Do you agreee that when the price of petrol rises, the demand for cars decreases.

Q: Why do business people need to know the importance of price elasticity of demand for the products…

A: (Q)Why do business people need to know the importance of price elasticity of demand for the products…

Q: Which of the following most likely explains why cigarettes has a price elasticity of demand of…

A: The measure of the sensitivity of the quantity (Q) demanded of a product or service to changes in…

Q: What are 2 products with different price elasticities of demand, and how do you analyze how firms…

A: The elasticity of demand refers to the responsiveness of the quantity demanded with respect to a…

Q: What happen if Demand of petrol is higher than Supply. Make answer in 1 paragraph

A: Equilibrium refers to a situation of rest where the market forces coincide which each other and…

Q: what are Factors affecting the demand of gasoline

A: Demand for Gasoline Gasoline is a generally inelastic product, which means that price fluctuations…

Q: Genovia has experienced exceptional growth in recent years. Its GDP per capita (or Income) has…

A: Given:Initial income=io=$30,000New income=i1=$50,000Initial demand for personal…

Q: Which is more elastic sugar or salt? Reason

A: Answer- Need to find- Which is more elastic sugar or salt? Reason   Necessary goods:- Necessary…

Q: In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was…

A: Answer: Given, Price (P) Quantity (Q) Ghc 3 (P1) 12 bottles (Q1) Ghc 5 (P2) 6 bottles (Q2)…

Q: How do you find the new equilibrium price?

A: Equilibrium is where the demand curve intersects the supply curve.  At the intersection point , both…

Q: The table below shows the percentage change in quantity demanded of sending regular mail, of ending…

A: Price Elasticity is a proportion of how unequivocally purchasers respond to changes in cost. Your…

Q: Suppose that the demand and supply schedules for raisins in South Carolina are as fallows,…

A: Demand refers to the quantity of a particular commodity that a consumers or a set of consumers are…

Q: If the price elasticity of demand for used carspriced between $3,000 and $5,000 is 2 1.2 (usingthe…

A: Price elasticity of demand (Ed) is the percentage change in quantity demanded divided by percentage…

Q: What are the factors affecting the demand for digital cameras?

A: Demand for digital cameras Due to the presence of companies like Nikon Corporation, Sony, and Canon…

Q: The Government places a luxury tax on cars that sell for over $50k.  What would happen to the supply…

A: The impact of the tax on the demand-supply equilibrium level of output and price is to move the…

Q: if the change in the price is 10percent and the value of elasticity is 0.5 then calculate how much…

A: Given information, Percentage change in price: 10 The value of elasticity: 0.5 To find: percentage…

Q: efer to the figure below. If Mallory and Rick are the only two consumers in this market and the…

A: Market demand is the total quantity of a product or service that consumers are willing and able to…

Q: What will happen in the market for brewed coffee if the price of coffee beans increase

A: The issue you raised is related to the study of supply and demand in markets, which is a part of the…

Q: e the factors that car supply will increase in future

A: List of Factors that increase the Car Supply in future

Q: A 20 percent fall in price leads to 80 percent rise in the demand for a good. A consumer buys 100…

A: To answer this question, you first need to calculate price elasticity of demand

Q: When the price of a good is lowered from £350 to £200 the quantity demanded increases from 600 to…

A: Introduction: *It is given that the price of goods decreases from 350 to 200 Euro. *There is an…

Q: hey im confused. when i enter this into my calculator 50/(1+0.05) + 50/(1+0.05)2 + 1000/(1+0.05)2  i…

A: Quantity demanded is actually indicating the total demand of the goods and services which is…

Q: The shorter the period of time consumers have to adjust to price changes, the O lower; income O…

A: Elasticity is defined as the responsiveness of change in one variable.When changes in price will…

Q: What might you infer about the price elasticity of demand for diesel fuel in the short run? In the…

A: The elasticity is the the responsiveness of percentage change in quantity demanded because of…

Q: If the cross-price elasticity of demand between printed textbooks and ebooks is +0.70, a. are…

A: Cross price elasticity of demand measures the extent to which the demand for one good changes as a…

Q: How does oil play a role in the price of fertilizer?

A: Demand represents the volume of goods and services that the consumers are willing to buy at…

Q: What if the product is price inelastic, how will this affect your decision in setting price?

A: Elasticity of demand depicts how much consumer responds with the change in price level.