Given: Market for FlowersPrice ofFlower/boquet100Qd (x) ofFlower/boquet40Fertilizer (f) forFlower/bag70PointPrice of CandleConsumer(z) /piece40Income (I)(Time)A10,00015,00020,000330326090C50020701101. Own price elasticity of demand (Pn) C A,2. Income elasticity (ny) A-C; (inferior or normal good?)3. Cross-price elasticity (nxz) B-C; (substitute or complementary?)4. Input-price elasticity (nf) AB

Given: Market for Flowers Price of Flower/boquet 100 330 500 Qd (x) of Flower/boquet 40 Point Price of Candle Fertilizer (f) for Flower/bag 70 Consumer Income (I) 10,000 15,000 20,000 (Time) A (z) /piece 40 32 60 90 C 20 70 110 1. Own price elasticity of demand (Pn) C A, 2. Income elasticity (ny) A C; (inferior or normal good?) 3. Cross-price elasticity (nxz) B→C; (substitute or complementary?) 4. Input-price elasticity (nf) A-B

Given: Market for Flowers Price of Flower/boquet 100 330 500 Qd (x) of Flower/boquet 40 Point Price of Candle Fertilizer (f) for Flower/bag 70 Consumer Income (I) 10,000 15,000 20,000 (Time) A (z) /piece 40 32 60 90 C 20 70 110 1. Own price elasticity of demand (Pn) C A, 2. Income elasticity (ny) A C; (inferior or normal good?) 3. Cross-price elasticity (nxz) B→C; (substitute or complementary?) 4. Input-price elasticity (nf) A-B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 7 It is a rainy day in the village and we are selling Umbrellas. Here is the following data we have on demand. At a sale price of $10, demand is 130 Umbrellas. At a sale price of $12, demand is 110 Umbrellas. (a) Using the percentage method and $10 as your base value, what is the price elasticity of demand for Umbrellas? (b) At a price of $8, by how many dollars would revenue fall by? (c) Would it increase revenue to raise your price to $16?
Question 10
35. The primary determinant of the price elasticity of supply of a good is: A. its degree of substitutability. B. the time frame for purchase of the good. C. fraction of a company's costs spent on the good. D. the amount of time suppliers have to respond to a price change.
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