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- In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100g = 50,000. (a) Find the elasticity when p = $67. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. O Demand is elastic. Demand is inelastic. Demand is unitary elastic. (c) How would a price increase affect revenue? Revenue is unaffected by price. An increase in price will result in a decrease in total revenue. O An increase in price will result in an increase in total revenue.Q5. Demand is said to be elastic if (a) the price of the good responds substantially to changes in demand. (b) demand shifts substantially when income or the expected future price of the good changes. (c) buyers do not respond much to changes in the price of the good. (d) buyers respond substantially to changes in the price of the good. (X) No attempt AnsuorPlease see attachment and type out the correct answer ASAP with proper explanation of the each option given.will give you thumbs up only for the correct answer.solve within 40 50 minutes. Thank you
- Refer to the demand schedule below: Price ($) 80 70 60 50 40 30 20 10 0 Quantity demanded 0 50 100 150 200 250 300 350 400 Price increases from $60 to $70. Demand is (Click to select) V 9 and total revenue (Click to select)If Carmen's Coffee Company wants to increase total revenue and the price elasticity of demand is 0.43, the company should A) increase the price of its coffee. B) decrease the price of its coffee. c)keep the price constant since a price increase or decrease will cause total revenue to fall. d)advertise since this is the only option that will increase total revenue. urgent i will 5 upvotes.In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 69 - 300 at (9, p) = (25, 150). (b) How will a price increase affect total revenue? O Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. O Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is inelastic, an increase in price will increase the total revenue. Need Help? Read It Watch It
- The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20do fast.Please see attachment and type out the correct answer ASAP with proper explanation of each option given. Will give you thumbs up only for the correct answer.answer within 40 50 minutes .thank you .
- b) When the price is $166.10, the demand is (elastic/inelastic) which means that as price the revenue will (increases/decreases) (increase/decrease)Question 3 A local tailor has two types of customers, private customers and department stores. The market of private customers has a demand given by Qp = 2000 – 100P, and the market of department stores = has a demand given by Qs equal to zero. 4000 100P. The marginal cost of one more alteration is constant and (a) (b) What is the value of each demand's elasticity at the optimal price level? (c) What is the total consumer surplus (for both groups)? (d) Suppose that the tailor can charge different prices to each type of customer. What are the optimal prices? What is the total profit? Suppose that a regulation prohibits price discrimination. What is the optimal (uniform) price when the markets are combined? How much does the regulation cost the tailor in terms of forgone profits? (e) What happens to consumer surplus?4x+200 A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is