A 30 %fall in the price of salt leads to 45 %rise in its demand. Calculate the price elasticity of demand. Comment on the commodity.

Q: If 45 units are sold at a price of $15 and 75 units are sold at a price of $10, what is the absolute…

A: Price elasticity of demand refers to the proportion extrade in the amount of demand that…

Q: A firm increases the price of a good from £4 to £5. As a result the quantity demanded falls from 200…

A: Price Elasticity of Demand is given by: {Percentage change in quantity demanded/percentage change in…

Q: If price elasticity of supply is +0.66  Find the value of change in quantity supplied if change in…

A: The information being given is as follows:- Price elasticity of supply = 0.66 Change in price = 33%…

Q: The price elasticity of demand for a product is 0.76. A percentage change in price is 13%. The…

A: The change in quantity divided by the average of the initial and final quantities divided by the…

Q: If the absolute value of the price elasticity of demand for a good is 7, then a 5 percent decrease…

A: price elasticity of demand for a goods is the change in its quantity demanded due to change in its…

Q: Zulaikha wanyed to buy 10 kg of rice and Ker Xin wanted to buy RM 20 worth of rice. Find the price…

A: Price elasticity of demand is defined as the responsiveness of the quantity demanded of a commodity…

Q: When price of a commodity falls by 50% and the quantity demanded increases by 100% find the price…

A: Elasticity of demand measures the responsiveness of change in quantity demanded to change in price.…

Q: The price elasticity of supply measures the response of sellers to change in the price of a product.…

A: The responsiveness of a good or service's supply to a change in its market price is measured by…

Q: If the price elasticity of demand for Good A is -0.15 and the price increases from $4 to $6.…

A: Given: Price elasticity of demand for Good A = -0.15 Increase in price from $4 to $6

Q: At price of 20 per unit, the quantity demanded of a commodity is 300 units. If price falls by 10%,…

A: Given data: Initial price P=20 Initial quantity Q=300 Price falls by 10% Quantity demanded rises by…

Q: Price elasticity of demand for a wheat is unity. A family with 4 individuals demands 40 kg of wheat…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Unit elastic supply, of course is a _____ ____ _____ increase in supply.

A: Price elasticity of supply measures the responsiveness of supply to changes in price, while other…

Q: Calculate the value of elasticity of supply if the quantity supplied rises by 60% and the price rise…

A: In the above question we are given that:- Quantity supplied rises by = 60% Rise in price = 20%

Q: When the price of a product is lowered from £350 to £200 quantity demanded increases from 600 to 750…

A: The elasticity of demand measures the responsiveness of quantity demanded changes as a result of…

Q: If the percentage change in price is 20 percent and the value of the price elasticity of demand is…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Calculate the elasticity of supply if the rise in price is 13% and the rise in quantity supplied is…

A: The formula for the elasticity of supply is  Percentage change in quantity supplied/percentage…

Q: If the price elasticity of demand is -2.5, O a 1% decrease in price leads to a 2.5% increase in…

A: The formula for price elasticity of demand: Price elasticity of demand (ep): Given- ep = -2.5

Q: The quantity demanded of good X is 300 units when the price of good X is $50, and the quantity…

A: Arc elasticity measures elasticity at the midpoint between the two selected points Arc Ed= [(Qd2 –…

Q: If 45 units are sold at a price of $15 and 75 units are sold at a price of $10, what is the absolute…

A: Here, given information is: Initial price: $15 Initial quantity demanded: 45 units Final price: $10…

Q: A change in price of $10 from initial price of $15 leads to a change in quantity demanded of 100…

A: The economics as a study is based upon the idea that the resources which the economies have tend to…

Q: Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from…

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

Q: The demand for salmon increases from 20 fillets to 50 fillets when the price decreases from…

A: According to law of demand, there is an inverse relationship between quantity demanded and price of…

Q: Suppose that an increase in the price of rice from $2/bag to $2.50/bag decreases the quantity of…

A: A good's price elasticity of demand is a measure of how sensitive the quantity demanded is to its…

Q: The price elasticity of demand for a product is 0.51. A percentage change in price is 17%. The…

A: Given data: Price elasticity of demand is 0.51 Percent change in price is 17% Initial quantity of…

Q: If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity…

A: Initial Price, P = $1 Final Price, P1 = $2 Initial quantity, Q = 100 Final quantity, Q1 = 80

Q: The demand for a good doubles due to a 25 percent fall in its price calculate the price elasticity…

A: Price elasticity of demand is a measure of the degree of responsiveness of changes in demand caused…

Q: change in the demand of cold drinks from 700 units to 1000 units because of the fall in the price…

A: Price elasticity of demand is the responsiveness of quantity demanded to a change in the price. The…

Q: The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and…

A: Given percentage decrease in price = 25% Initial quantity = 600 units Final quantity = 120 units

Q: When the price of a good is $6, the quantity demanded is 50 units per month; when the price is $8,…

A: Arc price elasticity refers the change in demand due to change in price so the calculation of the…

Q: The change in quantity supplied is 60% and the change in price is 40%  Calculate the value of…

A: The information being given is:- Change in quantity supplied = 60% Change in price = 40% We have to…

Q: What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20…

A: Price elasticity of demand is the responsiveness of quantity demanded to changes in price. It shows…

Q: Q2. At a given market price of a good a consumer buys 120 units. When price falls by 50 per cent he…

A: Price elasticity of demand is a measure of the degree of responsiveness of changes in demand caused…

Q: The price elasticity of supply of a good is 0.8. Its price rises by 50% calculate the percentage…

A: # The price elasticity of supply measures the responsiveness of supply when there is a change in…

Q: The price elasticity of demand for product A is 0.5, and the percentage change in quantity demanded…

A: Price elasticity of demand measures the responsiveness of change in quantity demanded to change in…

Q: As a result of increase in the price from 11 to 15 units the quantity demanded decreases by 50%…

A:

Q: In details the elasticity of demand ( COKE product)

A: The Price elasticity of demand(PED) is the change in demand for a quantity(Qd in%) due to the price…

Q: The monthly supply of desktop personal computers is given by the equation QS = 15,000 + 43.75P. At a…

A: Given: Supply equation: QS = 15,000 + 43.75P Price = $800

Q: A rise in the price of a certain commodity from $20 to $25 reduces quantity demanded from 25,000 to…

A: The price elasticity of demand is that the percentage change within the quantity demanded of a…

Q: Indicate whether you would expect the price elasticity of demand of demand for each of the following…

A: "Price elasticity of demand depicts the responsiveness of quantity demanded of a commodity with…

Q: The price elasticity of demand is 5.0 if a 10 percent increase in the price results in a;

A: Given information, Price elasticity of demand: 5.0 Change in price: 10% To find: Change in…

Q: The price of a good fall from 13 to 10 and supply for same good falls from  50 units to 20 units…

A: Given data: Initial price, P0=13 Final price, P1=10 Initial quantity supplied, Q0=50 Final quantity…

Q: The demand for a good at 10 per unit is 40 units. Price falls by 5. If price elasticity of demand is…

A: Elasticity is an economic concept that describes how changes in any of a good's or service's…

Q: If the price elasticity of supply of a good is 0.8 and if the price rise by 20% then calculate the…

A: # The formula for elasticity of supply is GIVEN as:- = % Change in quantity supplied / % Change in…

Q: If the own price elasticity of demand for a good is 4.0. then a 10 per cent increase in price…

A: The own-price elasticity of demand refers to the percentage change in the quantity when there is a…

Q: quantit

A: Price elasticity of demand measures the degree of responsiveness of the quantity being demanded of a…