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Suppose that Fiat Chrysler estimates that at a price of $19,000.00 they would have North American sales of 167,000 vehicles whereas at a price of $25,000.00, they would achieve sales of 125,000 vehicles. i. Using the values provided above, and the “POINT/SLOPE” FORMULA approach demonstrated in class, determine the SLOPE and the INTERCEPT for Fiat Chrysler’s Portal Demand curve. (6 Marks) ii. Given your answer to part i above, write out both the INVERSE DEMAND curve {P = a + b [Q]} AND the “normal” DEMAND curve (Q = a + b [P]} for Fiat Chrysler’s Portal. (6 Marks) iii. If Fiat Chrysler decided to set the Portal Price to $$22,995.00, how many Portal Vehicles would Fiat Chrysler expect to sell in North America? (3 Marks)

Date Posted: 19/01/2019
Category: Economics
Due Date: 20/01/2019
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  • Hey there
    professionalwriter_d_496 | Jan 19, 2019, 07:51 AM
  • Hi, thanks
    professionalwriter_d_496 | Jan 19, 2019, 08:06 AM
  • Hello
    User_19727 | Jan 19, 2019, 15:58 PM
  • I have changed the due date to Sunday Jan 20th 2019; hope that’s ok
    User_19727 | Jan 19, 2019, 15:58 PM
  • Its okay don't worry
    professionalwriter_d_496 | Jan 19, 2019, 19:09 PM
  • Hello, work done
    professionalwriter_d_496 | Jan 20, 2019, 10:55 AM
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    User_19727 | Jan 20, 2019, 15:31 PM
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    professionalwriter_d_496 | Jan 20, 2019, 16:11 PM
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    professionalwriter_d_496 | Jan 20, 2019, 16:15 PM
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    User_19727 | Jan 21, 2019, 02:53 AM
  • How does ; 19,000+(167,000)\7) = 300,000?
    User_19727 | Jan 21, 2019, 02:55 AM
  • A picture, the way you uploaded the initial documents
    professionalwriter_d_496 | Jan 21, 2019, 02:58 AM
  • How does ; 19,000+(167,000)\7) = 300,000?
    User_19727 | Jan 21, 2019, 03:00 AM
  • Remember that I multiplied each variable with the LCM (7). So it was like (19,000*7) + (167,000/7)*7
    professionalwriter_d_496 | Jan 21, 2019, 03:01 AM
  • Let me make that clear on the paper, so that you can see every step
    professionalwriter_d_496 | Jan 21, 2019, 03:03 AM
  • Why did you need to multiply each variable with 7?
    User_19727 | Jan 21, 2019, 03:04 AM
  • Okay, please. Thank you
    User_19727 | Jan 21, 2019, 03:05 AM
  • I did that so that we can reach a whole value, it is a way of making the equation much simpler. I would have left it at that anyway, but to look a bit professional, you know
    professionalwriter_d_496 | Jan 21, 2019, 03:13 AM
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    professionalwriter_d_496 | Jan 21, 2019, 03:16 AM
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    User_19727 | Jan 21, 2019, 03:16 AM
  • I trust you... I wanted to know for myself in written form (on paper) Which your already doing for me. It is a favor, don’t worry.
    User_19727 | Jan 21, 2019, 03:18 AM
  • I have uploaded, you can check
    professionalwriter_d_496 | Jan 21, 2019, 03:26 AM
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    professionalwriter_d_496 | Jan 21, 2019, 03:26 AM
  • I see the document change in question ii . But when we are finding the INTERCEPT; for question 1.. I am still not understanding the “intercept = 19,000+ (167,000/7) = 300,000/7 “
    User_19727 | Jan 21, 2019, 03:33 AM
  • And how 19,000 + (167,000/7) = 300,000/7
    User_19727 | Jan 21, 2019, 03:34 AM
  • Okay I get your point, give me a few as I make it clear
    professionalwriter_d_496 | Jan 21, 2019, 03:36 AM
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    User_19727 | Jan 21, 2019, 03:41 AM
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    professionalwriter_d_496 | Jan 21, 2019, 03:52 AM
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    User_19727 | Jan 21, 2019, 03:54 AM
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    professionalwriter_d_496 | Jan 21, 2019, 03:55 AM
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    User_19727 | Jan 21, 2019, 03:55 AM
  • 19,000 + (167,000/7). To simplify this, I will multiply 7 all through and then divide it by the same seven since it is an addition equation. That is = (7* 19,000 + 7* (167,000/7))/7. This will now give you that 300,000/7 which is the same as 42,857.143
    professionalwriter_d_496 | Jan 21, 2019, 03:58 AM
  • Are we together, to that point?
