Find the Elasticity of Demand and Explain your answer, for the following function: P+5(p^2)q=1010 Given...

Find the Elasticity of Demand and Explain your answer, for the following function:

P+5(p^2)q=1010 Given p=10

Expert Solution

milcah answered 2 years ago

The demand function for a certain item is Q=p^5e^(−(p+7)) Remember elasticity is given by the equation...

The demand function for a certain item is Q=p^5e^(−(p+7)) Remember elasticity is given by the equation E=−(dQ)/(dp)(p/Q). Find E as a function of p. E=

8. [Own Price Elasticity of Demand] Given a demand function Q = f(P), the own price...

8. [Own Price Elasticity of Demand] Given a demand function Q = f(P), the own price elasticity of demand is defined as ? = (dQ/dP) · (P/Q) What is the own price elasticity of demand ? (a) for the linear demand function Q = 100?5P when P = 10. (b) for the linear inverse demand function P = 100?4Q when (i) Q = 10; (ii) Q = 20; (iii) Q = 12.5. (c) for the demand function Q = P...

A person's demand is given by the following equation: log(Q)=40-10log(P). What is the elasticity of demand...

A person's demand is given by the following equation: log(Q)=40-10log(P). What is the elasticity of demand when P=100?

if the demand curve is Q(p)=p*, what is the elasticity of demand? if marginal cost is...

if the demand curve is Q(p)=p*, what is the elasticity of demand? if marginal cost is 1$ and *= -2, what is the profit maximizing price?

Demand function is: Q = 16 – p. Supply function is: Q = -4 + p....

Demand function is: Q = 16 – p. Supply function is: Q = -4 + p. (Show me your math) a) What is the quantity demanded and quantity supplied at price 6? Is there an excess demand or supply? b) What is the equilibrium price and quantity?

The market demand function for a good is given by Q = D(p) = 800 −...

The market demand function for a good is given by Q = D(p) = 800 − 50p. For each firm that produces the good the total cost function is TC(Q) = 4Q+( Q2/2) . Recall that this means that the marginal cost is MC(Q) = 4 + Q. Assume that firms are price takers. In the short run (with 100 firms), and assume that the government imposes a tax of $3 per unit. (a) What would be the new equilibrium...

A monopoly has an inverse demand function given by p = 120 - Q and a...

A monopoly has an inverse demand function given by p = 120 - Q and a constant marginal cost of 10. a) Graph the demand, marginal revenue, and marginal cost curves. b) Calculate the deadweight loss and indicate the area of the deadweight loss on the graph. c) If this monopolist were to practice perfect price discrimination, what would be the quantity produced? d) Calculate consumer surplus, producer surplus, and deadweight loss for this monopolist under perfect price discrimination.

The demand function for buying some plants is p(q) = 2 − q 2000 . The...

The demand function for buying some plants is p(q) = 2 − q 2000 . The cost function for producing q plants is C(q) = 1000 + 0.2q. (a) Find the marginal profit function. (b) Find where the marginal profit function is equal to 0. (c) Show that we get a local maximum at the value found in part (b).

2. If the demand function for X is Q = 100 - P, and the supply...

2. If the demand function for X is Q = 100 - P, and the supply function for X is Q = 40 + 2P, determine the effects on: (a) equilibrium price, (b) quantity traded and (c) government revenue (or cost) if: A tax of $ 6 per unit produced is established. (Is it different from the case of establish a tax of $ 6 per unit consumed?)

Ally's demand function for ice cream cones is q=5-p, and Ben demand function is q=6-2p. Assume...

Ally's demand function for ice cream cones is q=5-p, and Ben demand function is q=6-2p. Assume Ally and Ben are the only consumers in the market. a) what is the aggregate demand of both ally and ben b)suppose the market is perfectly competitive and the supply function is q=.5p-1. what is the equilibrium price and quantity? c) suppose it is a monopoly market instead and the marginal cost of the monopolist is 2q+2. what is the optimal price the monopolist...

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