What is a good or service that has become expensive/cheap due to (a) natural scarcity/abundance of supply or naturally high/low demand, and (b) artificial mean (e.g., government policy, competition restricting practices)?
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What is a good or service that has become expensive/cheap due to (a) natural
scarcity/abundance of supply or naturally high/low
government policy, competition restricting practices)?
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- the demand equation for a product is q=1.5p+600, where q is the number of a products that can be sold in a month and p is the price per product. (a) what price will produce the largest revenue? (b) what is the largest monthly revenue?The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20What happens when there are very few substitute goods? (a) Demand would tend to be price inelastic (b) Demand would tend to be price elastic (c) Supply would tend to be price inelastic (d) Supply would tend to be price elastic (e) None of the above
- Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.When same units are demanded at a higher price, it shows: (a) Increase in demand (b) Expansion in demand (c) Decrease in demand (d) Contraction in demandDraw a supply and demand curve for your favorite product. You get a massive raise at work, what happens to the supply and demand for that product? Why?
- In this problem, p is in dollars and q is the number of units.Suppose that the demand for a product is given by (p + 7) q + 6 = 1120. (a) Find the elasticity when p = $33. (Round your answer to two decimal places.)(b) Tell what type of elasticity this is. Demand is elastic.Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue. Revenue is unaffected by price.Consider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).Discuss the relationship of price to consumerperceptions of quality.
- Why is the cost of serving a long-standing customer far less than the cost of acquiring a new customer?Which of the following would be an example of a complimentary good in relation to a Honda Accord Car? A) gasoline B) toothpaste C) a Toyota Prius car D) public transportationA demand schedule shows....the “market potential” for a product.how much consumers are willing and able to buy at different prices.possible combinations of output under different conditions.how much producers would like to sell at different prices.All of these responses are correct.
