Q: Long run elasticity of supply is known as
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A: The price elasticity is the measures of responsiveness of percentage change in quantity demanded…
Q: The price of product A was reduced from $100 to $80 dollars and, as a result, the quantity demanded…
A: Price elasticity of demand (PED) is defined as the responsiveness of the quantity demanded of a…
Q: Please describe the Perfectly Inelastic supply and Perfectly Elastic demand, with the help of…
A: Price elasticity of demand (PED) is the responsiveness of a percentage change in quantity demanded…
Q: Degrees of price elasticity differ and are classified as all of the following except which one? A.…
A: Price elasticity of demand (Ed) = % Change in quantity demanded / % Change in price When |Ed| >…
Q: The producer of product Z has gathered some information regarding product Z: • in 2020 the price was…
A: Given Price of good Z in 2020 (P20) =4.95 Quantity sold in 2020 (Q20) =58,000 units Price of good…
Q: The demand would be less elastic when the number of Substitutes are more for a good True/False
A: # The availability of more number of substitute for a good means that the good has many more other…
Q: An increase in bus fares reduces the total revenue of the public transit system. This is evidence…
A: Unitary elastic demand means that proportionate change in price will cause proportionate change in…
Q: Suppose that 50 units of a product are sold at a price of $120. The price then falls to $100 and…
A: Price elasticity of demand depicts how much consumer responds with the change in price.
Q: For each of the following equations, Determine whether demand is elastic, inelastic or unitary…
A: As per the guidelines, in case of multiple questions only the first question can be answered, kindly…
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A: Price elasticity of demand refers to the percentage change in quantity demanded with respect to the…
Q: In competitive markets, the supply of a firm with no fixed costs and constant returns to scale will…
A: In a competitive market, a firm's output and pricing decision depends on itz elasticity and cost…
Q: Suppose you are in charge of pricing at your company and you wish to increase revenues from your…
A: Price Elasticity of demand can be defined as percentage change in quantity demanded of a good or…
Q: If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a…
A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…
Q: If the percent rise in price is larger than the percent decline in quantity, then: the demand for…
A: The price elasticity of demand measures how a change in the price of a product affects the demand…
Q: Price elasticity of demand for a wheat is unity. A family with 4 individuals demands 40 kg of wheat…
A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…
Q: Unit elastic supply, of course is a _____ ____ _____ increase in supply.
A: Price elasticity of supply measures the responsiveness of supply to changes in price, while other…
Q: The demand curve for product a is given as Q = 2000 - 20P. At what price would elasticity be…
A: Q = 2000-20P dQdP=d(2000-20P)dP=-20 Point elasticity is given by the formula, Ed = dQdP×PQ We…
Q: What is the relationship between AR and MR when the firm faces perfectly elastic demand for its…
A: # For each unit of output, the revenue generated by the firm is known as the average revenue and on…
Q: The price of product A was reduced from PhP100 to PhP80 pesos and, as a result, the quantity…
A: Definition of price elasticity of demand: Responsiveness of quantity demanded of a good (or…
Q: The price elasticity of demand for a product is unitary elastic. At a price of $30, 100 units of the…
A: Unitary elasticity is the percentage change in the price that tends to equal percentage change in…
Q: The demand function for your product is: Q(P) = 1478-22P where P is price Assuming that P=$50…
A: The price elasticity of demand is defined as the magnitude of change in the quantity demanded for a…
Q: The demand function for a certain metal is q = 100 - 2p, where p is the price per pound and q is the…
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Q: The price elasticity of demand for a product is __________ when the price of this product increases…
A: Given information, Percentage change in price: 22% Percentage change in quantity demanded: 32% To…
Q: The price elasticity of demand increases with the length of the period considered because consumers…
A: Price elasticity of demand is the responsiveness of quantity demanded to changes in price. It shows…
Q: The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the…
A: Given information, Price elasticity is 1 Earlier price is 20 Final price is 40 Initial quantity is…
Q: Luxury items tend to have demand, and necessities tend to have demand. Select one: a. perfectly…
A: Luxury items and necessities are to contrast things for consumer. It must be noted that a good which…
Q: If a product has a short-run elasticity of supply equal to zero, then an increase in the demand for…
A: The elasticity of supply measures the responsiveness of supply to change in the price level. The…
Q: Suppose that the total revenue received by a company selling basketballs is $600 when the price is…
A: When the price is $30 and revenue received by a company is $600. Quantity of basketball sold by a…
Q: For each of the following values of price elasticity of demand, indicate whether demand is elastic,…
A: Elasticity measures the responsiveness of quantity demanded and quantity supplied to one of its…
Q: Elasticity of supply tends to be greater when * inputs are specialized.time period allowed for…
A: The elasticity of supply measures the quantitative change in supply following change in the price…
Q: For a perfectly elastic demand, the price elasticity coefficient is Zero (0) because no response.…
A: The price elasticity of demand measures the quantitative change in quantity demanded in response to…
Q: The demand for a product is inelastic with respect to price if: consumers are largely…
A: Demand is the willingness of consumers for consuming goods and services at different price levels.…
Q: Calculate price elasticity of demand if quantity demanded of a commodity rises from 800 units to 850…
A: Price elasticity of demand is the change in quantity demanded with the change in the price of…
Q: Unit elastic demand means Ed > 1 True/False
A: The responsiveness of demand with respect to price change is shown by the elasticity of demand.
