At Betty's Burgers, the hamburgers have a price elasticity of demand equal to −3.05−3.05 . Suppose the number of burgers Betty sells increases by 85.00% By what percentage have Betty's prices changed?

Suppose the price elasticity of demand for coke is −3 and the cross-price elasticity of demand between coke and the price of Pepsi is 2.2. If the price of Pepsi decreases by 5%, what would happen to the demand for coke and what would have to happen to the price of coke to exactly offset the fall in the price of Pepsi and leave the quantity demanded of coke unchanged, respectively?

Which good would you expect to have a greater price elasticity of demand: a gallon of brand name ice cream sold at a grocery chain store in Phoenix or a gallon of ice cream sold at a specialty ice cream pallor in Phoenix. Why?

When the price of a good is lowered from £350 to £200 the quantity demanded increasesfrom 600 to 750 units. Calculate elasticity of demand over this section of its demandschedule.

Jim saw a decrease in the quantity demanded for his firm’s product from 8000 to 4000 units a week when he raised the price of the product from $200 to $250. What is Jim’s own price elasticity of demand?

Netflix raises the price of its service from $11 per month to $14 per month. This causes the number of people subscribing to HCCCtinder – a school-specific dating app – to rise from 2,200 to 2,500. What is the cross-price elasticity of demand? Based upon your answer, are Netflix and HCCCtinder substitutes or compliments?

When the price of a good is lowered from £350 to £200 the quantity demanded increasesfrom 600 to 750 units. Calculate elasticity of demand.

When the price of chicken rises 31%, the quantity demanded of chicken falls 21%. What is the price elasticity of demand?

Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic  and the annual supply curve is likely Flatter or Steeper  to be than the daily supply curve.

Listen The price elasticity of supply of hot dog buns is estimated to be 1.5, Holding everything else constant, this means that a 10 percent decrease in the price of hot dog buns will cause the quantity of hot dog buns supplied to decrease by approximately 25 percent 1.5 percent 15 percent approximately 5 percent Previous Page Next Page Page 16 of 28