Answer it correctly and show all steps. Typed answer only . Don't stuck. I will rate accordingly. The optimal amount of x1, x2, P1, P2 and income are given by the following:X416P1X212 6P2The original prices are: P₁-18 P2=14The original income is: 1=4938The new price of P1 is the following: P1'=57Assume that the price of x1 has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l'*Cand the P1' ? (hint: this question is asking you obtain x1 in the notes)Selected Answer:Correct Answer:[None Given]141.18± 5%

The optimal quantity is the specific amount of inventory you ought to request and keep close by to…

The optimal amount of x1, x2, P1, P2 and income are given by the following: 3 41 1 6P X= 1 21 2 6P 2 The original prices are: P1=18 P2=14 The original income is: 1=4938 The new price of P₁ is the following: P1'=57 Assume that the price of x₁ has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l' *C in the notes) and the P1' ? (hint: this question is asking you obtain x1 Selected Answer: Correct Answer: [None Given] 141.18± 5%

The optimal amount of x1, x2, P1, P2 and income are given by the following: 3 41 1 6P X= 1 21 2 6P 2 The original prices are: P1=18 P2=14 The original income is: 1=4938 The new price of P₁ is the following: P1'=57 Assume that the price of x₁ has changed from P1 to P1'. What is the optimal quantity of x1 at the new income l' *C in the notes) and the P1' ? (hint: this question is asking you obtain x1 Selected Answer: Correct Answer: [None Given] 141.18± 5%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Producers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?
Given the demand functions, (iii) P = 45 (a) Write down the equations for TR. (b) Calculate the number of units which must be sold to maximize TR. Calculate the maximum TR. (c) State the values of Q at which MR and AR are zero.
Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity? (a) -0.26 (b) -0.34 (c) 0.20 (d) -0.12 (e) None of the above Correct answer is (a) -0.26; Please explain how to solve.
Please no written by hand the demand function for a manufacturer's product is p = f(g) = - 0.20g + 500, where p is the price (in dollars) per unit when q units are demanded (per day). Find the level of production that maximizes the manufacturer's total revenue and determine this revenue. what quantity will maximize the revenue. q = blank units
2) Daniel has the following Jineas Preferences over black tea be) and milk (y) (a) Setup the expenolituse minmization Problem for Daniel. what conditions, (BC) or(NNC) will necessarily be (b) Solve the expenditure Problem and obtain the Compensated and the Cost minimization function when binding at the oPtimum? ū = 40 and P = $6. c) Other Pic attach for Part(c)
Problem 6Cannes Croissants (not a real company) wishes to determine the optimum production quantity for its topselling product, almond croissants. The annual demandfor almond croissants is 12,000 units. The setup costs fora production run of the croissants is US$15. The holdingcost per unit per year is US$0.50. Production is mostefficient when 80 croissants are produced per day. Thecompany operates 300 days during a year.a What is the economic production quantity (EPQ)?b How many production runs will there by per year?c What is the maximum inventory level?d What is the total annual cost (in US dollars)?e What is the length of a production run in days?
When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
When sold for $260,000.00, Ferraris have an annual supply of 6431 vehicles and an annual demand of 6518 vehicles. When their price increases to $276,000.00, the annual supply increases to 6907, and the demand decreases to 5886 billion gallons. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity. The slope and y-intercept should be accurate to two decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = (Note: The equilibrium price and quantity should be accurate to two decimal places, and the equilibrium price should include a dollar sign).
PB PA The demand equations for related products A and B are given by QA = 10 and 96 PB quantities of A and B demanded, and PA and pe are the corresponding prices (in dollars) per unit. (a) Find the values of the two marginal demands for product A when PA = 16 and p = 9. (b) If pg is reduced to 7 from 9, with PA fixed at 16, use part (a) to estimate the corresponding change in demand for product A (a) Find the marginal demand for A with respect to PA. Select the correct choice below, and fill in the answer box to complete your choice. (Simplify your answer.) A. B. ap A A JªA ap A where 9A and q are the =
You decide to sell pairs of running shoes. Assume that the quantity demanded is alinear function of the price. It is known that if you charge $40 per pair of shoes, thenyou will be able to sell 400 pairs of shoes in a month. If you charge $60 per pair ofrunning shos, then you can sell 300 pairs of shoes in a month. It is also known thatyour monthly fixed cost is $100 and pairs of shoes cost $20 per shoe to produce. Findwhat price you should charge for a pair of shoes in order to maximize profit in amonth
The demand function for a crrtain product is giving by p=500+1000/(Q+1). where p is tje price and q is the number of units demand. Fimd the average price as demand ranges from 49 to 99
The elasticity of resource demand is calculated as: % Chage in resource quantjty/% Change in resource price If a calculation of Resource Demand Elasticity returns a quotient that is less than 1, then O Resource demand elasticity is relatively elastic, indicating there is a lack of resource substitutability O Resource demand elasticity is relatively elastic, indicating there is an ease of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is a lack of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is an ease of resource substitutability