1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
____ [38]
3 years ago
14

The monthly demand q for a monopolist firm's product in a certain market (measured in 1000s of units) is related to the price pe

r unit of their product, p (measured in dollars) and the average monthly disposable income in the market, yd (measured in $1000s) by the equation q = 20 ln(7yd - 2p).
When the firm's price is $4 and the average income in the market is $3000, the marginal demand, ∂ q/∂ p, for the firm's product is approximately:

a) -6.25 b) -3.08 c) -4.17 d) -1.76

Business
1 answer:
Gnesinka [82]3 years ago
7 0

Answer: (b) -3.08

Explanation:

The relationship between the demand(q), price per unit product(p) and the disposable income,yd is given by the expression below;

q= 20ln(7yd-2p).

From the expression above, the marginal demand,

∂ q/∂ p is the differential of the equation of relationship between the demand, price and disposable income.

This involves considering the demand,q as the dependent variable and the price per unit product,p as the independent variable and the disposable income,yd is considered constant.

Therefore ,

∂ q/∂ p= (-40)÷(7yd-2p)

By substitution of

yd =$3000÷1000= $3

and p= $4

∂ q/∂ p= (-40)÷((7×$3)-(2×$4))

∂ q/∂ p= -40÷13= 3.08

Please see the attachment for knowledge on how ∂ q/∂ p was obtained.

You might be interested in
Solving for the sales level needed to achieve a profit of zero is the same process as solving for the sales level needed to ____
____ [38]

Answer: break-even

Explanation:

5 0
2 years ago
Soda and pizza are complements because they are often enjoyed together. When the price of soda rises, what happens to the supply
almond37 [142]

Explanation:

In the case of the complements goods, if the price of the soda rises, the demand would be decreased and the supply would rises. Since the soda and pizza are complementary goods so the impact of one good would be the same for another good also

Moreover, we also know that the price and the demand has an inverse relationship but the price and the supply has a direct relationship

6 0
3 years ago
Suppose the economy is closed with national saving of $3 trillion, consumption of $10 trillion, and government purchases of $4 t
yanalaym [24]

Answer:

The correct answer is: $17 trillion.

Explanation:

The Gross Domestic Product or GDP represents the overall market value of all the goods and services a country produces and it measures the size of the economy. The GDP is determined with the following formula:

GDP = C +  G + I + NX

where:

  • C: private consumption or consumer spending
  • G: government spending
  • I: businesses' capital spending
  • NX: net exports (exports - imports)

In the example:

GDP = $3 trillion + $10 trillion + $4 trillion = $17 trillion

4 0
3 years ago
How many dollars does Johnson & Johnson make every 20 seconds?
Alex Ar [27]

Answer:

Johnson & Johnson make $51,433.28 every 20 seconds

Explanation:

<u><em>The complete question is</em></u>

I'm playing a riddle game thing and one of the questions is

"How many dollars does Johnson & Johnson make every 20 seconds?"

I found that they make 81.1 billion dollars yearly, but I have no clue how to get it to 20 seconds.

Remember that

1 year=365 days

1 day=24 hours

1 hour=60 minutes

1 minute=60 seconds

so

Convert year to seconds  

(365)(24)(60)(60)=31,536,000\ sec

1 billion=1,000 millions

1 billion=1*10^9

81.1 billion dollars=81.1*10^9 dollars

we have

81.1*10^{9} \frac{\$}{year}

Convert to $/sec

81.1*10^{9}\frac{\$}{year}=81.1*10^{9}/31,536,000=2,571.66\frac{\$}{sec}

Multiply by 20 sec

2,571.66(20)=\$51,433.28

therefore

Johnson & Johnson make $51,433.28 every 20 seconds

3 0
3 years ago
Cullumber Company has the following transactions during August of the current year. Aug. 1 Opens an office as a financial adviso
Flauer [41]

Answer:

  • Aug 1  Cash   $4000 Dr

                          Common Stock    $4000 C

  • Aug 4  Prepaid Insurance  $1500 Dr

                           Cash                           $1500 Cr

  • Aug 16  Cash   $400 Dr

                            Service Revenue    $400 Cr

  • Aug 27  Salary Expense   $1000 Dr

                            Cash                       $1000 Cr  

Explanation:

  • Aug 1.  The transaction relates to owner's investment in the business/company thus we debit the cash coming into the business and credit common stock as both are increasing.

  • Aug 4.  The insurance paid in advance is a current asset for the business. So, we debit the prepaid insurance account as the asset is increasing and credit the cash account as it is decreasing due to payment for insurance.

  • Aug 16.  400 received is the service revenue and as the revenue is increasing, we credit it. We are receiving cash so we debit the cash account.

  • Aug 27.  The payment of salary is an expense and as expense is increasing, we debit the salary expense account and credit the cash account as cash is decreasing.

3 0
3 years ago
Other questions:
  • Which of the following statements is FALSE? A. Jurisdictions must work closely with private-sector entities that provide water,
    9·1 answer
  • Where in the CAFR would one find the long-term liability for revenue bonds (paid from the revenues of an enterprise fund)?
    10·1 answer
  • Pharoah Inc. has decided to raise additional capital by issuing $173,000 facevalue of bonds with a coupon rate of 6%. In discuss
    6·1 answer
  • In evaluating how well a company's strategy is working, the best place to start is
    13·1 answer
  • Sarah opened her last month's bank statement, today, to find she had an ending bank balance according to First Bank of Broad Rip
    14·1 answer
  • Which of the following statements about the two alternative methods that may be used when preparing the statement of cash flows
    5·1 answer
  • Marketers often use blogging as a platform to get their messages to spread rapidly online, also known as
    6·1 answer
  • Penny Lane and Associates purchased a generator on January 1, 2015, for $6,300. The generator was estimated to have a five-year
    14·1 answer
  • Alternative Production Procedures and Operating Leverage Assume Sharpie, a brand of Newell Brands, is planning to introduce a ne
    11·1 answer
  • Calculation of opportunity cost​
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!