MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 6, Problem 15QE

Which of the following producers would you expect to support a tax on beer? Which would not? Explain your answer. (LO6-4)

  1. a. Producers of hard liquor. Cross-price elasticity with beer: −0.11.
  2. b. Producers of wine. Cross-price elasticity with beer: 0.23.
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C) You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross-price elasticity of demand for both of the goods is -2.5 if you decide to decrease the price of the printers by 5%, calculate your new total revenues for both of the goods.
Suppose the price elasticity of demand for the market of mobile phones is 0.90.   If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase or decrease?  If a single mobile-phone company increased its price, would you expect the company’s total revenue to increase or decrease? Explain.  Suppose that the price in the market is initially $10 and the quantity demanded is 100 units. If the price in this market increases by 10%, what will be the percentage change in the quantity demanded?  no copied answers please
Suppose the price elasticity of demand for the market of mobile phones is 0.90.   If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase or decrease?  If a single mobile-phone company increased its price, would you expect the company’s total revenue to increase or decrease? Explain.  Suppose that the price in the market is initially $10 and the quantity demanded is 100 units. If the price in this market increases by 10%, what will be the percentage change in the quantity demanded?    Give me long detalied answer please
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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License