If you are the seller will you increase the price of your product instantly if it is price elastic? Explain you answer briefly.

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: Alex, a car driver, drives up to a gas station and without asking price, he asks for 20 gallons of…

A: Consumer A, a car driver, drives up to a gas station and without asking price, he asks for 20…

Q: why are price elasticity demand equal percentage change in price

A: Price elasticity of demand means the extent to which the quantity demanded for a product changes due…

Q: Quantity Quantity Price demanded supplied (cents per pack) (millions of packs a week) 40 170 90 50…

A: Hi. Since there are multiple questions, we will solve the first three questions.   Equilibrium is…

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: What can you tell about price elasticity

A: Price elasticity: It refers to the change in the people's demand due to the change in the prices of…

Q: Alice loves Pepsi and will spend 10 per week on the product no matter the price. What is her price…

A: Because price is not going to affect the demand for pepsi by alice.

Q: Explain and calculate Price Elasticity in an example you come up

A: The price elasticity of demand measures the change in demand of a good or service in response to a…

Q: The demand for movie tickets in a small town is given as QO = 1,000 – 50P | Answer the following…

A: Given: qD=1000-50pNow,dqdp=∂q(D)∂Pdqdp=-50Now,we have to determine unit elastic of demand Thus,ED=-1

Q: Jim saw a decrease in the quantity demanded for his firm’s product from 8000 to 4000 units a week…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price level

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: What are the determinants that affect the price elasticity of demand?

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

Q: If you were selling a product with a price elastic demand, briefly describe in a typed response what…

A: The price elasticity of demand is an economic statistic that measures the increase in the quantity…