The demand for haddock has been estimated as: log (Q) =a+b log (P)+c log (I) +d log (Pm) where Qquantity of haddock sold in New England P = price per pound of haddock I = a measure of personal income in the New England region Pm = an index of the price of meat Suppose b= -2.174, c = 0.877, and d = 1.909. What is the price elasticity of demand? O 1.909 0.877 -2.479 O -2.174 What is the income elasticity of demand? O 1.909 0.877 Ⓒ 0.459 -2.174 What is the cross price elasticity of demand? ○ 0.877 O 2.177 O -2.174 1.909 According to the estimated model, the demand for haddock is with respect to price. Suppose disposable income is expected to increase by 5 percent next year. Assuming all other factors remain constant, the quantity of haddock demanded next year will ▼ by percent.

Multiple Choice A. −0.5 B. −1.0 C. −1.5 D. −2.0 E. −0.4

Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓

When the price of a gallon of milk increases from $6 to $8, quantity demanded decreases to 27 gallons. Assuming the price elasticity of demand for milk is -0.3, what is the original quantity demanded? (assuming further that this is the point elasticity relative to the original point on the demand curve.) Please make sure you give a numerical answer with no units and/or space or period (.) or comma (,) before or after your answer. Enter your answer here

The demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2

When the price of mustard oil increased from 70 taka per litre to 90 taka per litre thequantity demanded in the market fell from 47,000 litres to 40,000 litres. Using the pointelasticity method, calculate the price elasticity of demand of mustard oil. What type ofdemand does mustard oil have?

Compute and interpret the own price elasticity of supply of cabbage Is the supply of cabbage price inelastic, unitary elastic, or elastic? Compute and interpret the cross elasticity of supply of cabbage with respect to the price of tomato.

The price of a package of Reese's Peanut Butter Cups rises from $1.00 to $1.25. As a result, the weekly quantity of Reese's demanded falls from 10,000 to 9,000 packages. Calculate the price elasticity of demand using the average of the initial and new prices and quantities as the basis for figuring the percentage changes.

Transport economists Lasse Fridstrøm and Vegard Østli studied the demand for cars in Norway between 2002 and 2016. Regarding gasoline-powered cars, the own-price elasticity was −1.094, and the cross-price elasticities with respect to the prices of gasoline, electricity, and electric cars were −0.71, 0.06, and 0.19 respectively. As for electric cars, the own-price elasticity was −0.99, and the cross-price elasticities with respect to the prices of electricity, gasoline, and gasoline-powered cars were −0.18, 0.38, and 0.35 respectively.a. Referring to the above data, discuss whether gasoline cars and electricity are substitutes or complements.b. Electric cars are more expensive than gasoline cars. Compare the incomes of people who buy electric cars vis-à-vis those who buy gasoline cars.c. Considering the buyers’ incomes, explain why the demand for electric cars is less price elastic than the demand for gasoline cars.d. Why would the short-run demand for gasoline cars be less elastic with…

Relative Inelasticity: E<1 If the price of coffee (0.3) increases by 10%, how much will unit sales decline?  Relative Elasticity: E>1 If the price of airline travel (2.4) increases by 10%, how much will unit sales decline?