Question
In: Economics
All questions utilize the multivariate demand function for Smooth Sailing sailboats in C6 on text page...
All questions utilize the multivariate demand function for Smooth Sailing sailboats in C6 on text page 83, initially with: PX = $9500 PY = $10000 I = $15000 A = $170000 W = 160 This function is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W
5. Calculate the point weather elasticity of demand with W = 160. Use Qs corresponding to Ps = 9000. Other variables and their values are as given at the top, before question #1. Does this elasticity indicate that the demand for Smooth Sailing’s boats is relatively responsive to changes in the number of favorable weather days? Explain why or why not. The formula is:
Solutions
Expert Solution
5)
Qs = 89830 - 40PS + 20PX + 15PY + 2I +.001A + 10W
Substituting the values
Qs = 89830 - 40(9000) + 20(9500) + 15(10000) + 2(15000) +.001(170000) + 10(160)
= 89830 - 360,000 + 190,000 + 150,000 + 30,000 + 170 + 1600
= 101,600
Point weather elasticity of demand = (∆Q/∆W) * W / Q [Where, ∆Q/∆W is weather coefficient in the demand function]
= 10 * (160 / 101,600)
= 0.016
Since elasticity is less than 1, this elasticity does not indicate that the demand for Smooth Sailing’s boats is relatively responsive to changes in the number of favorable weather days.
Rahul Sunny answered 1 year agoRelated Solutions
All questions utilize the multivariate demand function for Smooth Sailing sailboats in C6 on text page...
All questions utilize the multivariate demand function for
Smooth Sailing sailboats in C6 on text page 83, initially with: PX
= $9500 PY = $10000 I = $15000 A = $170000 W = 160 This function
is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W
6. Calculate the point income elasticity of demand, given that I
= $170,000 and that PS = $8500 (thus QS should equal 121,600).
Other variables are as given at the top before #1. Does...
10-12 please answered with work please? The multivariate demand function (below) is needed for questions 6...
10-12 please answered with work please? The multivariate demand
function (below) is needed for questions 6 – 12. Setting: U.S. Auto
manufacturers are trying to develop a multivariate function with
which to estimate the demand for their gas-electric hybrid compact
cars. Here is one that Motors General developed for its Jolt: Qj =
65000 – 20Pj + 20Pf + 35Pt – 5Pb + 0.2Tc + 0.05Y + 10Mg + 0.04A
Where Qj = the number of Jolts demanded per week....
Variables typically included in a multivariate demand function (other than the price and quantity of the...
Variables typically included in a multivariate demand function
(other than the price and quantity of the item the demand function
represents) are consumer tastes and preferences, the number of
buyers, spendable (disposable) income, prices of substitute goods,
prices of complementary goods, advertising expenditures, weather,
and expectations. Recalling that the price of the item being
considered is placed on the vertical axis, and the quantity on the
horizontal axis, the other variables are termed demand shifters.
Please answer the following questions...
Variables typically included in a multivariate demand function (other than the price and quantity of the...
Variables typically included in a multivariate demand function
(other than the price and quantity of the item the demand function
represents) are consumer tastes and preferences, the number of
buyers, spendable (disposable) income, prices of substitute goods,
prices of complementary goods, advertising expenditures, weather,
and expectations. Recalling that the price of the item
being considered is placed on the vertical axis, and the quantity
on the horizontal axis, the other variables are termed demand
shifters. Please answer the following questions about
the...
Variables typically included in a multivariate demand function (other than the price and quantity of the...
Variables typically included in a multivariate demand
function (other than the price and quantity of the item the demand
function represents) are consumer tastes and preferences, the
number of buyers, spendable (disposable) income, prices of
substitute goods, prices of complementary goods, advertising
expenditures, weather, and expectations. Recalling that the price
of the item being considered is placed on the vertical axis, and
the quantity on the horizontal axis, the other variables are termed
demand shifters. Please answer the following questions...
Variables typically included in a multivariate demand function (other than the price and quantity of the...
Variables typically included in a multivariate demand function
(other than the price and quantity of the item the demand function
represents) are consumer tastes and preferences, the number of
buyers, spendable (disposable) income, prices of substitute goods,
prices of complementary goods, advertising expenditures, weather,
and expectations. Recalling that the price of the item being
considered is placed on the vertical axis, and the quantity on the
horizontal axis, the other variables are termed demand shifters.
Please answer the following questions...
1. Write down a short-term demand function for your the new automobile industry. Utilize this function...
1. Write down a short-term demand function for your the new
automobile industry. Utilize this function to estimate demand for
the next month, on the assumption that: (a) Price remains
unchanged, (b) Price increases. (c) Price decreases.
2. Short-term supply Write down a short term Supply function for
the new automobile industry. Utilize this function to estimate
supply for the next month, on the assumption that: (a) Price
remains unchanged, (b) Price increases. (c) Price decreases. If
applicable, show how...
Use the graph in Chapter 24- 3 (page 553 in text) to answer the questions that...
Use the graph in Chapter 24- 3 (page 553 in text) to answer
the questions that follow.
a. What is the monopolist’s profit-maximizing output?
b. At the profit-maximizing output rate, what are average
total cost and average revenue?
c. At the profit-maximizing output rate, what are the
monopolist’s total cost and total revenue?
d. What is the maximum profit?
e. Suppose that the marginal cost and average total cost
curves in the diagram also illustrate the horizontal summation of
the...
Write the function letter_frequencies(text) that returns a dictionary containing all of the letter frequencies of all...
Write the function letter_frequencies(text)
that returns a dictionary containing all of the letter frequencies
of all letters occurring in the parameter text.
For example:
if __name__ == '__main__':
d = letter_frequencies('hello, world')
print(d) # show the contents of this dictionary
will produce the following output:
{'a': 0.0, 'b': 0.0, 'c': 0.0, 'd': 0.1, 'e': 0.1, 'f': 0.0, 'g': 0.0,
'h': 0.1, 'i': 0.0, 'j': 0.0, 'k': 0.0, 'l': 0.3, 'm': 0.0, 'n': 0.0,
'o': 0.2, 'p': 0.0, 'q': 0.0,'r': 0.1,...
SDS-Page Questions : Please answer all questions & explain. 1.Can I use SDS- page to diagnosis...
SDS-Page Questions : Please answer all questions &
explain.
1.Can I use SDS- page to diagnosis the urea cycle disorder :
Arginase deficiency?
2.Would the mutated arginase have a different MW compared to the
normal arginase?
3.Could you recognize/detect the mutated arginase on SDS-
Page?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Explain at least three reasons why there are so many divisions / denominations in the Christian...
- COSC 1436 Programming Assignment : Skill Practice Assignment 3 Your skill practice assignment this week will...
- Waste elimination and process improvement can be applied to virtually any process. Identify a process at...
- Do you think the FASB should continue to require the Statement of Cash Flows or are...
- Here is your chance to analyze an actual co-worker conflict situation and make suggestions on how...
- McKinsey Machines Ltd manufactures a single product A. It has two cost centers namely molding department...
- Threads: Assume a multithreaded application using user level threads mapped to a single kernel level thread...
ADVERTISEMENT