Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Q1) Demand curve for product is given by Qdx = 1,000 - 2Px + .02Pz, where Pz = $400.

1. Find out pen to firm's revenue if it decided to charge price below $154?

2. Compute the own price elasticity of demand when Px = $354?  Is demand elastic or inelastic at this price?  What would occur to firm's revenue if it decided to charge a price above $354?

3. Determine cross-price elasticity of demand between good X and good Z when Px = $154?  Are goods X and Z substitutes or complements?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922779

Have any Question? 


Related Questions in Microeconomics

Project milestone guidelinesprompt for the first part of

Project Milestone Guidelines Prompt: For the first part of Milestone Two, you will analyze in detail the trade barriers in your selected international market that impact the industry you have selected. The second part of ...

Short-run economic fluctuationscreate a 3 -slide microsoft

Short-Run Economic Fluctuations Create a 3 -slide Microsoft PowerPoint presentation that will be presented to the organization's Executive Committee. The presentation should cover the following items: • Identify the thre ...

Assignment global business today - the hofstede studyrefer

Assignment: Global Business Today - The Hofstede Study Refer to Hofstede model in Chapter 4 of the textbook and the Global Business Today Interaction located below, and complete this assignment. Note: You must have a Fla ...

Assignment1in homework 1 we solved the equilibrium in the

Assignment: 1. In homework 1 we solved the equilibrium in the beer market represented by the following supply and demand functions: Q d = 20 - 4p +2p w + 3Y + 15HOLIDAY Q s = -4 + 26p - 2p g - 1p t Q = pints of beer (in ...

Research topicthis assignment is the first step towards

Research Topic This assignment is the first step towards completing your research paper. For this submission, you will need to find a topic of interest related to race and ethnicity, social change, or both. You may come ...

Assignment market formsfor this assignment you will do a

Assignment: Market Forms For this assignment you will do a significant portion of work in MS Excel and import it into an MS Word document for submission. You will use the data below to address Price and Output decisions ...

Managerial economics discussionexamine the common price

Managerial Economics Discussion Examine the common price setting strategies of airlines that use game theory. Predict the potential effects of such pricing strategies on the demand for seats, and conclude the resulting i ...

Assignment lasa the costs of productionjoseph farms inc is

Assignment: LASA: The Costs of Production Joseph Farms, Inc. is a small firm in the agricultural industry. They have asked you to help them complete the limited data they have gathered in an effort to enable effective de ...

Given the following chart answer the questions below

Given the following chart answer the questions below, assuming that all resources and technology are fixed for this farm. Corn(bu)    Soybeans(bu) 20,000             0 16,000             5000 12,000             9000 8,00 ...

Q1 the demand and supply curves for beer aredemand qd 50 -

Q1. The demand and supply curves for beer are Demand: Q d = 50 - 2P d Supply: Q s   = 2P s where Q D is the quantity of beer demanded per year (in millions of cases), Q S is the quantity of beer supplied (in millions of ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate