Your friend runs a business of hand sanitizers. If the price per unit is 20 taka and his total revenue is 193 taka, how many units of product did he sell? Please give your answer in 2 decimal places. Now, the demand for hand sanitizers is inelastic Would you suggest your friend to increase the price of the hand sanitizers? (Yes or No) One word Answer

Your friend runs a business of hand sanitizers. If the price per unit is 20 taka and his total revenue is 193 taka, how many units of product did he sell? Please give your answer in 2 decimal places. Now, the demand for hand sanitizers is inelastic Would you suggest your friend to increase the price of the hand sanitizers? (Yes or No) One word Answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases the price to $63, what should be the quantity sold? Will revenue increase? Why.
If a 15 percent increase in the price of Cheerios causes a 18 percent reduction in the number of boxes of cereal demanded, the price elasticity of demand for Cheerios is --1.2. (Enter your response rounded to two decimal places.)
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Cans of Arizona Iced Tea are famously printed with a price 99 cents on the can. Your friend says that he believes that the demand for cans of Arizona Iced Tea is perfectly elastic. What does he mean (explain like I have never taken economics)? Do you think he is right? Explain your answer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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Each scenario gives some information about price elasticity of demand. For each, calculate the missing data, and determine if the price change under consideration will increase, decrease, or not change the firm's total revenue. Honest Abe's Used Cars estimates the price elasticity of demand for their cars to be -4.1. Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 87%. Abe must have his prices by -27.87 Abe's total revenue by increased and total revenue to increased. At Webs-R-Us, a website design company, the new manager has decided to increase the price of Webs-R-Us services by 15%. She estimates that Webs-R-Us has a price elasticity of demand at -0.30. The manager expects the number of websites designed to decrease increase. %. e %
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Demand for GPS Units 220 200 180- 160 - 140- 120- 100 80 60 40- 20- 40 60 120 160 200 240 260 320 360 400 440 Quantity (GPS units) Instructions: Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. a. When going from a price of $120 per unit to a price of $100 per unit, what is the price elasticity of demand for GPS units? b. When going from a price of $100 per unit to a price of $120 per unit, what is the price elasticity of demand for GPS units? c. Using the midpoint formula, what is the midpoint price elasticity of demand for GPS units between a price of $120 per unit and a price of $100 per unit? d. When going from a price of $60 per unit to a price of $40 per unit, what is the price elasticity of demand for GPS units? e. When going from a price of $40 per unit to a price of $60 per unit, what is the price elasticity of demand for GPS units? t Using the midpoint formula, what is the…
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The correct answer is not -2 If you think you've entered the right answer, check your spelling or try a hint! When an oil company increases the price of its gasoline from $3.80 to $4.20, the demand for another company's gasoline increases from 90 to 110 gallons. Using the midpoint method, one decimal place, and the negative sign if necessary, the cross-price elasticity between the two hrands of gasoline is Need help on this question? Read the ebook page on this topic .(no penalty)