answer quickly Problem 4: The quantity supplied of a commodityat a price 78 per unit is 400 units. Its priceelasticity is 2. Calculate the price at which itsquantity supplied will be 600 units.

Answered: Image /qna-images/answer/ca617156-9205-4130-bd3f-a7e9d65289c7.jpg

Answered: Problem 4: The quantity supplied of a…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 32CTQ: Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price...

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Similar questions

Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?
If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the price of oranges falls by 3. What will happen to the demand for apples?
What does a price elasticity of demand of 0.39 mean?
A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.
Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100
Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
If the cross elasticity of demand for two goods, A and B, is -5,0, then this impliesthat these goods must be (a) substitutes.(b) necessities.(c) luxuries.(d) complements.
vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
Using the table below:i. Calculate the cross-price elasticity of broccoli. ii. Are fish and broccoli complementary or substitute goods? Explain. Price of fish Quantity of fish Price of broccoli Quantity of broccoliPeriod 1 $7 8 lbs $4.50 10 lbsPeriod 2 $9 5 lbs $6.25 6 lbs
When the price of photocopiers increases by 13%, the associated changein printers demanded is 6%. You don't know if this is an increase ordecrease in the quantity demanded of printers, but you know thatphotocopiers and printers are substitutes. Use that information tocalculate the cross-price elasticity of demand for printers.
Which of the following is NOT a determinant of the price elasticity of demand for a product? Select one: a. price b. market definition C. substitutes O d. time period

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Problem 4: The quantity supplied of a commodity at a price 8 per unit is 400 units. Its price elasticity is 2. Calculate the price at which its quanti supplied wzill he 600 units