User Account

All Pages

Graph the demand curve for good x

Assignment Help Business Economics
Reference no: EM132137906

1. The demand for good X is given by: QXd = 6,000 - ½ PX - PY + 9PZ + 1/10M Research shows that the prices of related goods are given by PY = $6,500 and PZ = $100, while the average income of the individuals consuming this product is M = $70,000.

a. Indicate whether goods Y and Z are substitutes or complements for good X.

b. Is X an inferior good or normal good?

c. How many units of good X will be purchased when PX = $5,230?

d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.

2.The demand curve for product x is given by QXd= 300 - 2PX

a.) Find the inverse demand curve.

b.) How much consumer surplus do consumers receive when PX=$45?

c.) How much consumer surplus do consumers receive when PX=$30?

d.) In general, to the level of consumer surplus as the price as the price of a good falls?

Reference no: EM132137906

Questions Cloud

Prepare a sustainability assessment report : Operations with local community engagement, impact assessments, and development programs - Financial implications and other risks and opportunities
What causes the ppf to shift outward : What causes the PPF to shift outward? I think that resources have to be used but i'm not sure.
Lras and sras have the same slope : Under what circumstances would LRAS and SRAS have the same slope?
Determine the equilibrium price and quantity : a. Determine the equilibrium price and quantity. Show the equilibrium graphically.
Graph the demand curve for good x : Determine the demand function and inverse demand function for good X. Graph the demand curve for good X.
Price elasticity of demand : Suppose demand is given by the equation: QD = 80/P Using the midpoint method, what is the price elasticity of demand between $2 and $4?
How do you handle pressure-what are your career goals : What’s your availability? How do you handle pressure? What are your career goals?
Total benefit and total cost from a continuous activity : Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B(Q) = 100 + 36Q - 4Q2
Create Work Breakdown Structure for Dai-Ichi SAP Cloud Pilot : ISYS302:Management of IT Systems and Projects Assignment- "Work Breakdown Structure & Project Schedules using Microsoft Project" Macquarie University, Australia

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd