Econ 550 Assignment Graph

DEMAND ESTIMATIONTimes have changed when it comes to the way families eat their meals on a daily basis. Most families are always on the run. Whether it they are parents who are working long hours, kids are involved in multiple sports or after school academic activities, or just not being able to settle down for a regular family meal, it’s just not enough time in the day to cook. Everything in life has become very fast. It’s easier and sometimes cheaper to just grab something to eat on the run at a fast food restaurant than it is to go shopping and prepare a meal. It is also easier to just throw something in the microwave for 1.5 minutes and have to do nothing else to it but eat. These have become very popular and affordable meal choices as well. In this assignment, I will compute the elasticities for each independent variable, plot the demand and supply curves, and identify crucial factors that would case shifts in the demand and supply curve for this low calorie, frozen microwavable food. Computation of Elasticities for Each Independent Variable QD =-2000 – 100P + 15A + 25PX + 10I(5234)(2.29)(525)(1.75)(1.5)R2 = 0.85n = 120F = 35.25Q =Quantity demanded of 3-pack unitsP (in cents) =Price of the product = 200 cents per 3-pack unitPX (in cents) =Price of leading competitor’s product = 300 cents per 3-pack unitI (in dollars)=Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarkets are located = $5000A (in dollars)=Monthly advertising expenditures = $640Solution:QD =-2000 – 100P + 15A + 25PX + 10I

Economics for Managers Assignment: ProtecTve ±ariF Draw graphs and show your calculaTons in answering these quesTons. You should write sentences for each answer. ±he demand for silk cloth in the United States is characterized by the equaTon P = 10 – Q/1000,where Q is yards of silk cloth. U.S. producers of silk will supply silk to the U.S. market based on the equaTon P = 4 + Q/20010 – Q/1000=4 + Q/200-4-46-Q/1000=Q/2006=6Q/10006000=6Q1000=QP = 10 –1000/1000Price=104 + 1000/200Inverse supply Price =9±he rest of the world will sell as much silk as U.S. consumers will purchase for a price of $5 (Hint: the supply curve for the rest of the world is ²at at $5). Answer the following quesTons. Each part is worth one point.If there is free trade between the U.S. and the rest of the world, (Hint for ³guring out the price: Will people pay more than the world price if they have the opportunity to pay the world price?)Space for CalculaTons for parts a. through d.a.What will be the market price of silk in the United States? __9__

One thought on “Econ 550 Assignment Graph

Leave a Reply

Your email address will not be published. Required fields are marked *