The price of a good rises from $16 to $24, andthe quantity supplied rises from 90 to 110 units.Calculated with the midpoint method, the priceelasticity of supply isa. 1/5.b. 1/2.c. 2.d. 5
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A: Price of X Quantity of X Quantity of Y Quantity of Z 10 100 90 50 12 82 63 76
The price of a good rises from $16 to $24, and
the quantity supplied rises from 90 to 110 units.
Calculated with the midpoint method, the price
elasticity of supply is
a. 1/5.
b. 1/2.
c. 2.
d. 5
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- If the price of product X increases from $10 to $12, the quantity demanded for gasoline (X) will fall from 100 to 82 and the quantity demanded for product Y also falls from 90 to 63 but the quantity demanded product Z will increase from 50 to 76. a.What is the price elasticity of demand for X?b.What is cross-price elasticity of demand for Ywith respect to price X? What are X and Y?c.What is cross-price elasticity of demand for Zwith respect to price X? What are X and Z?Which of the following is the correct definition of demand schedule? K OA. the demand for a product by all the consumers in a given geographic area B. a table that shows the relationship between the price of a product and the quantity of the product demanded OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price D. a curve that shows the relationship between the price of a product and the quantity of the product supplied Which of the following is the correct definition of demand curve? OA. a table that shows the relationship between the price of a product and the quantity of the product demanded OB. the demand for a product by all the consumers in a given geographic area OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price OD. a curve that shows the relationship between the price of a product and the quantity of the product demandedThe accompanying table shows the price and monthly demand for barrels of gosum berries in Gondwanaland. Price of gosum berries per barrel Native demand for gosum berries per month $100 0 $90 100 $80 200 $70 300 $60 400 $50 500 $40 600 $30 700 $20 800 $10 900 $0 1,000 A) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it mean for how demand will change based on a change in price within this price range? (Enter your response here.) B) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $70 to $80. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it…
- Match each of the terms to their definition or description. Cross-Price Elasticity Elasticity Income elasticity Price Elasticity of Demand A. the effect that a change in price of one good has on the quantity demanded of another good. B. responsiveness of quantity demand to a change in price C. a measure of responsiveness D. the effect that a change in income has on quantity demand for a goodUnanu LavIL Price Quantity (Chocolate) Demanded $4 50 $8 44 $10 40 $12 38 $18 34 $22 20 $25 10 When the price of chocolate reduced from $10 to $8, the quantity demanded increased or decreased by ? Quantity demand decreased by 10% Quantity demand decreased by 9.09% Quantity demand increased by 9.09% Quantity demand increased by 10%Using the midpoint method, the price elasticity of demand for a good is computed to be approximately 0.55. Which of the following events is consistent with a 20 percent decrease in the quantity of the good demanded? a. An increase of 11.0 percent in the price of the good b. an increase of 36.36 percent in the price of the good c. An increase in the price of the good from $11.00 to $20.00 d. an Increase in the price of the good from $20 to $31.00
- 11. Calculating %age Exx *3* When the price of product "X" increases 15 percent (+15%), the quantity demanded of "X" decreases 12 percent (-12%). The price elasticity of demand for "X" is: O "-1.25" and the demand for "X" is "relatively inelastic." "-1.25" and the demand for "X" is "relatively elastic." O "-1.25" and "X" is a "normal" good. O "-0.80" and the demand for "X" is "relatively elastic." O "-0.80" and the demand for "X" is "relatively inelastic." Save & Continue Continue without savinga. The supply curve for televisions is given by QS=−20+4� where QS represents the quantity of televisions supplied and P is the price of televisions. The market demand for televisions is given by QD=400−10� where QD is the demand for televisions. Find the equilibrium price and quantity of televisions. b. Using the equations in part (a), calculate the price elasticity of demand for televisions when price changes to $25. c. Describe what will occur if price falls fellow equilibrium price calculated in part (a). How will this situation will be corrected?Using the supply and demand equations given below: Demand Qd = 25 – 2PSupply Qs = 1 + P If the price falls from $8 to $7:a. Compute for the own price arc elasticity of demand. Provide an economic interpretationof your computed value (this is different from what is asked next) and classify the good according tothe type of elasticity. b. Compute for the price elasticity of supply. Provide an economic interpretation of yourcomputed value and classify the good according to the type of elasticity. 1. What is the relationship between total revenue and own-price elasticity of demand? 2. Illustrate a situation when the producer of a good will have a greater tax incidence than a consumer.What does elasticity have to do with tax incidence?
- fer to the accompanying figure Assume the market is originally at point W. Movement to point X is the result of Price W N Quantity Multiple Choice 4 O an increase in demand and a decrease in supply. an increase in demand and no change in supply. no change in demand and an increase in supply. a decrease in demand and an increase in supply1. The price elasticity of demand for bread A. is computed as the percentage change in quantity demanded of bread divided by the percentage change in price of bread. B. will be higher if there is a new product that is a close substitute for bread. C. will be higher if consumers consider bread to be a necessity. D. All of the above are correct. E. A and B, onlyUse the midpoint method to compute the price elasticity on D1. $10 в $5 A D1 D2 80 90 100 The percent change in quantity is:
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