The price inelasticity of demand.

Question

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Answer 1

Question

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Subpart (b):

To determine

The price inelasticity of demand.

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Subpart (c):

To determine

The price inelasticity of demand.

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Subpart (d):

To determine

The price inelasticity of demand.

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.

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Students have asked these similar questions

1) Use the supply and demand schedules to graph the supply and demand functions. Find and show on the graph the equilibrium price and quantity, label it (A). P Q demanded P Q supplied 0 75 0 0 5 65 5 0 10 55 10 0 15 45 15 10 20 35 20 20 25 25 25 30 30 15 30 40 35 40 5 0 35 40 50 60 2) Find graphically and numerically the consumers and producers' surplus 3) The government introduced a tax of 10$, Label the price buyers pay and suppliers receive. Label the new equilibrium for buyers (B) and Sellers (S). How the surpluses have changed? Give the numerical answer and show on the graph. 4) Calculate using midpoint method the elasticity of demand curve from point (A) to (B) and elasticity of the supply curve from point (A) to (C).

Four heirs (A, B, C, and D) must divide fairly an estate consisting of three items — a house, a cabin and a boat — using the method of sealed bids. The players' bids (in dollars) are: In the initial allocation, player D Group of answer choices gets no items and gets $62,500 from the estate. gets the house and pays the estate $122,500. gets the cabin and gets $7,500 from the estate. gets the boat and and gets $55,500 from the estate. none of these

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Answer 2

Question

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Subpart (b):

To determine

The price inelasticity of demand.

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Subpart (c):

To determine

The price inelasticity of demand.

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Subpart (d):

To determine

The price inelasticity of demand.

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Subpart (b):

To determine

The price inelasticity of demand.

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Subpart (c):

To determine

The price inelasticity of demand.

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Subpart (d):

To determine

The price inelasticity of demand.

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Subpart (b):

To determine

The price inelasticity of demand.

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Subpart (c):

To determine

The price inelasticity of demand.

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Subpart (d):

To determine

The price inelasticity of demand.

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Subpart (b):

To determine

The price inelasticity of demand.

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Subpart (c):

To determine

The price inelasticity of demand.

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Subpart (d):

To determine

The price inelasticity of demand.

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.

Answer 6

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Answer 7

Chapter 5, Problem 1FT

Subpart (a):

To determine

The price inelasticity of demand.

Answer 8

Subpart (a):

Expert Solution

Explanation of Solution

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer substitutes than any other item in the category of the fruits.

Answer 9

Subpart (a):

Expert Solution

Answer 10

Subpart (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept Introduction:

Price elasticity of demand: The price elasticity of demand is the responsiveness of the quantity demanded to a change in the price measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the price of the product.

Answer 13

Subpart (b):

To determine

The price inelasticity of demand.

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Answer 14

Subpart (b):

To determine

The price inelasticity of demand.

Answer 15

Subpart (b):

Expert Solution

Explanation of Solution

Since the people are relatively inelastic or inflexible in a short run, demand for beef over the next month is more inelastic.

Answer 16

Subpart (b):

Expert Solution

Answer 17

Subpart (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Subpart (c):

To determine

The price inelasticity of demand.

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Answer 20

Subpart (c):

To determine

The price inelasticity of demand.

Answer 21

Subpart (c):

Expert Solution

Explanation of Solution

The demand for the gasoline in the entire city is more in-elastically demanding. This is because branded goods are more elastic than other categories. This implies very good substitutes for Exxon gasoline, which may be available at close distances whereas fewer substitutes may be available for the category of gasoline.

Answer 22

Subpart (c):

Expert Solution

Answer 23

Subpart (c):

Expert Solution

Answer 24

Expert Solution

Answer 25

Subpart (d):

To determine

The price inelasticity of demand.

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.

Answer 26

Subpart (d):

To determine

The price inelasticity of demand.

Answer 27

Subpart (d):

Expert Solution

Explanation of Solution

Insulin is more a necessity good for the buyers of insulin. This implies the demand for insulin from buyers is more inelastic than the demand for vitamins for the buyers of vitamins.