026. As a result of increase in price by 20%, the 40%. Comment on PED.

Q: Is the market demand for smartphones elastic or inelastic? Please provide at least 1 academic or…

A: The price elasticity is the measures of responsiveness of percentage change in quantity demanded…

Q: What do you learn about price and income elasticities of housing demand among subgroups of…

A:

Q: Describe the economic concept of Elasticity evaluate the interpretation of different types, kinds…

A: Elasticity is the concept that evaluates the responsiveness of demand to a change in its price. This…

Q: Explain why the coffee shop manager should measure elasticity using the mid-point method in…

A: Midpoint method of calculating the elasticity consider the average quantity and average price while…

Q: Income elasticity of demand is the ratio of to a percentage change in the consumer's income, prices…

A: Alfred Marshall is the person who introduce the concept of elasticity in economics.

Q: Find the level of income when the quantity is given as $418 and the price is given as $360

A: Basically in the given question Quantity is valued as = $418 Price = $360 We need to find the level…

Q: A company discovers a new technology that allows it to substantially reduce its cost of production.…

A: Introduction  this statment is taken from the topic Demand and supply.

Q: The percentage change of quantity demanded is 60% and the percentage change in price is 20% find the…

A: Generally in the question The percentage change in quantity demanded given as = 60% Percentage…

Q: discuss two cases of price elasticity of demand. use diagrams to motivate your answer.

A: The measure that depicts change in quantity being demanded with respect to changes in level of price…

Q: If the income elasticity is greater than one, the commodity is

A: To find:  If the income elasticity is greater than one, the commodity is

Q: Hilda's Hair Hysteria earned $3, 750 in total revenue last month when it sold 125 haircuts. This…

A: "Price elasticity of demand measures how much the quantity demanded of a good changes with any…

Q: Cross-price elasticity is used to determine whether goods are: Group of answer choices A. inferior…

A: Cross price elasticity = %age change in quantity of good A / %age change in the price of good B Here…

Q: Cite instances where determinants of demand affect consumers behavior. List them down

A: Demand refers to the willingness and ability of the consumer to buy a good or service for a certain…

Q: Mr. Ali was buying 10 kg of sugar when the price of one kg was Rs 100. Now the price has come down…

A: Elasticity refers to a criteria which measures the responsiveness of one variable due to the change…

Q: Which is more elastic sugar or salt? Reason

A: Answer- Need to find- Which is more elastic sugar or salt? Reason   Necessary goods:- Necessary…

Q: Ceb's income has just risen from $950 per week to $1,050 per week. As a result, she decides…

A: The income of the individuals and the demand for normal goods are directly related. As the income…

Q: A country is about to let refugees in, but current residents are strongly against it. They are…

A: Wage elasticity of labor demand measures the percentage change in quantity demanded of labor due to…

Q: Price is given to be as $70 and the total quantity sold are 87 calculate the total revenue generated

A: # We know that we can calculate the total revenues generated by the firm by simply multiplying the…

Q: Using the formula Qd = 300 - 40p, find the quantity demanded when the price is $2.50?

A: The quantity demanded is calculated by substituting the value of price in the demand function.

Q: The price elasticity of demand is a measure of

A: In economics, demand is defined as a customer's willingness and ability to consume a specific good.…

Q: If the PED is less than one ( inelastic ) ,any increasing in the price will lead to increase total…

A:

Q: ements. utes. substitutes

A: In economic aspects, products are things that add some sort good for the existences of individuals…

Q: If the cross-price elasticity of Nicorette, a nicotine replacement therapy, and cigarettes is 0.7,…

A: An economic term is known as "cross-elasticity of demand" evaluates how quickly demand for one…

Q: If the cross elasticity of demand between two goods is negative, then the two goods are:   (a)…

A: The law of demand establishes the negative correlation between the price of a good and its quantity…

Q: Calculate elasticity of substitution using information in the table below when wage increases from…

A: Calculate elasticity of substitution using information in the table below when wage increases from…

Q: Evaluate how a firm is able to estimate whether they are selling elastic or inelastic

A: Price elasticity of demand can be defined as the ratio of the change in percentage of quantity…

Q: The regional wage board declared an across the board (nationwide) average 3.4% increase in the 2021…

A: % Increase (change) in minimum wages: 3.4% Current minimum wage earning labor force = 2.332 million…

Q: MCQ 12 If the income elasticity of demand for product X is zero, we can deduce that: A there are no…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: Zara purchases 2500 pieces of candies regularly given her income of 5000 pesos. She preferred to buy…

A: Elasticity is a measure of the sensitivity of one variable to changes in another variable, most…

Q: Find the level of income when the quantity is given as $930 and the price is given as $460

A: Actually in the question, Quantity is = $930 Price = $460 Level of income need to be calculated = ?

Q: le to quit, especially youths, is to raise prices. A 10 percent increase, fo wed by a 6.5 percent…

A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: When incomes in a given country rose by 14%, demand for a certain type of pasta fell by 8%.…

A: Given information: Income in a given country rose by 14% => % change in income = 14 and Demand…

Q: Income of a person is Rs.8000 and he uses 60 units of a commodity.   Calculate income elasticity…

A: The income of a person is Rs.8000 He uses 60 units of a commodity The income increased by 30%…

Q: Interpret the three measures of elasticity

A: Elasticity is an economic metric that measures how responsive one economic factor is to another,…

Q: what is the mariginal rate of subsitutuion between two complementary goods ?

A: The marginal rate of substitution (MRS) can be understood as the number of goods that an individual…

Q: Elasticity of rubber is greater than iron under same stress  a. cause the cells of rubber tougher .…

A: Elasticity of rubber is greater than elasticity of iron.

Q: If the price elasticity of demand for restaurant meals is less than 1, will total spending on them…

A: Price elasticity of demand refers to the responsiveness of the quantity demand due to change in the…

Q: Elasticity is defined as the ratio of

A: The %change in Q to %change in P depicted by “E”. “E” can be measured by: ·         Proportionate…

Q: Income elasticity of demand is defined as the responsiveness of

A: Elasticity measures the responsiveness of one variable due to the changes in the other variable. In…

Q: The price elasticity of demand increases with the length of the period considered because…

A: Elasticity of demand measures the responsiveness of quantity demanded of a good or a service to a…

Q: A consumer's weekly income is $700, and the consumer buys 7 bars of chocolate per week. When weekly…

A: Income elasticity of demand depicts how much consumer responds with the change in his/her income.

Q: What do you learn about price and income elasticities of housing demand among subgroups of…

A: Price elasticity of demand: - Price elasticity of demand measures the responsiveness of change in…

Q: When price of a good is 13 per unit, the consumer buys 11 units of that good. When price rises to 15…

A: The price elasticity of demand measures the change in consumption of a product or service in…

Q: A consumer's weekly income is $300, and the consumer buys 5 bars of chocolate per week When weekly…

A: Explanation: Inсоme  elаstiсity  оf  demаnd=(сhаnge  in  quаntity/аverаge  quаntity)/(сhаnge  in…