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- Assume that the price of commodity Y rises by 13.5% and the cross price elasticity of demand with commodity X is 1.35. According to this situation, commodity X is O a. not related to commodity Y as the exact price of commodity Y has not been specified b. a complementary product as cross price elasticity of demand is positive O c. a substitute as cross price elasticity of demand is negative d.a substitute as cross price elasticity of demand is positiveMr. Shrikant always spends 20% of his income on commodity 'X'. The income elasticity of demand for commodity 'X' is O a. 0,15 O b. 6.67 OC -0.15 Od . 1A chain of electronic stores sells hand-held color televisions. The weekly demand and supply models are given below. N is the number of televisions sold or supplied per week in the respective model and p is the price of the television. a. How many hand-held televisions can be sold and supplied at $144 per television? b. Find the price at which supply and demand are equal. At this price, how many televisions can be supplied and sold each week? N = −7p+1134 Demand model. N = 3.5p Supply model.
- Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…Q8 plz help quick!!The aggregate demand for the mushroom pasta for each day is given by q = 200 - 4p, where p is the price of the pasta. If the price is $20, then the price elasticity of demand is 01 O 0.666 O 15 O 0.333The table below shows the demand schedule for museum admissions in a small city. Price (per visit per person) $12 $ 11 $ 10 $ 9 $ 8 Quantity Demanded (thousands of person-visits per year) 9 10 11 12 Between the prices of $8 and S9, the elasticity of demand is O A. 0.9 О B. 0.74 O C. 1.11 O D. 0. O E. 1.35
- The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95ep − 3p2⁄2, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a)Determine the price elasticity of demand E when the retail price is set at ¥300. E = Interpret your answer. The demand is going by % per 1% increase in price at that price level. Thus, a large price ___ is advised. (b)At what price will revenue be a maximum? (Round your answer to the nearest integer.) yen (c)Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) paint-by-number sets per monthSuppose ABC Travels is considering an increase in fares. If doing so results in an increase in revenues raised, which of the following could be the value of the own price elasticity of demand for its travel O a. 0.5 O b. 1.0 O c. 1.5 d. 2Suppose, the price of a product decreased from R.O 20 to 17. As a result, the products demand increased from 100 to 180 units. Determine the price elasticity of demand for the product. a. 3.55 b. 5.33 c. 2.88 d. 4.66
- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Price P₂ 9₂ Q₁ Refer to Figure 3-21. At the quantity 22, O a. the value to buyers and the cost to sellers are both P2. O b. the value to buyers is P2 and the cost to sellers is P3. O c. the value to buyers and the cost to sellers are both P3. d. the value to buyers is P3 and the cost to sellers is P2. Q3 Quantity.9 H 15 12 15 G 18 In order to maximize profits, an airline will offer. demand. O a) higher; elastic Ob) higher; inelastic O c) the lowet; the least O d) lower; inelastic _____prices to customers with