Q: If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity…
A: Initial Price, P = $1 Final Price, P1 = $2 Initial quantity, Q = 100 Final quantity, Q1 = 80
Q: Graph linear supply functions, which represent (i) an elastic function; (ii) a unit elastic…
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Q: Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a…
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Q: TRUE OR FALSE *If change in quantities demanded and supplied is greater than the change in price,…
A: We are supposed to do the first question please send rest of the questions again to get the answer.…
Q: The price of product X is reduced from $150 to $140 and, as a result, the quantity demanded…
A: Price elasticity of demand measures the responsiveness of quantity demanded with respect to change…
Q: XYZ Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do…
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Q: Pandemic the economy will slide into a deep recession and incomes on average are expected to…
A: Given : Income elasticity of demand estimate for non-fed ground beef =1.94. Decrease in Income=15%
Q: You are the manager of a firm that receives revenues of $50,000 per year from product Xand $80,000…
A: The cross elasticity of demand or cross-price elasticity of demand measures the percentage change…
Q: An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the…
A: ‘Price elasticity’ of a good is the response in the demand of the good as the price of the good…
Q: A product has a price elasticity of supply of +3.0. Calculate how much quantity supplied changes if…
A: % formula:The elasticity of Supply=%change in quantity/%change in price%change in quantity=((New…
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- Price of a cigarette pack is 6 and quantity sold is 1000 in March .Price was raised by 25% in April and and price elasticity was 0.8 What is the strategy that can be abopt by the firm to maintain salesif the price elasticity of a commodity is 1.5. Then it's elasticity is :- (A) Inelastic (B) unit elastic (C) elastic (D) none of the aboveGerald makes a new brand of shoes that has a unit cost of $75.95 per shoe and a price elasticity of 4.70. What is the contribution - maximizing price for Gerald's shoes? Selected Answer: 62.66 Correct Answer: 96.48 \pm 0.2 i did the formula you recommended, but doesnt eqal the 96.48 as indicated ascorrect asnwer
- The price elasticity of demand for a product is estimated to be -2.3. At the initial price of $20, the quantity demanded was 10 units. If the firm increases theprice to $22.50, quantity demanded is expected tobyO A. decrease: 28.75%6O B. increase; 12.596O C. decrease: 18.75%O D. increase: 17.2596Sipho runs a local kiosk specialising in slogan t-shirts. At the end of summer, he hosts aclearance sale and decreases the price of t-shirts from R150 to R120 per unit. The sales logindicates the quantity of t-shirts demanded increased from 60 to 80 units.(a)Calculate the price elasticity of demand over the range of the linear demand curve for tshirts.(b)What type of elasticity is applicable? Explain.In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?
- 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.Average total col TC ypes of poductcom funchimes Given Y = OK> Why might your initial elasticity (PED) and (PES) calculations be unreliable?Suppose we know that the price elasticity of demand for organic carrotsis −1.5. If a grocer decreases the price of organic carrots by 12%,what would we expect to happen to the quantity of organic carrotspurchased?(a) Decrease by 18%(b) Decrease by 6%(c) Increase by 6%(d) Increase by 8%(e) Increase by 18%What is the state of elasticity of demand if it has demand curve that is parallel to horizontal axis and it as a horizontal demand curve? (a) Zero (b) Infinite (c) Equal to one (d) Greater than zero but less than infinityELASTICITY -What type of elasticity occurs and what is the financial result if: • The elasticity is 0.5 • Sales Price Change is 5.0% • Original Sales Price is $10.00 • Original Sales Qty 100,000. Inelastic -- Loss of $55,000 Inelastic -- Profit of $55,000 Elastic -- Profit of $55,000 Elastic -- Loss of $55,000SEE MORE QUESTIONS