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Answer:
(i) Q=300
(ii) Elasticity of Demand=-3.33 (elastic)
(iii) Income Elasticity= 2.5 (normal good)
(iv) Advertising Elasticity: 1.5
Explanation:
The Demand function is given by
(1) To solve (i) we need to replace P = 200, I = 150, and A = 30 in the demand equation:
(2) To find the price elasticity (how much quantity demanded changes with price) we use the point price elasticity formula
From the above equation we get:
Replacing in the elasticity formula
in absolute terms the elasticity is bigger than one so it is an elastic demand.
(3) For income elasticity (how much quantity demanded changes with income), we proceed similarly as above. But the derivative is respect to income
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Which is bigger than one, denoting this is a normal good because it's bigger than one.
(4) Advertising elasticity (how much quantity demanded changes with expenditures in advertising), we proceed as before
There were 72 (108 - 36) more maple trees in the woodlot before the bug problem. There were 108 maple trees in the woodlot before the bug problem. There are 36 maple trees in the woodlot after the bug problem.
The following information is given in the question:
Ratio of maple trees to oak trees before bug problem = 9:5
Ratio of maple trees to oak trees after replanting = 3:11
Total number of oak trees after replanting =132
Total number of trees in the woodlot is the same before and after the bug problem.
Let the number of maple trees after replanting be 'x'
From the data above, we can find the number of maple trees after replanting as follows:
So, number of maple trees after replanting in the woodlot are 36.
Let number of maple trees before bug problem be 'z'.
We can find the number of maple trees before bug problem as follows: