For which goods or services will the demand be relatively more or relatively less elastic?  Explain your answers clearly.     Cigarettes   High priced sports car such as a Porsche     Diamonds   Tap water   Heinz (a specific soup brand) Soup     Gasoline

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: explain with the help of a diagram how new technology might change the elasticity of supply of new…

A: The effect of the technology on the elasticity can be explained as follows :  Elasticity of Supply :…

Q: This good is more elastic in supply. * milk hamburger corn housing

A: Answer: Hamburger Hamburger, The elasticity of supply for hamburgers is more as its supply can be…

Q: How does the price elasticity of demand change if you move along the demand schedule from $10 to $8…

A: The price elasticity of demand can be calculated as follows: When price falls from $10 to $8, the…

Q: George has been selling 5000 t-shirts per month for $8.50.  When he increased the price to $9.50, he…

A: The degree to that demand changes in response to changes in another economic element, like value or…

Q: If price falls from $12 to $9 and the quantity demanded rises from 365 to 498, what is the…

A: The price elasticity of demand can be calculated by using the following formula.

Q: What does the price elasticity of supply for a theme park look like?

A: In business and economic aspects, price elasticity alludes to how much people, shoppers, or makers…

Q: Use the concept of elasticity of supply to explain why antique furniture is so expensive.

A: Step 1- The price elasticity deals with the sensitiveness to the supply of service or goods as a…

Q: The schedule below shows the quantities of nails demanded at each price: Price Quantity Old 400…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: You have just opened a new grocery store. Every item you carry is generic (generic beer, generic…

A: The increase in the price of recreation by = 15% Cross price elasticity = 0.15

Q: Explain how price elasticity affects potential demand for a product.

A: ANS PED is a measure that gives us an idea about how the quantity (Q) demanded of a commodity change…

Q: For which goods or services will the demand be relatively more or relatively less elastic?  Explain…

A: Price elasticity of demand is a formula for calculating the change in quantity demanded or supplied…

Q: The subway fare in your town has just been increased from 50 cents to $1.00 per ride. As a result,…

A: Price elasticity   The demand-price elasticity is a gauge of how a product's consumption changes in…

Q: Which of the following goods would you expect to have the lowest price elasticity of demand? O…

A: Price elasticity of demand judges the responsiveness i.e it look after the sensitivity of quantity…

Q: If price changes from $4.75 to $5.25 and quantity demanded changes from 1,025 to 975 units, then…

A: Elasticity of demand The susceptibility of the amount desired of a good to changes in any of the…

Q: What is the price elasticity of demand for subway rides?

A: The price elasticity measures the responsiveness of the change in the quantity demanded due to the…

Q: Suppose you are a business owner. Discuss how you would use various demand elasticities (own-price,…

A: In a market, a business owner has to deal with various market factors that cannot be controlled and…

Q: Consider the following pairs of goods. In each case, which would you expect to have the more elastic…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Choose a product which you are familiar with.  Using the internet for research (please cite your…

A: Price elasticity of demand measures how responsive or sensitive a product's quantity demanded is to…

Q: When demand for a product goes from 100 to 200 and income goes up from $40,000 to $45,000 what is…

A: Income is the amount that is received by a worker for rendering its services to the consumers.…

Q: Scott has a Hotdog stand in downtown Portland. He wants to increase his total revenue. He knows…

A: 1. Initial price of hotdogs : P1=$1.25 Initial quantity demanded of hotdogs : Q1=20 units New price…

Q: Elasticity of demand tells us:                       How much price responds to a shift in demand…

A: What is elasticity of demand tells us:

Q: Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing…

A: Price elasticity of supply is a tool that measures the supply of goods and services when there is…

Q: The figure shows the demand curve for DVD rentals. Price (dollars per DVD) When the price rises from…

A: The price elasticity of demand = Percentage change in Quantity demanded / Percentage change in price…

Q: How Does Elasticity Increase the Revenue in Small Businesses? Explain in detail .

A: The quantity demanded of a good is defined as the amount of the good the consumers of the good are…

Q: Due to the COVID-19, the price of hand-sanitizer increases from 150 taka to 250 taka. In response,…

A: Given Information: Initial price P0 = 150 New price P1 = 250 Initial quantity Q0 = 20 units New…