Question
Assume you are given the following equation (Y = 50+4X). The Y value represents Price while...
Assume you are given the following equation (Y = 50+4X). The Y value represents Price while X value represents Quantity demanded for candy.
In the space below, neatly calculate the values of X when Y are 15, 10, 5, and 0.
Homework Answers
Answer #1
The relation between Y and X is
From above, X in terms of Y is
The table of values of X for various values of Y are
| Y | X |
| 15 |
|
| 10 |
|
| 5 |
|
| 0 |
|
----
Plot the following points (-12.5,0), (-11.25,5),(-10,10) and (-8.75,15) and join them to get the graph as shown below
The slope of the line is
The slope of the plot implies change in price of the candy per unit change in quantity. So at a particular level of price and quantity if the quantity demanded changes by 1 unit then the price of the candy changes by 4 units
Not the answer you're looking for?
Similar Questions
Assume you are given the following equation (Y = 80-20X). The Y value represents Price while...
Assume you are given the following equation (Y = 80-20X). The Y
value represents Price while X value represents Quantity demanded
for books.
In the space below, neatly calculate the values of X when Y are
15, 10, 5, and 0. Work must be shown.
Next, with the four data points calculated, neatly construct a
graph below by drawing and labeling both axes (Price and Quantity
Demanded). Now plot the four coordinates you have calculated from
questions 2.a. to draw...
Suppose the demand for good X can be represented by the following equation: QX = 50...
Suppose the demand for good X can be represented by the
following equation: QX = 50 - 1.25P. Furthermore, suppose that the
demand for good Y can be represented by QY = 20 - 0.5P. a. Find the
elasticity of demand for both good X and good Y when the price of X
is $10 and the price of Y is $15. b.If the community’s goal is to
raise tax revenue as efficiently as possible, what should be the
ratio...
Assume that the following table represents the demand schedule of the product of your company. Price...
Assume that the following table represents the demand schedule
of the product of your company.
Price ZAR
0
10
20
30
40
50
60
70
80
Quantity demanded
160
140
120
100
80
60
40
20
0
Total revenue
Complete the table by completing the revenue figures.
If you were the business owner of the company above, at what
price the quantity would you operate your business. Explain
why.
2. Given a demand equation for goods X: ?? = 50 − 0.4?? + 0.02? +...
2. Given a demand equation for goods X:
?? = 50 − 0.4?? + 0.02? + 0.1??
a. How much is the quantity demanded if price of goods x (PX) is
RM50, income (Y) RM6000 and price of goods z (Pz) is RM60?
b. Calculate price elasticity of demand for good x when its price
is RM50. Is the demand for good x sensitive to the change in its
price?
c. Determine the cross elasticity of demand for good x...
Suppose you are given the following x and y values. Assume x is the independent variable...
Suppose you are given the following x and y values. Assume x is
the independent variable and y the dependent variable.
x
y
13
10
10
11
3
4
29
23
5
8
25
21
8
10
17
15
19
17
31
29
23
24
Is there a significant relationship between x and y? Explain.
Test at a 5% level of significance
A. Yes, since the null hypothesis H0: β1 = 0 is not
rejected.
B. No, since the null...
Suppose you are given the following x and y values. Assume x is the independent variable...
Suppose you are given the following x and y values. Assume x is
the independent variable and y the dependent variable.
x
y
13
10
10
11
3
4
29
23
5
8
25
21
8
10
17
15
19
17
31
29
23
24
What is the coefficient of determination?
Suppose you are given the following x and y values. Assume x is the independent variable...
Suppose you are given the following x and y values. Assume x is
the independent variable and y the dependent variable.
x
y
13
10
10
11
3
4
29
23
5
8
25
21
8
10
17
15
19
17
31
29
23
24
Is there a significant relationship between x and y? Explain.
Test at a 5% level of significance
Given the price – demand equation P + 0.01x = 50 Express the demand x as...
Given the price – demand equation
P + 0.01x = 50
Express the demand x as a function of the price p
Find the elasticity of demand E(p)
What Is the elasticity of demand where p = $10? If this price
is decreased by 5%, what is the approximate change in demand? Will
the revenue increase or decrease?
What is the elasticity of demand when p = $45? If this price is
decreased by 5%, what is the approximate change...
What is the calculated value that represents the unexplained variation Calculate when y hat = 9,500...
What is the calculated value that represents the unexplained
variation Calculate when y hat = 9,500 – 250(x) when age = 10, 15,
20, and 22 with an asking price of $8,000 6,000, 5,000 and 4,200
respectively A. 6,727,500 B. 1,352,500 C. 800,080 D. 23,200
a) Find the values of x and y in order to maximize the value of Q....
a) Find the values of x and y in order to maximize the value of
Q.
2x+y=10
3x^2y=Q
b) Find the number of units you will have to produce if you want
to
maximize profit if the cost and price equations are given below.
Then find the maximum
profit made. (6 points)
C(x)= 4x+10
R(x)= 50x-0.5x^2
Units Produced: ____________________
Maximum Profit: ____________________
(Please show all work possible)
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 14 minutes ago
asked 30 minutes ago
asked 32 minutes ago
asked 46 minutes ago
asked 51 minutes ago
asked 51 minutes ago
asked 55 minutes ago
asked 57 minutes ago
asked 58 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago