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Only typed answer
1. infinite elasticity, zero elasticity, more elastic than S3, more elastic than S4
2. Perfectly elastic, perfectly inelastic, More elastic than S1, or more elastic than S3
3. perfectly elastic, perfectly inelastic, More elastic than S2, or more elastic than S4
4. Perfectly elastic, perfectly inelastic, More elastic than S2, or more elastic than S3
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- 9. Application: Elasticity and hotel rooms The Inlinwing graph input tool shows the daily demand for hotel moms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an woonomist identified three primary factors that affect the demand for me ach night. The demand factum, lung with the values corresponding to the initial demand curve, are shown in the following table and alungside the graph input tool. Demand Factor Average American household income Roundtrip airfare from New Orleans (MSY) to Atlantic City (ACY) Room ratu at the Meadows Hotel and Casino, which is near the Ocean Use the graph input tool to help you answer the following questions. You wil not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Show Transcribed Text 600 450 ****** 100 0 Demand ++ 55155 366 350 351 350 100 ans…Graph the supply and demand curves and use the midpoint (averages) formula to calculate the respective price elasticities of supply and demand over the price range given. Then determine over what range of prices supply and demand are elastic, unit elastic, or inelastic. Es QS Price QD Ed 2400 14 0 2200 12 500 1900 10 1000 1500 8 1500 1000 6 2000 500 4 25004. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good. PRICE (Dollars per unit)QUANTITY (Units)Demand0W14010X9035Y7045Z2070 For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between Y and Z Between X and Y Between W and X True or False: The value of the price elasticity of demand is equal to the slope of the demand curve. True False
- consider the details of good X given and answer the questions below. Use illustrations Develop the Demand and supply equations and find the Price elastisity of demand and Price elasticisty of supply at the equilibrium price. Comment on the elasticity coefficients. Price Quantity Demanded Quantity supplied 12 120 20 20 40 140Oatmeal is an inferior good and cold cereal is a substitute for oatmeal. The cross‐price elasticity of Raisin with respect to oatmeal is negative. Using a well‐labeled graph show the effect on the oatmeal market for each of the following. (Please also provide a brief explanation of the relationship (e.g., positive/negative) and the reasons/logic for the relationship. a. An increase in the price of raisins. b. An increase in income. c. A decrease in population size. d. An increase in the price of cold cerealConsider the price elasticity of demand for potatoes vs houses. Which product has a larger price elasticity of demand and why? Please make sure you relate the most appropriate economic concepts and theory.
- PRICE (Dollars per unit) 210 Z 105 75 W 30 Demand 10 25 35 70 0 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between W and X Between Y and Z о О о Between X and Y True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. True Falseb. Briefly compare the following concepts i. Divergent and convergent equilibrium Cross price elasticity and income elasticity of demandIf goods X and Y are SUBSTITUTES, then which of the following could be the valueof the cross price elasticity of demand for good Y?
- 9. Application: Elasticity and hotel rooms A The following graph input tool shows the daily demand for hotel rooms at the Big Winner Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These dem. factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Average American household income Roundtrip airfare from New York (JFK) to Las Vegas (LAS) Room rate at the Lucky Hotel and Casino, which is near the Big Winner Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. (woo 500 450 400 350 Initial Value $40,000 per year $100 per roundtrip $200 per night…Define law of demand including a graph.The following graphs demand for curve for two separate goods, good X and good Y. 120 100 100 Demand X B0 Demand of 20 14 24 QUANTITY OF GOOD X QUANTITY OF GOOD Y Assume the price of both goods is initially C80 per unit. The price elasticity of demand at this price is l for good Kand for eped Y (Hint What happens to the quantity demanded when the price drops by 25%?) True or False: The price elasticity of demand is constant along a0Oheer dermand curves O True O False Grade It NoM Save & Contiue PRICE OF GOOD X( PRICE OF GOOD Y(@