Instructions: Enter your answers as a whole number. a. At a price of $350 per night, what is the quantity demanded of home rentals? 30 rentals b. At a price of $450 per night, what is the quantity demanded of home rentals? 20 rentals c. Using the midpoint formula, an increase in price from $350 to $450 per night represents a 28,6% Ⓒ25% 20% O 22.2% increase in price. d. Using the midpoint formula, an increase in price from $350 to $450 per night represents a O 66.7% Ⓒ100% O 150% Ⓒ 200% e. At a price of $450, the price elasticity of demand for nightly rentals (with the midpoint formula) is (rounded to two decimals) O-1.20. O-4.00. O-25. O-43. decrease in quantity demanded.

Instructions: Enter your answers as a whole number. a. At a price of $350 per night, what is the quantity demanded of home rentals? 30 rentals b. At a price of $450 per night, what is the quantity demanded of home rentals? 20 rentals c. Using the midpoint formula, an increase in price from $350 to $450 per night represents a 28,6% Ⓒ25% 20% O 22.2% increase in price. d. Using the midpoint formula, an increase in price from $350 to $450 per night represents a O 66.7% Ⓒ100% O 150% Ⓒ 200% e. At a price of $450, the price elasticity of demand for nightly rentals (with the midpoint formula) is (rounded to two decimals) O-1.20. O-4.00. O-25. O-43. decrease in quantity demanded.

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

Solve all this question......you will not solve all questions then I will give you down upvote........

Instructions: Enter your answers as a whole number.
a. At a price of $350 per night, what is the quantity demanded of home rentals?
30] rentals
b. At a price of $450 per night, what is the quantity demanded of home rentals?
20 rentals
c. Using the midpoint formula, an increase in price from $350 to $450 per night represents a
28,6%
increase in price.
Ⓒ25%
20%
O 22.2%
d. Using the midpoint formula, an increase in price from $350 to $450 per night represents a
O 66.7%
Ⓒ100%
O 150%
Ⓒ 200%
e. At a price of $450, the price elasticity of demand for nightly rentals (with the midpoint formula) is (rounded to two decimals)
O-1.20.
O-4.00.
O-25.
O-43.
decrease in quantity demanded.

The graph below shows the nightly demand for home rentals in Aspen, Colorado, during ski season.
Ⓡ
Price (dollars)
500
450
400
350
300
250
200
150
100
50
0
Demand for Home Rentals
20
40
60
30 rentals
80
Quantity (home rentals per night)
D
100
Instructions: Enter your answers as a whole number.
a. At a price of $350 per night, what is the quantity demanded of home rentals?

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