User Account

All Pages

What is the relationship between these two goods

Assignment Help Microeconomics
Reference no: EM13877426

Consider the demand function for a good given as Qd = 150 + 4I - 0.2P2 - 5P1 where income I is in $1,000 and P1 is the price of a related good.

(a) What is the relationship between these two goods?

(b) calculate the income, cross price, and own price elasticity of demand if I = $ 45,000, P1 = $30, and P = $25.

(c) At what price demand is own price unit elastic if income is $40,000 and P1 is $35?

Reference no: EM13877426

Questions Cloud

How can directors best fulfill their duty to act : Who should have the power to accept or reject a tender offer? Why? How can directors best fulfill their duty to act in the interest of their shareholders?
What is the net present value of the decision : A bicycle manufacturer currently produces 300,000 units a year and expects output levels to remain steady in the future. It buys chains from an outside supplier at a price of $2 a chain. The plant manager believes that it would be cheaper to make the..
Explain a dc motor and a magnetic levitation system : With the help of two examples, Explain a DC motor and a magnetic levitation system Explain the use of MATLAB and Simulink for modeling and analysis.
Achieve an understanding of the theoretical : Objective: Achieve an understanding of the theoretical. For this research paper, you are to choose either 1) a psychological state (for example, bi-polar disorder, panic attacks, or the state of being unconscious) or 2) a theory (for example, Evol..
What is the relationship between these two goods : Consider the demand function for a good given as Qd = 150 + 4I - 0.2P2 - 5P1 where income I is in $1,000 and P1 is the price of a related good- What is the relationship between these two goods?
Microstructural products of eutectoid iron-carbon : Name the microstructural products of eutectoid iron-carbon alloy (0.76 wt% C) specimens that are first completely transformed to austenite, then cooled to room temperature at the following rates:
Large corporations with different capital structures : From the e-Activity, examine two (2) successful large corporations with different capital structures. Analyze the primary reasons why you believe the selected companies are successful, despite their capital structure differences.
Name the micro structural products : Name the micro structural products of 4340 alloy steel specimens that are first completely transformed to austenite, then cooled to room temperature at the following rates:
Write a description of the setting and process : Use classical conditioning to produce consistently some startle response (reflex) in an unsuspecting friend at an abnormal signal (produces the reflex). Start with your friend's reflex response and a signal that will produce that reflex response;..

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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