A storm destroys half the oranges crop in Florida. Which statement is correct? Question 7 options: This will not affect farmer This is more likely to hurt farmers if demand elasticity is low (inelastic) This is more likely to hurt farmers if demand elasticity is high (elastic) Since farmers have insurance, this represents no loss to the economy

A storm destroys half the oranges crop in Florida. Which statement is correct? Question 7 options: This will not affect farmer This is more likely to hurt farmers if demand elasticity is low (inelastic) This is more likely to hurt farmers if demand elasticity is high (elastic) Since farmers have insurance, this represents no loss to the economy

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter12: More Realistic And Complex Pricing

Section: Chapter Questions

Problem 10MC

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A new technological breakthrough increases production for an industry and shifts the supply curve to the right. If the firm ________, then the firm will likely be happy about this new technology. Question 44 options: a) produces products because the consumer will buy less b) produces products that are considered inelastic c) decreases production d) produces products that are considered elastic
A life saving medicine without any close substitutes will tend to have (in absolute value, as usual. So an elasticity of -0.5 is considered SMALLER than an elasticity of -1) Question 4 options: A small elasticity of demand A large elasticity of supply A small elasticity of supply A large elasticity of demand
The price elasticity of demand for holidays in Italy is likely to be high because: Group of answer choices people tend to book up a long time in advance. there are plenty of different holidays abroad to choose from. expenditure on holidays account for a relatively small part of people’s total income. holidays at home provide no real alternative. people need a holiday if they are to cope with the year ahead – and they prefer holidays abroad.
elastic and inelastic supply 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.
A 5 percent increase in the price of digital apps reduces the number of tablet devices demanded by 2 percent. The cross price elasticity of demand is (Enter your response rounded to two decimal places and include a minus sign if necessary.) The cross price elasticity of demand indicates that tablet devices and digital apps are complements 3 unrelated goods substitutes 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.
The demand curve shows the number of units the market will buy in a given time period at similar prices. Group of answer choices True False Sellers are prohibited from using predatory pricing. Group of answer choices True False There is no true substitute for coffee. If the price goes from $8 to $12 for a package of k-cups due to a coffee bean shortage, demand will remain relatively unchanged. This is an example of demand elasticity. Group of answer choices True False
A theater company presents a play in a theater with a capacity of 2,000 spectators. With the ticket price at $20, the average attendance at recent games has been 1,000. Market research indicates that for every dollar the ticket price drops, attendance will increase by 100. Identify the feature that maximizes ticket revenue.
When plan a demand curve for crush tomatoes, what is assumed to be constant according to ceteris paribus 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.
A price cut will increase the total revenue a firm receives if the demand for its product is: Group of answer choices inelastic. unit elastic. elastic. unit inelastic.
A new stereo for a car is generally priced in the $150 range. A new car generally is generally priced in the $20,000. Using only this information, the price elasticity of demand for a new car stereo is Response area the price elasticity of demand for a new car. A.less than B.greater than C.equal to
The price elasticity of demand increases with the length of the period considered because consumers incomes will increase over time the demand curve will shift outward as time passes all prices will increase over time consumers will be better able to find substitutes. 2 A profit-maximizing firm in the short run will expand output until marginal cost begins to rise until total revenue equals total cost until marginal cost equals average variable cost as long as marginal revenue is greater than marginal cost
If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and $35,000 worth of it when its price is $10, then Multiple Choice the demand for the product is inelastic in the $10-$8 price range. the demand for the product must have increased. elasticity of demand is 1.67. the demand for the product is elastic in the $10-$8 price range.

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	This will not affect farmer
	This is more likely to hurt farmers if demand elasticity is low (inelastic)
	This is more likely to hurt farmers if demand elasticity is high (elastic)
	Since farmers have insurance, this represents no loss to the economy