russian state in global market Part II Derive the demand and supply functions using the numbers in the table and calculate equilibrium price and quantity. Graph supply and demand and indicate equilibrium price and quantity. The government wants to help sugar consumers by setting the price at $2.50. Explain the outcome (in terms of Q and D) and your advice in this situation. Illustrate the effect on the same graph and be sure to indicate price and quantities. Price/bag Quantity demanded (bags of sugar)…Please see image.(Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer period of time?