As a result of a twelve percent increase in the price of pretzels, the weekly quantity demanded of potato chips increases from 650 bags to 750 bags. The cross price elasticity of demand for potato chips is: O 1.19 0.02 O 2.56 O 1.82 0.12 0.4
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- When a ride-sharing service implements "surge" pricing, raising all fares by 30%, drivers choose to work longer hours and and the supply this results in an increase of 40% more rides available. The price elasticity of supply for ride-sharing is is O 1.33; inelastic O 1.33; elastic O 0.75; elastic O 0.75; inelasticIf an increase in price from $1 to $2 causes a decrease in quantity demanded from 120 to 100, calculate the price elasticity of demand by using the midpoint method. O 1.2 O 1.3 O 0.27 O 0.5If the price of ice cream increases from $8 to $10 a gallon, quantity demanded of frozen yogurt increases from 120 to 138 gallons, ceteris parībus. As a result, the price elasticity of demand is 0.6278 and ice cream and frozen yogurt are substitute goods O 0.6278 and ice cream and frozen yogurt are complement goods O 1.5928 and ice cream and frozen yogurt are substitute goods O 1.5928 and ice cream and frozen yogurt are complement goods
- QUESTION 4 Apple wish to calculate the price elasticity of demand for iPhones, assuming prices increased from 400BD to 500BD and demand fell from 20,000 units to 18,000 units, what is the elasticity of demand? O 0.47 O2.11 O 1.78 O 6.09If the price of petröl increases by 4% and the demand for petrol falls by 1%, what is the price elasticity of demand for petrol? O-0.25 O 0.25Suppose the price of a chicken sandwich increased from $2 to $4 and the quantity demanded fell by 30% . Determine the price elasticity of demand for chicken sandwiches using the base method. O 0.5 - 0.1 O 0.7 O 0.3
- Suppose you observe the price and quantity demanded of a good at two dates. There is a large percentage change in price but only a small percentage change in quantity. Which is the most likely price elasticity of demand? O 1.5 O 1 O 0.5For a certain good, when the good's price falls from $12 to $10, its quantity demanded rises from 10 to 12 units. The price elasticity of demand here is O 2.55. 0.66. O 0.39. O 0.20. 1.009. When the price of BMW car rises from P1= $15,000 to P2= $18,000, one third of the customers decide to get Mercedes instead of BMW. The Price elasticity of demand for BMW as price increases from P1 to P2 equals: O None of the options. O 1.83 1.66 0.54
- For product X, the price elasticity of demand has an absolute value of 3.5. This means that quantity demanded will increase by O 1 unit for each $3.50 decrease in price, ceteris paribus. O 1 percent for each 3.5 percent decrease in price, ceteris paribus. O 3.5 units for each $1 decrease in price, ceteris paribus. O 3.5 percent for each 1 percent decrease in price, ceteris paribus.Suppose that the elasticity of supply is 1.60 and the price increases by 5%. We will predict a percent increase in the quantity supplied of: 8% 6% O 3.1% 12%Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a O 2 percent decrease in the quantity demanded. O 20 percent increase in the quantity demanded. O 20 percent decrease in the quantity demanded. O 2 percent increase in thc quantity demanded,