Question Tag: Demand Function

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EIB – APR 2024 – L1 – Q2 – Demand and Supply of Cocoa

Calculates cocoa equilibrium with given functions, assesses coffee price impact, diagrams shifts, explains supply relationship.

Cocoa and Coffee are common cash crops in Ghana. The knowledge of their Demand and Supply is crucial for national development. Assume the Demand and Supply functions of Cocoa are given as $Q^d=12-p$ and $Q^s=9.6+0.5 p-0.2 p_c$ respectively. Where $Q^d$ is Quantity Demanded and $Q^s$ is Quantity Supplied of Cocoa, $p$ is the Price of Cocoa and $p_c$ is the Price of Coffee. (a) Determine the Equilibrium Price and Quantity of Cocoa if $p_c=\mathrm{GHC} 3.00$. [6 marks]

(b) Determine the new Equilibrium Price and Quantity of Cocoa if the price of Coffee increases from its original price of $p_c=\mathrm{GHC} 3.00$ to $\mathrm{GHC} 6.00$. [6 marks]

(c) Represent the solutions in $a$ and $b$ above with a diagram. [6 marks]

(d) Explain whether Cocoa and Coffee have Joint, Composite or Competitive Supply.[2 marks]

(Total: 20 marks)

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QTB – MAY 2016 – L1 – SA – Q3 – Mathematics

Calculate elasticity of demand given a demand function

The demand function for an item is given by p = 32q − q2. Find the elasticity of demand at q = 4

A. -0.17

B. 1.00

C. 1.11

D. 1.17

E. 1.20

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QTB – Nov 2015 – L1 – SB – Q2a – Mathematics of Business Finance

Calculate price elasticity of demand using given demand function and interpret the result.

Given that the demand function of a business is

calculate the price elasticity of demand when x=5  and interpret your result.

(Total: 6 Marks)

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QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

Due to changes in market conditions, the company finds the demand qq (in thousands) for their kente strips to be at a price of GH¢p per kente strip.

Required:
(i) Determine the elasticity of demand when the price is GH¢5 and when the price is GH¢15 per kente strip. (6 marks)
(ii) Comment on your results in (i). (2 marks)

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EIB – APR 2024 – L1 – Q2 – Demand and Supply of Cocoa

Calculates cocoa equilibrium with given functions, assesses coffee price impact, diagrams shifts, explains supply relationship.

Cocoa and Coffee are common cash crops in Ghana. The knowledge of their Demand and Supply is crucial for national development. Assume the Demand and Supply functions of Cocoa are given as $Q^d=12-p$ and $Q^s=9.6+0.5 p-0.2 p_c$ respectively. Where $Q^d$ is Quantity Demanded and $Q^s$ is Quantity Supplied of Cocoa, $p$ is the Price of Cocoa and $p_c$ is the Price of Coffee. (a) Determine the Equilibrium Price and Quantity of Cocoa if $p_c=\mathrm{GHC} 3.00$. [6 marks]

(b) Determine the new Equilibrium Price and Quantity of Cocoa if the price of Coffee increases from its original price of $p_c=\mathrm{GHC} 3.00$ to $\mathrm{GHC} 6.00$. [6 marks]

(c) Represent the solutions in $a$ and $b$ above with a diagram. [6 marks]

(d) Explain whether Cocoa and Coffee have Joint, Composite or Competitive Supply.[2 marks]

(Total: 20 marks)

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QTB – MAY 2016 – L1 – SA – Q3 – Mathematics

Calculate elasticity of demand given a demand function

The demand function for an item is given by p = 32q − q2. Find the elasticity of demand at q = 4

A. -0.17

B. 1.00

C. 1.11

D. 1.17

E. 1.20

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You're reporting an error for "QTB – MAY 2016 – L1 – SA – Q3 – Mathematics"

QTB – Nov 2015 – L1 – SB – Q2a – Mathematics of Business Finance

Calculate price elasticity of demand using given demand function and interpret the result.

Given that the demand function of a business is

calculate the price elasticity of demand when x=5  and interpret your result.

(Total: 6 Marks)

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QT – Nov 2018 – L1 – Q2c – Elements of Calculus

Determine and interpret the elasticity of demand at different price levels for kente strips.

Due to changes in market conditions, the company finds the demand qq (in thousands) for their kente strips to be at a price of GH¢p per kente strip.

Required:
(i) Determine the elasticity of demand when the price is GH¢5 and when the price is GH¢15 per kente strip. (6 marks)
(ii) Comment on your results in (i). (2 marks)

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