**Question 4**When the price of product "X" is (P1=) $42, Shyanne purchases 20 units of product "X," and when the price of product "X" is (P2=) $38, she purchases 30 units of product "X." Shyanne's "arc" price elasticity of demand for product "X" is (Ex,x =):- ○ “-0.25” and the demand for "X" is relatively elastic.- ○ “-4.00” and the demand for "X" is relatively inelastic.- ○ “-0.25” and the demand for "X" is relatively inelastic.- ○ “-4.00” and the demand for "X" is relatively elastic.- ○ “-0.25” and "X" is a "normal" good.[Save & Continue Button][Continue without saving]

Price elasticity of demand = % change in demand/% change in price. Change in demand =…

Answered: ases 30 units of product "X". Shyanne's…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross price elasticity of demand for both of the goods is 25. If you decide to decrease the price of the printers by 5%, calculate your new total revenues for both of the goods.
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Investigate how demand elasticities are affected by increases in demand. Apply the midpoint formula to calculate the demand elasticities. 2 0 (c) 10 0 20 30 Quantity 10 40 Given the shift in demand, the elasticity between points a' and b'in Figure a = b. The elasticity of demand for D2 between points c and dis 0.56. Given the shift in demand, the elasticity between points c'and d'in Figure b = 20 Quantity 30 D₁ 50 60 40 Instructions: In parts a, b, and c, round your answers to two decimal places. Enter your answers as a positive value (absolute value). a. The elasticity of demand for D₁ between points a and bis 1.80. D₂ (45, 4.5) 50 0 c. The elasticity I demand for D3 between points e and fis 1.00. Given the shift in demand, the elasticity between points e' and f'in Figure c = 0 0 10 20 D₂ 30 Quantity (b) 40 50
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In April 2021, Amazon charged US$119 per year for Prime. Investment bank RBC Capital Markets carried out a consumer survey. Asked how they would respond if Amazon raised the price of Prime to US$139, 46% said that they would cancel their subscription.a. Based on the survey, calculate the own-price elasticity of demand for Prime. Is the demand price elastic or inelastic?b. How does Amazon’s policy of automatically renewing Prime subscriptions influence the stickiness of subscribers? How does it affect the own-price elasticity of demand for Prime?c. Which behavioral bias of consumers does the automatic renewal policy exploit?d. How does the sunk-cost fallacy affect the price elasticity of demand for products sold on Amazon?
Question 13 Suppose the demand for a product is given by D(p) = -2p+ 104. A) Calculate the elasticity of demand at a price of $47. (Round to three decimal places.) B) At what price do you have unit elasticity? (Round your answer to the nearest penny.) Price = $ Elasticity > Next Question
econ mcq! May I ask how do I get the answer as well?
Rogers purchased 60 tins of paracetamol at shs. 12,500 each from Abacus Pharma. Two months later the cost of a paracetamol tin increased by 35% and Tom Purchased 25 tins of paracetamol. Illustrate the above information on a graph. Calculate the price elasticity of demand and interpret your result (9 marks). Mention the demand and supply shifters of healthcare services other than price .
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YOU SELL TWO DIFFERENT GOODS PRINTERS AND CARTRIDGES. THE PRICE ELASTICITY OF DEMAND FOR THE PRINTERS IS -3.4 AND YOU EARN A REVENUE OF RM 15000 PER MONTH FROM THE GOOD. YOU EARN A REVENUE OF RM 5000 PER MONTH FROM TONER CARTRIDGES. THE CROSS PRICE ELASTICITY OF DEMAND FO BOTH OF THE GOODS IS -2.5. IF YOU DECIDE TO DECREASE THE PRICE BY 5%, CALCULATE YOUR NEW TOTAL REVENUE FOR BOTH GOODS.
Jose owns a donut business in Los Angeles, and he wants to increase his total revenue. He knows that, when donuts are $1, he sells 200 an hour, and when he lowers the price to $0.75, he sells 280 an hour. A) Using the midpoint method, compute the price elasticity of demand for Jose’s donuts. Please show the formula used for understanding. B) Based on (A) is demand for Jose’s donuts elastic or inelastic? How do you know? Explain C) Should he raise or lower the price to generate more revenue.

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