04 Jun IRENE’S DEMAND FOR PIZZA IS GIVEN BY:
Question
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Week 2 Homework Problems:
Chapter 3: 3.2(a-e), 3.4(a-f), 3.6(a-d), 3.8(a-d), 3.10(a-f)
Chapter 4: 4.1(a-c), 4.4(a-d), 4.7(a-c), 4.9(a-d), 4.10(a-b)
Note: Homework problems are worth 2 points for each part of the problem.
3. Suppose that the demand curve for garbanzo beans is given by
Q = 20?P
Where Q is thousands of pounds of beans bought per week and P is the price in dollars per pound.
a.) How many beans will be bought at P = 0 ?
b.) At what price does the quantity demanded of beans become 0 ?
c.) Calculate total expenditures (P?Q) for beans of each whole dollar price between the prices identified in part a and part b.
d.) What price for beans yields the highest total expenditures ?
e.) Suppose the demand for beans shifted to Q = 40?2P . How would your answers to part a through part d change? Explain the differences intuitively and with a graph.
3.4
IRENE’S DEMAND FOR PIZZA IS GIVEN BY:
Q = 0:3I / P
WHERE Q IS THE WEEKLY QUANTITY OF PIZZA BOUGHT (IN SLICES), I IS WEEKLY INCOME, AND P IS THE PRICE OF PIZZA. USING THIS DEMAND FUNCTION, ANSWER THE FOLLOWING:
A. IS THIS FUNCTION HOMOGENEOUS IN I AND P?
B. GRAPH THIS FUNCTION FOR THE CASE I = 200.
C. ONE PROBLEM IN USING THIS FUNCTION TO STUDY CONSUMER SURPLUS IS THAT Q NEVER REACHES ZERO, NO MATTER HOW HIGH P IS. HENCE, SUPPOSE THAT THE FUNCTION HOLDS ONLY FOR P ? 10 AND THAT Q = 0 FOR P > 10. HOW SHOULD YOUR GRAPH IN PART B BE ADJUSTED TO FIT TH
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