36 Which of the following pairs are examples of substitutes? a) popcorn and Pepsi b) automobile and bicycle c) boats and fish tackle d) basketballs and sneakers
Q: What is the cross price elasticity ? How do we prove these goods are substitutes for question part b
A: Cross price elasticity is used for related goods to know whether the goods are substitutes,…
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A: Here, an increase in the price of blue jeans leads to an increase in the demand for tennis shoes.
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A: Demand: It means the desire and ability of consumers to purchase a good or service.
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A: Cross-price elasticity: - Cross-price elasticity of demand measures the responsiveness of change in…
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A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…
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A: The cross-price elasticity of demand can be measured by the following formula mentioned below:…
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A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
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Q: 26. Which of the following is NOT a determinant of demand? (A) The price of a substitute good. (B)…
A: Hi! thanks for the question but according to the guidelines, we answer only one question at one…
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A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
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Q: 622) The accompanying table lists the cross-price elasticities of demand for several goods, where…
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- If beer and marijuana had been found to be substitutes, what would a tax placed on beer do? Question 21 options: increase the quantity demanded of marijuana increase the demand for marijuana decrease the demand for marijuana decrease the quantity demanded of marijuanaQuestion 5 If the cross-price elasticity of demand for peanut butter with respect to the price of bananas has a value of -0.7, then the two products are substitutes. Question 5 options: True FalseA change in which variable will change the market demand for a product? Question 82 options: A) population B) the prices of substitutes in production C) the price of the product D) technology
- The municipal corporations in most parishes in Jamaica have initiated a program to charge residents for garbage disposal based on the number of cans filled per week. The parish of Kingston decided to increase its per-can price from $500 to $750 per week. In the first week, it was found that the number of cans that were brought to the curb fell from 500 to 450 (although the workers complained that the cans were heavier). The chief economist ran the numbers, informed the mayor that the demand for disposal was inelastic, and recommended that the price be raised to maximize town revenue from the program. Four months later, at a price of $1000 per can, the number of cans has fallen to 125 and town revenues are down. What might have happened?Other Companies (Part 2) You directed your research department to do some research on the demand for Tesla sedans. They selected BMW i3 Sedans and Chevy Bolts as comparative offerings. Using regression analysis, the research department comes up the following estimate for yearly demand. Qx = -40,000 -1*Px +0.02*M +2*PB +2*PC Where: Px = $70,000, M = $150,000, PB = $65,000, PC = $40,000 a. Is the own price elasticity of demand for Tesla sedans at the point defined above elastic or inelastic? If Mr. Musk decides to raise his prices, what will happen to his revenue. b. PB and PC represent the price for i3 sedans and Bolt sedans respectively. Are these items compliments or substitutes when compared to Teslas? Give evidence to support your answer. c. Is the demand for Tesla sedans elastic or inelastic to price changes of BMW i3 and Bolt at the price points given in the problem? Interpret the result you find and explain what it means.please draw the demand-supply graph Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- If the university movie theater has reasoned that increased ticket prices will enable it to finance a new movie projector, then we can conclude that Select one: The demand for movie viewing at the university is inelastic. Tuition and fees will drop The theater has too many seats to satisfy the demand for movie viewing. The program council chairman should be fired The demand for movie viewing at the university is elasticPrice of oil in international markets has dropped stunningly 60% in the past twelve months. Among the factors mentioned behind this drastic fall is the millions of barrels of oil produced in the US called shale oil.” and analyze: The market structure for oil industry The supply and demand for oil in that market structure The pricing of oil at the presence of OPEC and the role of Speculators Why shale oil is a substitute for oil and explain the news in regard to the Cross elasticity of demand.Place the following goods and services into pairs of likely substitutes and pairs of likely complements. (You may use an item in more than one pair.) The goods and services are: coal, oil, natural gas, wheat, corn, rye, pasta, pizza, sausage, skateboard, roller blades, video game, laptop, iPod, cell phone, text message, email, phone call, voice mail
- Assuming that Pepsi-Cola and Coca-Cola are substitutes, a rise in the price of Pepsi-Cola, other things being equal, results in a(n):If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are a) complements. b) substitutes. c) inferior goods. d) public goods. e) economic goods.Babar's Bakery made $200 last month selling 100 loaves of bread. This month it made $350 selling 70 loaves of bread. What is the price elasticity of demand for Babar's bread? /1 a. 0.266 b. 0.583 c. 0.776 d. 1.110