A Restaurant manager decides to lower the price of a featured sandwich from Rs. 500 to Rs. 400, and she finds that sales during the week increase from 440 to 680 sandwiches. Is demand elastic or Inelastic?

Q: When price rises from $10 to $15, the quantity demanded decreases from 100 to 70. Calculate the…

A: Price elasticity of Demand shows that the change in demand due to change in quantity , we calculate…

Q: Fashionable items are bought in large numbers even if prices are high because their demand is ___.…

A: Price elasticity of demand measures the percentage change in the quantity demanded of a commodity…

Q: What would be the absolute value of the elasticity if demand is inelastic?    A. greater than 1  B.…

A: Elasticity of demand refers to the degree of responsive of a good or a service to change in its…

Q: Suppose a university rises its tuition from $3,000 to $3,500. As a result, student enrollment falls…

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

Q: Because of a legal settlement over state health care claims, in 1999 the U.S. tobacco companies had…

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

Q: Zulaikha wanted to buy 10 kg of rice and Ker Xin wanted to buy RM20 worth of rice. Find the price…

A: Price elasticity of demand is an economic measure used to depict the responsive nature of quantity…

Q: The price elasticity of demand for personal computers is -1.5. Which of the following is true? a. An…

A: Price elasticity of demand is defined as a change in the relative quantity demanded of a good due to…

Q: f the quantity demanded from good Z increases from 13 to 19 units due to the decrease in its price…

A: Price elasticity of demand measures the percentage change in quantity due to percentage change in…

Q: Calculate the price elasticity of demand as the price of motor vehicles incresease from 920 to 1300…

A: Price elasticity of demand refers to percentage change in quantity demanded with respect to…

Q: Total revenue increases if the price of the good A) falls and supply is inelastic. B) rises and…

A: Option A When supply is inelastic any % increase in price will be less than % change in quantity…

Q: Use the endpoint method to compute the price elasticity on D1. The endpoint method computes the…

A: The quantity demanded of a good refers to the amount of the good demanded by the consumers of the…

Q: Tim makes twice as much money as his brother Andrew, but they equally like to go to baseball games.…

A:

Q: When the price of kittens was $20 each, the pet shop sold 20 per month. When they raised the price…

A: Elasticity of demand states that percentage Change in quantity demanded due to percentage change in…

Q: a good tends to have a small price elasticity of demand if

A: In economics, goods are the final products that are consumed by the people.

Q: If the price elasticity of demand for canned soup is estimated at 1.62. What happens to sales…

A: If the price elasticity of demand for canned soup is estimated at 1.62. That means the good is price…

Q: Demand is elastic if elasticity is equal to 0 equal to 1 greater than 1 less than 1

A: Elasticity measures the responsiveness of percentage change in the quantity demanded due to some…

Q: For a linear demand curve:        elasticity is constant along the curve.        elasticity is unity…

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

Q: The slope of a linear demand curve is constant, but the elasticity is not. At points with a low…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: The income elasticity of demand with a value more than one indicates that the demand is…

A: The income elasticity of demand measures the proportionate change in quantity demanded of a good due…

Q: When the price of donuts is $1.20, the quantity demanded is 200. When the price falls to $0.80, the…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price level

Q: Suppose the price elasticity of demand for cheerios is -0.88. If so, the demand for it is (Elastic,…

A: The answer is as follows:-

Q: If the price elasticity of demand for a good is 10.0, then a 4 percent increase in price results

A: Price elasticity of demand: Value flexibility or price elasticity of interest is a financial…

Q: In the graph, when the elasticity moves to the left means : a. Unit in demand or supply inelastic…

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

Q: The demand for a car wash is x = 600 − 40p, where the current price is $1. Find the price elasticity…

A: Given  We know that, Now, And for p = 1, we have X = 600 – 40*1 = 560

Q: Suppose a university raises its tuition from $3,000 to $3,500.  As a result, student enrollment…

A: The elasticity is the responsiveness from the part of the consumer towards the changes in the price…

Q: Rising world wholesale fair-trade prices force the local Dunkin' Donuts franchise to raise its price…

A: Cross elasticity of demand (exy) is defined when due to change in price of commodity X , quantity…

Q: If a 20% change in price results in a 15% change in quantity supplied, then the price elasticity of…

A: Price elasticity of supply=percentage change in quantity supplied/percentage change in price.

Q: The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the…

A: Price elasticity of demand is the change in quantity demanded for every unit change in the price of…

Q: If the demand toward a specific product hardly changes with a small change in price, the demand is…

A: Demand is a monetary guideline alluding to a consumer's desire to purchase goods and services and…

Q: The price elasticity of demand for kale in Texas is -2, and the price elasticity of demand for kale…

A: Demand for a commodity is the desire backed by the ability and willingness of the consumer to buy…

Q: If a 10 percent decrease in the price of a good leads to a 20 percent increase in the quantity…

A: Price elasticity of demand measures the responsiveness of quantity demanded for a good due to…

Q: The price elasticity of demand along a demand curve with a constant slope: is less than the slope.…

A: Meaning of Price Elasticity of Demand: Price elasticity of demand refers to the extent of change…

Q: Goods which have price elasticity of demand that are elastic find that total revenue:   rises with…

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

Q: Suppliers of computer disks should ___________ the price of disks to increase their total revenue if…

A: When demand is inelastic (elastic), an increase (decrease) in price will increase total revenue.…

Q: How are elasticity and inelasticity similar? a. Both are determined by percentage change of price…

A: The elasticity measures the responsiveness to change in quantity to change in price, keeping other…

Q: When the price of gasoline rises by 3 % the quantity demanded falls by 0.12 % . Calculate the price…

A: Here, Given information is: Percentage change in the price of gasoline: 3% Percentage change in the…

Q: True of False (explain why) Increasing in the apple price by 40% led to an decrease in the quantity…

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

Q: If the price elasticity is greater than 1 , demand is a. inelastic. b. elastic. c. perfectly…

A: Demand for the product is sensitive to an increase in price. And when elasticity is zero then demand…

Q: Find elasticity demand for p+0.0003x=15 at x=25,000 , what kind of elasticity is this

A: Given, Demand function, p+0.0003x = 15 or p = 15 – 0.0003x Value of x (quantity demanded) =25000…

Q: If the demand for American automobiles is more elastic in Europe than it is in the United States, we…

A: The price elasticity of demand of a good is a measure of how price affects the quantity demanded.…

Q: A consumer buys 40 units of a good at a price of Rs. 3 per unit. When price rises to Rs. 4 per unit…

A: Price elasticity of demand: It refers to the goods and services whose demand changes due to the…

Q: Over time, technological advances increase consumers’ incomes and reduce the price of smartphones.…

A: The price elasticity of demand refers to the degree of responsiveness of consumers to a change in…

Q: Use the information below and Calculate the elasticity ,Determine the type of elasticity . 1. If the…

A: Price elasticity of demand measures the responsiveness of the quantity demanded of a product toward…

Q: The income elasticity of demand with a value between zero and one indicates that the demand is…

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

Q: If demand is inelastic, The absolute value of price elasticity of demand is a) greater than the…

A: The movement of demand to a change in any one of its factors is called elasticity of demand(ed). The…

Q: and serves an average of 525 customers per week.  During a recent promotion, the restaurant manager…

A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in…

Q: Price Quantity of Pizzas Demanded Quantity of Pizzas Demanded (Dollars) (Income = $20,000) (Income =…

A: {"Elasticity of demand"} ED of a good is the response in the demand(DD) of the commodity as the…