The demand for Chegger brand Wadgets is Q = Q(P,PS, Y), where: . Q= monthly demand for Chegger Wadgets (measured in thousands of uni . P = price of a Chegger Wadget (measured in dollars). . Ps = average price of substitutes for a Chegger Wadget (measured in dolla . Y = average monthly income in the market for Chegger Wadgets (measure thousands of dollars). and . Q(10,9,5) = 4.7 aQ/OP(10,9,5) = -0.72 . aQIOP,(10,9,5) = 0.88 . aQ/aY(10,9,5) = 0.32 (a) Suppose that Ps increases to 9.55 and Y increases to 5.3, but P does not change. In this case, demand will increase by about [ Select ] (b) In this case, Chegger can increase their price (P) by d keep demand at about 4700 units/month ( V [ Select ] There is no way to se changes), then the change in Chegger's estimate this from the given informa- lect ] tion. $0.81 D $0.93 $0.74YYuugow jivaburu thousands of dollars). and . Q(10,9,5) = 4.7 . aQ/aP(10,9,5) = -0.72 aQIOPS(10,9,5) = 0.88 . aQ/aY(10,9,5) = 0.32 (a) Suppose that P, increases to 9.55 and Y increases to 5.3, but P does not change. In this case, demand will increase by about [ Select ] (b) In this case, Chegger can increase their price (P) by [ Select ] , and keep demand at about 4700 units/month (a was before). (c) If they do this (and nothing else changes), then the change in Chegger's monthly profit will be about [ Select ] [ Select ] $442 Question 4 There is no way to estimate this from the given informa- The market for Wudgets has t tion. equations: o Supply: $397 p = 12 + 0.3q $470The demand for Chegger brand Wadgets is Q - Q(P,Ps, Y), where: Q - monthly demand for Chegger Wadgets (measured in thousands of units). . P = price of a Chegger Wadget (measured in dollars). . PS = average price of substitutes for a Chegger Wadget (measured in dollars). Y = average monthly income in the market for Chegger Wadgets (measured in thousands of dollars). and . Q(10,9,5) = 4.7 aQ/OP(10,9,5) = -0.72 aQIOPS(10,9,5) = 0.88 . aQ/aY(10,9,5) = 0.32 (a) Suppose that Ps increases to 9.55 and Y increases to 5.3, but P does not change. In this case, demand will increase by about [ Select ] C (b) In this case, Chegger can increase their price (P) V [ Select ] [Select ] , and keep demand at a 580 units/month was before). 475 unit/month (c) If they do this (and nothing else changes), then the monthly profit will be about [ Select ] There is no way to estimate this from the given informa- tion. 536 units/month