    professionalwriter_d_496 | Jan 21, 2019, 03:59 AM
  • You there?
    professionalwriter_d_496 | Jan 21, 2019, 04:04 AM
  • And you need to multiply each variable with 7? It’s required
    User_19727 | Jan 21, 2019, 04:09 AM
  • It all for simplicity. I can still leave it without the multiplication. That is the first option in the work I did: Intercept = 19,000 + (167,000/7) = 19,000 + 23,857.143 = 42,857.143
    professionalwriter_d_496 | Jan 21, 2019, 04:12 AM
  • 7 x 19000+7 x167000/7 Then divide again?
    User_19727 | Jan 21, 2019, 04:15 AM
  • The good thing is that the answers are similar, only that I used different ways to arrive at them
    professionalwriter_d_496 | Jan 21, 2019, 04:16 AM
  • (7 x 19000)+(7 x167000/7) then we divide it by 7. 19,000 is a variable by itself and also (167,000/7) is also a variable by itself. So we multiply each variable and divide at the same time by 7 which is not common to every variable.
    professionalwriter_d_496 | Jan 21, 2019, 04:20 AM
  • Leaving it without the multiplication makes sense to me
    User_19727 | Jan 21, 2019, 04:20 AM
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    professionalwriter_d_496 | Jan 21, 2019, 04:21 AM
  • Anyone can Submit the work. Understanding the material is what I need..
    User_19727 | Jan 21, 2019, 04:23 AM
  • Thanks anyway.
    User_19727 | Jan 21, 2019, 04:23 AM
  • Sure. If you have any issue don't hesitate
    professionalwriter_d_496 | Jan 21, 2019, 04:24 AM
  • For Normal Demands Curve; how’d you get; 1 over 7 P
    User_19727 | Jan 21, 2019, 04:39 AM
  • That should be the slope of the curve, calculated in part i
    professionalwriter_d_496 | Jan 21, 2019, 04:41 AM
  • Can you use 0.143 as well?
    User_19727 | Jan 21, 2019, 04:44 AM
  • Yeah sure
    professionalwriter_d_496 | Jan 21, 2019, 04:44 AM
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    professionalwriter_d_496 | Jan 22, 2019, 18:49 PM
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    professionalwriter_d_496 | Jan 22, 2019, 19:11 PM
  • See Document File 3 Attached
    User_19727 | Jan 22, 2019, 19:13 PM
  • I did not understand
    professionalwriter_d_496 | Jan 22, 2019, 19:17 PM
  • The documents I uploaded, see #3
    User_19727 | Jan 22, 2019, 19:18 PM
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    professionalwriter_d_496 | Jan 22, 2019, 19:19 PM
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    professionalwriter_d_496 | Jan 22, 2019, 19:23 PM
  • It’s already been released if I was charged
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  • You just need to check from your end and release the very payment you made to the site. There is no other payment that you need to make. Please be kind and make the payment man, that how we earn a living pleeeaase
    professionalwriter_d_496 | Jan 22, 2019, 19:40 PM
  • Q=Q 300,000/7 - 1/7 (22,995.00) Q= 300,000/7-3,385 Where’d you get the ^ 3,385 from?
    User_19727 | Jan 22, 2019, 22:58 PM
  • By the simple division; 22995 divide by 7 is 3385
    professionalwriter_d_496 | Jan 22, 2019, 23:00 PM
  • It is funny when I tell you about payment you go silent...
    professionalwriter_d_496 | Jan 22, 2019, 23:01 PM
  • But never mind...
    professionalwriter_d_496 | Jan 22, 2019, 23:07 PM
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    professionalwriter_d_496 | Jan 29, 2019, 21:21 PM
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    professionalwriter_d_496 | Feb 03, 2019, 06:21 AM
  • Hi there. Sorry I was out of town. And relax, you don’t need to act in this manner; when I get the marks back I will sent you your money.
    User_19727 | Feb 03, 2019, 07:14 AM
  • Well, but then realize that there is the need to talk to me so that I can know whats going on
    professionalwriter_d_496 | Feb 03, 2019, 07:15 AM
  • Yes, it was all of a sudden
    User_19727 | Feb 03, 2019, 07:26 AM
  • Okay, I understand now
    professionalwriter_d_496 | Feb 03, 2019, 07:34 AM
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