Your income rises from $2,000 a year to $5,000 and your purchases of beer change from 20 to 10. What number below most closely approximates your income elasticity over this range? Multiple Choice -0.33 -0.67 0.67 3
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- What would be the income elasticity in the case of the inferior goodsThere was a new store that opened besides your store if the cross elasticity for both of you is positive. Is it advisable to reduce your price? Why or why notWork out the price elasticity of demand for each and comment on your result. You must also do a comparitive analysis between all the elasticities found.(a) The price of a smart phone is currently £200, and the quantity demanded is 4million. Next year the price falls to £180 and the quantity demanded rises to 6million.(b) The price of pens today is £1, and the quantity demanded is 1million. Next year the price rises to £1.10 and the quantity demanded falls to 950,000
- Your Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the calculation and do not include the dollar sign.Your Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the box and do not add the dollar sign.Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $
- Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be?If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and $35,000 worth of it when its price is $10, then Multiple Choice the demand for the product is inelastic in the $10-$8 price range. the demand for the product must have increased. elasticity of demand is 1.67. the demand for the product is elastic in the $10-$8 price range.Naomi consume two goods, r and y. She spends 25% of her income on x and 75% of her income on y. If the income elasticity of z is 1.6, what is the income elasticity of y? (a) €,1 = 0.4 (b) €y, I = 0.8 (c) €y.1 = 1.6 (d) Not enough information
- Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. The demand curve is much more inelastic. The price elasticity of demand has decreased from: -5.76 to -2.70 Before the campaign, your price was $240 per pair of BBB Shorts. What should be the new price?Please assist Based on a retail store that sells clothing for the age between 8 and 40 years . Describe the price sensitivity you expect your customers to have based on theprice elasticity of your products.A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commod- ity purchased (a) rises, (b) falls, (c) remains unchanged, or (d) any of the above.