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Microeconomics
In a particular town there are 100 cars and 50 motorcycles. Each car owner has a demand curve for petrol given by: Qdc = 20 – 5p for p ≤ 4 and Qdc = 0 for p > 4. Each motorcycle owner has the following demand function for petrol: Qdm = 15 – 3p for p ≤ 5 and Qdm = 0 for p > 5. Prices are expressed as SR per gallon, and quantities as gallons per week. b) Sketch the market demand curve for petrol (that is, the combined demand from car and motorcycle owners)
c) Write an algebraic expression for the market demand function.
c) Write an algebraic expression for the market demand function.
Microeconomics
give two examples of events that could shift the demand for labor and explain why they do so
Microeconomics
. The demand for good X is given by this equation:
Q x= 1.0–2.0Px +0.8I +1.5P –3P z+ 1.0A
where PX, PY, and PZ represent the prices of goods X, Y, and Z; I measures income per capita; and A is advertising. Currently:
P x = 2.00, P y =2.50, P z= 1.00, I= 4, and A= 3.05.
a. Is good X a necessity or a luxury good? How do you know? (4 marks)
b. Calculate the cross elasticity of demand for X with respect to the price of
good Z. Are goods X and Z substitutes or complements? (4 marks)
c. Calculate the advertising elasticity of demand for X. Interpret your answer. (4
marks)
d. What kind of change in the price of X would you recommend if the firm is interested in maximizing revenue? (8 marks)
Q x= 1.0–2.0Px +0.8I +1.5P –3P z+ 1.0A
where PX, PY, and PZ represent the prices of goods X, Y, and Z; I measures income per capita; and A is advertising. Currently:
P x = 2.00, P y =2.50, P z= 1.00, I= 4, and A= 3.05.
a. Is good X a necessity or a luxury good? How do you know? (4 marks)
b. Calculate the cross elasticity of demand for X with respect to the price of
good Z. Are goods X and Z substitutes or complements? (4 marks)
c. Calculate the advertising elasticity of demand for X. Interpret your answer. (4
marks)
d. What kind of change in the price of X would you recommend if the firm is interested in maximizing revenue? (8 marks)
Microeconomics
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Microeconomics
Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2017. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price
Microeconomics
Coca-Cola developed a vending machine that would sense the temperature and then
charge higher prices when it was hotter–a response to the increase in demand and the
Group
Assignment
Page 2 of 3
decrease in the elasticity of demand. Consumers found out about the new technology
and were outraged, causing Coca-Cola to shelve the idea.
2a) When does a firm have an opportunity to charge different prices to different
consumers?
2b) What Determines Price Elasticity of Demand for Coca-Cola? Explain and
provide graph illustration.
charge higher prices when it was hotter–a response to the increase in demand and the
Group
Assignment
Page 2 of 3
decrease in the elasticity of demand. Consumers found out about the new technology
and were outraged, causing Coca-Cola to shelve the idea.
2a) When does a firm have an opportunity to charge different prices to different
consumers?
2b) What Determines Price Elasticity of Demand for Coca-Cola? Explain and
provide graph illustration.
Microeconomics
Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2017. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?
Microeconomics
The EU produces only two goods: food and cars. Demographic trends in the EU are currently
unfavourable:due to population aging a lot of engineers in the production of carswill retire.
a.Use the transformation curve and depict how this retirement process will impact the economy in comparisonto today (hint: draw first initial situation then change the curve appropriately).
b.EU is currently facing also large migrant inflow, which represent potential workforce.
Manufacturers hope to use them to replace retired workers. However, the retired persons are primarily engineers, who work in automotiveproduction, while the migrants are generally less skilled and are more appropriate for food production.Depict how this migrant inflow will impact the transformation curve. Compare both curves(impact of retired and migrant inflow)!
unfavourable:due to population aging a lot of engineers in the production of carswill retire.
a.Use the transformation curve and depict how this retirement process will impact the economy in comparisonto today (hint: draw first initial situation then change the curve appropriately).
b.EU is currently facing also large migrant inflow, which represent potential workforce.
Manufacturers hope to use them to replace retired workers. However, the retired persons are primarily engineers, who work in automotiveproduction, while the migrants are generally less skilled and are more appropriate for food production.Depict how this migrant inflow will impact the transformation curve. Compare both curves(impact of retired and migrant inflow)!
Microeconomics
In a particular town there are 100 cars and 50 motorcycles. Each car owner has a demand curve for petrol given by: Qdc = 20 – 5p for p ≤ 4 and Qdc = 0 for p > 4. Each motorcycle owner has the following demand function for petrol: Qdm = 15 – 3p for p ≤ 5 and Qdm = 0 for p > 5. Prices are expressed as SR per gallon, and quantities as gallons per week.
Microeconomics
In a particular town there are 100 cars and 50 motorcycles. Each car owner has a demand curve for petrol given by: Qdc = 20 – 5p for p ≤ 4 and Qdc = 0 for p > 4. Each motorcycle owner has the following demand function for petrol: Qdm = 15 – 3p for p ≤ 5 and Qdm = 0 for p > 5. Prices are expressed as SR per gallon, and quantities as gallons per week. (5marks)
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#339914 on Dec 2023
#339914 on Dec 2023