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1、ECON722Tutorial31.Supposethatatapriceof$400,300ticketsaredemandedtoflyfromIthaca,NewYork,toLosAngeles,California.Nowthepricerisesto$600,and280ticketsarestilldemanded.Assumingthedemandforticketsislinear,findthepriceelasticitiesatthequantity-pricepairs(300,400)an
2、d(280,600)2.ThemonthlymarketdemandcurveforcalculatorsamongengineeringstudentsisgivenbyP=100–Q,wherePisthepricepercalculatorindollarsandQisthenumberofcalculatorspurchasedpermonth.Ifthepriceis$30,howmuchrevenuewillcalculatormakersgeteachmonth?Findthepriceelastici
3、tyofdemandforcalculators.Whatshouldcalculatormakersdotoincreaserevenue?3.WhatpricemaximizestotalexpenditurealongthedemandcurveP=27–Q2?4.In2001,Xcost$3andsold400units.Thatsameyear,arelatedgoodYcost$10andsold200units.In2002,Xstillcost$3butsoldonly300units,whileYr
4、oseinpriceto$12andsoldonly150units.Otherthingsthesame,andassumingthatthedemandforXisalinearfunctionofthepriceofY,whatwasthecross-priceelasticityofdemandforXwithrespecttoYin2001?5.AccordingtoanarticleinChinaDaily,Chinarecentlyaccelerateditsplantoprivatisetensoft
5、housandsofstate-ownedfirms.ImaginethatyouareanaidetoasenatorontheForeignRelationscommitteeoftheU.S.Senateandyouhavebeenaskedtohelpthecommitteedeterminethepriceandquantitythatwillprevailwhencompetitiveforcesareallowedtoequilibratethemarket.Thebestestimatesofthem
6、arketdemandandsupplyforthegood(inU.S.dollarequivalentrates)aregivenbyQd=10–2PandQs=2+2Prespectively.Determinethecompetitiveequilibriumpriceandquantity.6.Basedonyouranswertoquestion5,oneofthesenatorsraisesaconcernthatthefreemarketpricemightbetoohighforthetypical
7、Chinesecitizentopay.Accordingly,sheasksyoutoexplainwhatwouldhappeniftheChinesegovernmentprivatizedthemarket,butthensetaceilingpriceattheChineseequivalentof$1.50.Howdoyouanswer?Assumethatthemarketdemandandsupplycurves(inU.S.dollarsequivalentprice)arestillgivenby
8、Qd=10–2PandQs=2+2P61.Usetheaccompanyinggraphtoanswerthefollowingquestions.a)SupposedemandisDandsupplyisS0.Ifapriceceilingof$6isimposed,whataretheresultingshortageandfullecon
