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- Using the formula Qd = 300 - 40p, find the quantity demanded when the price is $2.50?Please no written by hand solutions Question 19 Which of the following figures is most likely to represent the cross-price elestioly of dernand of FiereOne internet services to Starlink intemet services. a) -3 b) 0 c) 2.5 d)⋅0.55Multiple Choice 5. The cross elasticity of demand for a substitute is ____________.Select one:a.equal to zerob.equal to onec.greater than zerod.less than zero6. Factors that influence the elasticity of demand include all of the following except ____________.Select one: a.time elapsed since a price change b.closeness of substitutes c.the elasticity of supply d.proportion of income spent on the good 7. Which of the following factors would result in a good having an elastic demand?Select one: a.The price of the good is low relative to a consumer's income b.The good is a luxury c.The time between the change in price and consumption of the good is short. d.There are few substitutes for the good8. A 1% increase in the price of good B leads to a 2% decrease in the demand for good A. The cross elasticity of demand is...Select one: a.1/2 b.-2 c.(-1/2) d.2 9. Price elasticity of demand measures...Select one: a.None of the other choices b.How responsive the quantity demanded for a good is to a…
- A store that sells maize meal discovers that when the price of 1kg maize meal Is R24 per kilogram, the quantity demanded is 306 kgs per week. When the price decreases to R21 per kg, then the sales increase to 340 kgs per week.If the computed elasticity of the related product is /-0.75/, the good is Select one: a. inferior & elastic b. complement & inelastic c. normal & inelastic d. substitute & elasticDEPENDENT VARIABLE Qc R- SQUARE P- VALUE ON F 64 0.8093 0.0001 INDEPENDENTVARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 8.20 4.01 2.04 0.0461 PC -3.54 1.64 -2.16 0.0357 M 0.64287 0.19 3.38 0.0014 PA 0.7854 0.38 2.07 0.0439 9. Calculate the price elasticity, cross-price elasticity, and income elasticity of demand for cement. Explain these figures. Q = f( P, M, PR) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and PR = the price of asphalt per yard.
- A 3.02 percent increase in the price of tea causes a 7.11 percent increase in the demand for coffee. The cross-price elasticity of demand for coffee with respect to the price of tea is: Select one: a. 0.30 b. 10.13 c. 21.47 d. 2.35The quantity demanded (QD) of a soft drink brand A has decreased. Thiscould be because:i) A’s consumers have had an increase in income.ii) The price of A has increased.iii) A’s advertising is not as effective as in the past.iv) The price of rival brand B has increased.The price for cigarettes sold by Big Tobacco Co Ltd was6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was 1000 packets. However, the Board of Directors of Big Tobacco Co Ltd decided to increase the price by 25% during the month of April. As a manager you noted that price elasticity of demand was 0.8. As a manager Big Tobacco Co Ltd: Advise your management ofthe strategy that could be adopted by your firm to maintain sales.
- demand for a product is related to its selling price P (in dollars) by the equation n=2800-100p where n is the number of fans that can be sold per month at a price P. Find the selling price that will maximize the revenue.Over the range from $12 to $14, Qd goes from 30 to 24. Using this range of prices and quantities, you should calculate the coefficient of price elasticity of demand. In the box labeled E1, the coefficient of price elasticity of demand is: 2 6 1.36 1.44 In box E2, you would interpret the coefficient calculated in the previous question. Therefore, you would characterize this range as: Elastic Unit Elastic Inelastic None of the AboveThe demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the price is increased to $40, then one would expect sales to equal: Group of answer choices 20 units. 10 units. 5 units. 0 units.
