Answered: Determine the degree of elasticity if…

Determine the degree of elasticity if the price decreased from 10 to 15 and quantity demanded decreased from 275 to 263 Perfectly Inelastic Elastic Perfectly Elastic Inelastic

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2SQ

See similar textbooks

Related questions

Q: lists of products and services eith more demand of elasticity

A: A commodity's PED(price elasticity of demand) is a proportion of how delicate the amount demanded of…

Q: Suppose, at the price of 20 per unit, a firm supplies 100 units of a ommodity. When the price rises…

Q: The price elasticity of demand for strawberries is 0.5. If the quantity of strawberries demanded…

A: We have given that the price elasticity of demand for strawberries is 0.5 The quantity demanded…

Q: PRICE 1 0.94 0.94 1.02 1.02 1.23 1.31 1.31 1.15 1.15 0.92 0.88 1.04 1.04 1.13 0.87 0.87 1.02 1.04…

A: Elasticity measures the responsiveness of a product to a change in price. An elastic product will…

Q: The percentage change of quantity demanded is 60% and the percentage change in price is 20% find the…

A: Generally in the question The percentage change in quantity demanded given as = 60% Percentage…

Q: Calculate the price elasticity of demand as the price of motor vehicles incresease from 920 to 1300…

A: Price elasticity of demand refers to percentage change in quantity demanded with respect to…

Q: From the graph it is clear that the demand for gasoline is relatively • Jand the supply for gasoline…

A: Elasticity is the ratio of the percentage change in the quantity demanded because of the percentage…

Q: write at least 15 differences of Elasticity and slope.

A: {"Elasticity of demand"} ED of a good is the response in the demand(DD) of the commodity as the…

Q: Bob of Bob's Burgers used to charge $2.20 for a certain hamburger and sold 4000 units. When he…

A: The demand curve shows the inverse relationship between price and quantity demanded. The price is…

Q: if the price elasticity of demand is 0.6, then a 10 % increase in the price of the good will lead to…

A: Elasticity is commonly characterised as a measure of a variable's sensitivity to changes in another…

Q: The price of a smartphone brand was initially $500, and the quantity demanded per month was 1000…

A: Cross elasticity of demand: It is an economic term that measures the change or response of the…

Q: What is relative elasticity and inelastic

A: demand= Desire+ willingness+ ability

Q: Is elasticity of demand of 2.5 high or low?

A: Elasticity of demand (Ed) measures the responsiveness of quantity demanded, to a given change in…

Q: Evaluate how a firm is able to estimate whether they are selling elastic or inelastic

A: Price elasticity of demand can be defined as the ratio of the change in percentage of quantity…

Q: The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and…

A: The percentage change in price = 25% Initial quantity = 600 units Final quantity = 300 units

Q: Price of beef increases by 12% and the quantity of beef demanded falls by 10%. Calculate the…

A: Elasticity of Demand: Elasticity of Demand is the degree of responsiveness of demand to changes in…

Q: The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and…

A: Given percentage decrease in price = 25% Initial quantity = 600 units Final quantity = 120 units

Q: Calculate the price elasticity of demand of Cornelio's Buko Pie if the price of Buko Pie rises by…

A: Price elasticity of demand represents quantity demanded is changed due to the result of a change in…

Q: 6. At a specific company, the demand equation for water bottles is given by p= 400 – 4q². -

A: The demand function shows the quantity demanded of a good at each price level. If we plot the demand…

Q: Elasticity of demand is 0.39 If the rise in price is 16% Find the call in quantity demanded

A: According to the above mentioned question, the values are:- The elasticity of demand = Ed = 0.39 %…

Q: Danny "Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is…

A: At price $2.5, sale = 100 brownies. At price $ 2, sale = 300 brownies. We have to calculate price…

Q: If the absolute value of elasticity of demand for chocolate is 0.64 then the demand for chocolate is…

A: Price elasticity measures the change in quantity due to change in price. Income elasticity measures…

Q: When the price of gasoline rises by 3 % the quantity demanded falls by 0.12 % . Calculate the price…

A: Here, Given information is: Percentage change in the price of gasoline: 3% Percentage change in the…

Q: Can you explain the difference between an elastic and inelastic product?

A: To differ between the two product types in question, the understanding of the concept of elasticity…

Q: When price of a good is 13 per unit, the consumer buys 11 units of that good. When price rises to 15…

A: The price elasticity of demand measures the change in consumption of a product or service in…

Q: 1) if the price of orange juice rise 10% , and a as result quantity demanded falls by 10% , then one…

A: Price elasticity of demand (PED) is the responsiveness of a percentage change in quantity demanded…

Q: The price of a smartphone brand was initially $500, and the quantity demanded per month was 1000…

A: Price elasticity of demand:Price elasticity of demand measures the responsiveness of change in…

Q: Define price elasticity of demand

A: The law of demand states that other things being constant, there is a negative relationship between…

Q: explain the following Elasticity, inelastic, perfectly elastic inelastic, and unit elastic

A: Elasticity tells us the percentage change in quantity demanded due to the percentage change in…

Question

Determine the degree of elasticity if the price decreased from 10 to 15 and quantity demanded decreased from 275 to 263

1. Perfectly Inelastic
2. Elastic
3. Perfectly Elastic
4. Inelastic

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What does a price elasticity of demand of 0.39 mean?
Charles loves Mello Yello and will spend 10 per week on the product no matter what the price. What is his price elasticity of demand for Mello Yello?
Isabella always spends $50 on red roses each month and simply adjusts the quantity she purchases as the price changes. What can you say about Isabella's elasticity of demand for roses?
Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?
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?
The price elasticity of demand for personal computers is estimated to be 2.2. If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?
The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decayfigh ter, reduced the price of its electric toothbrush from $35 to $30. As a result, Stopde cays sales declined by 1,500 units per month. What is the arc cross elasticity of demand between Stopdecays toothbrush and Decayfighters toothbrush? What does this indicate about the relationship between the two products? If Stopdecay knows that the arc price elasticity of demand for its toothbrush is 1.5, what price would Stopdecay have to charge to sell the same number of units as it did before the Decayfighter price cut? Assume that Decayfighter holds the price of its toothbrush constant at $30. What is Stopdecays average monthly total revenue from the sale of electric toothbrushes before and after the price change determined in part (b)? Is the result in part (c) necessarily desirable? What other factors would have to be taken into consideration?
Describe the general appearance of a demand or a supply tune with zero elasticity.
The president of Tucker Motors says, Lowering the price wont sell a single additional Tucker car. The president believes that the price elasticity of demand is a. perfectly elastic. b. perfectly inelastic. c. unitary elastic. d. elastic.
What are the major determinants of a products price elasticity of demand? Studies indicate that the demand for Florida oranges, Bayer aspirin, watermelons, and airfares to Europe are elastic. Why?
A college raises its annual tuition from 23,000 to 24,000, and its student enrollment falls from 4,877 to 4,705. Compute the price elasticity of demand. Is demand for the college elastic or inelastic?
If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10 percent. If the price falls by 5 percent, what will happen?