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- (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer period of time?Over time, technological advance increases consumers incomes and reduces the price of smartphones. Each of these forces increases the amount consumers spend on smartphones if the income elasticity of demand is greater tha____________ and if the price elasticity of demand is greater than_____________. a. zero, zero b. zero, one c. one. zero d. one, oneWhy is the supply curve with constant unitary elasticity a straight line?
- Maria has decided always to spend one third of her income on clothing. a. What is her income elasticity of clothing demand? b. What is her price elasticity of clothing demand? c. It Marias tastes change and she decides to spend only one fourth of her income on clothing, how does her demand curve change? What is her income elasticity and price elasticity now?According to the previous discussion, what factors influence the price elasticity of demand for cigarettes? What other factors not mentioned in the article might influence the price elasticity of demand for cigarettes?What are 2 products with different price elasticities of demand, and how do you analyze how firms can use information about price elasticity of demand to their advantage?
- 20. If you are selling sports car how can the information on the income elasticity help you sell your product. Explain.Which of these products would demonstrate the most elasticity in a middle-income household? a. Fruit juice b. Toothpaste c. A dining room table d. A newspaper e. Brown breadEconomics In a dairy farm, the amount of food a cow eats is related the amount of milk the cow produces. Discuss in detail how the concept of elasticity can be applied in this case? What will elasticity help us find? What will the formulae of elasticity be in this case?
- Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chiefeconomist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. Thedemand curve is much more inelastic. The price elasticity of demand has decreased from:-5.76 to -2.70.”Before the campaign your price was $240 per pair of BBB Shorts. What should bethe new price? Please show calculations.Which is more elastic sugar or salt? ReasonAli open the electronic store and his sell two different goods which is phone and printer. The price elasticity of the phone is-3.0 and revenue earn from per month good is 16000. Revenue earn from printer is 4000 per month. The cross price elasticity for both is -2.6. If the price of phone is increased by 10%, calculate the new total revenue for both goods