What is the numerical value of the partial derivative

Reference no: EM132208353

Question: Analyze the demand function for Toyotas in problem C4, page 82. Please also read â€œWhat is a Symbolâ€ located in the folder with this assignment.

QT = 200 - 0.01PT + 0.005PM - 10PG + 0.01I + 0.003A

Where

QT = quantity purchased

PT = average price of Toyotas

PM = average price of Mazdas

PG = price of gasoline

I = per capita income

A = dollars spent annually on advertising

1. Characterize this function by circling all in the following list that are applicable: univariate, bivariate, multivariate, linear, exponential, logarithmic, curvilinear, 1st degree, 3rd degree, additive, multiplicative, linearly homogeneous

2. What is the numerical value of the partial derivative of the function with respect to the price of gasoline (be sure to also include the + or - sign. Note: I do not want the symbol for this partial derivative)?

3. Write the mathematical symbol representing the coefficient of income (the numerical value of this coefficient is +.01, but the answer you give is to be the symbol representing this partial derivative).

4. Assuming there is a $1 increase in income, what change in Toyota demand will result (give the numerical value, too)?

5. Is gasoline a substitute for or complementary to Toyotas? What feature of the function tells you?

6. Are Mazadas substitutes or complements to Toyotas? What feature of the function tells you?

7. Is a Toyota a normal or an inferior good? What feature of the function tells you?

8. Assuming there is a $1000 Toyota price increase, what change in Toyota's quantity demanded will result (give the numerical value, too)?

9. Assuming there is a $1000 decrease in average family income, what change in Toyota demand will result (give the numerical value, too)?

10. Assuming there is a $1000 increase in the price of Mazdas, what change in Toyota demand will result (give the numerical value of it too)?

Reference no: EM132208353

Questions Cloud

Compare the efficiency and equity consequences : Consider the following (hypothetical) liability rule. The injurer will be held strictly liable for any damages that the victim suffers.

Why was the chilean sea bass almost driven to extinction : The Patagonian toothfish is a large, ugly fish that can weigh 200 pounds. In the 1990s, it became very popular under its new name, the Chilean sea bass.

Do you agree or disagree with the given statement : Do you agree or disagree with the following statement? Explain your reasons. An increase in non-timber values of trees increases the marginal benefit.

Briefly identify and discuss the characteristics of urine : Explain how ADH compensates for blood that contains too many solutes. Briefly identify and discuss the characteristics of urine

What is the numerical value of the partial derivative : What is the numerical value of the partial derivative of the function with respect to the price of gasoline (be sure to also include the + or - sign).

Calculate the total number of combinations of k elements : Write a program in C++ to calculate the total number of combinations of k elements in a set of N elements.

Calculate the average and maximum and minimum values : Write and test the program we won't have access to the actual temperature sensor or the data acquisition system.

A program where you keep reading strings from the input : Write a program in C++ where you keep reading strings from the input, and then: if the number of characters is three or less.

What is the portfolio beta and portfolio standard deviation : You have an investment that consists of 3 stocks. Stock 1 is worth $22,000 with a beta of 0.97. Stock 2 is worth $7,500 and has a beta of 1.2.

User Account

All Pages