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C. the responsiveness of equilibrium price to a shift in the supply d. If the quantity demanded of coffee decreased by 10% when the price of coffee increased by 15%, the price elasticity of demand for coffee is is said to be 2. and the demand for coffee 3/2; elastic 3/2; inelastic 2/3; elastic 2/3; inelastic c. a. em: d. b, ocat If the quantity demanded of soda decreased by 15% when the price of soda increased by 15%, the price elasticity of demand for soda is 3. r the and the demand for soda is said ons to be т аг 1; unit elastic 1; inelastic 0; unit elastic 0; inelastic 15%0 C. a. b. by: If the public transit system raises its fares and experiences an increase in total revenue as a result, the demand for public transportation in this price range is: 4. unit elastic. inelastic. C. a. neither elastic nor inelastic. b. d. elastic. When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the midpoint formula, price elasticity of demand is approximately in the price of a hotdog 1.4; increases 1.4; decreases 5. so an increase total revenue. 0.7; increases 0.7; decreases C. a. d. b. Assume a wireless company has hired you as a consultant to help determine what price to charge for local weekday airtime. You establish that the price elasticity of demand for local weekday airtime is 0.62. If the goal of the company is to increase the revenue generated from the sale of weekday airtime, you should advise the company to: raise the price of weekday air time because demand is elastic. raise the price of weekday air time because demand is inelastic. lower the price of weekday air time because demand is elastic. lower the price of weekday air time because demand is inelastic. 6. a. b. C. d. Chapter 5 Assignments 99

C. the responsiveness of equilibrium price to a shift in the supply d. If the quantity demanded of coffee decreased by 10% when the price of coffee increased by 15%, the price elasticity of demand for coffee is is said to be 2. and the demand for coffee 3/2; elastic 3/2; inelastic 2/3; elastic 2/3; inelastic c. a. em: d. b, ocat If the quantity demanded of soda decreased by 15% when the price of soda increased by 15%, the price elasticity of demand for soda is 3. r the and the demand for soda is said ons to be т аг 1; unit elastic 1; inelastic 0; unit elastic 0; inelastic 15%0 C. a. b. by: If the public transit system raises its fares and experiences an increase in total revenue as a result, the demand for public transportation in this price range is: 4. unit elastic. inelastic. C. a. neither elastic nor inelastic. b. d. elastic. When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the midpoint formula, price elasticity of demand is approximately in the price of a hotdog 1.4; increases 1.4; decreases 5. so an increase total revenue. 0.7; increases 0.7; decreases C. a. d. b. Assume a wireless company has hired you as a consultant to help determine what price to charge for local weekday airtime. You establish that the price elasticity of demand for local weekday airtime is 0.62. If the goal of the company is to increase the revenue generated from the sale of weekday airtime, you should advise the company to: raise the price of weekday air time because demand is elastic. raise the price of weekday air time because demand is inelastic. lower the price of weekday air time because demand is elastic. lower the price of weekday air time because demand is inelastic. 6. a. b. C. d. Chapter 5 Assignments 99

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: The price of coffee rose sharply last month, while the quantity sold remained the same. Five people...
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C. the responsiveness of equilibrium price to a shift in the supply d. If the quantity demanded of coffee decreased by 10% when the price of coffee increased by 15%, the price elasticity of demand for coffee is is said to be 2. and the demand for coffee 3/2; elastic 3/2; inelastic 2/3; elastic 2/3; inelastic c. a. em: d. b, ocat If the quantity demanded of soda decreased by 15% when the price of soda increased by 15%, the price elasticity of demand for soda is 3. r the and the demand for soda is said ons to be т аг 1; unit elastic 1; inelastic 0; unit elastic 0; inelastic 15%0 C. a. b. by: If the public transit system raises its fares and experiences an increase in total revenue as a result, the demand for public transportation in this price range is: 4. unit elastic. inelastic. C. a. neither elastic nor inelastic. b. d. elastic. When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the midpoint formula, price elasticity of demand is approximately in the price of a hotdog 1.4; increases 1.4; decreases 5. so an increase total revenue. 0.7; increases 0.7; decreases C. a. d. b. Assume a wireless company has hired you as a consultant to help determine what price to charge for local weekday airtime. You establish that the price elasticity of demand for local weekday airtime is 0.62. If the goal of the company is to increase the revenue generated from the sale of weekday airtime, you should advise the company to: raise the price of weekday air time because demand is elastic. raise the price of weekday air time because demand is inelastic. lower the price of weekday air time because demand is elastic. lower the price of weekday air time because demand is inelastic. 6. a. b. C. d. Chapter 5 Assignments 99
Transcribed Image Text:C. the responsiveness of equilibrium price to a shift in the supply d. If the quantity demanded of coffee decreased by 10% when the price of coffee increased by 15%, the price elasticity of demand for coffee is is said to be 2. and the demand for coffee 3/2; elastic 3/2; inelastic 2/3; elastic 2/3; inelastic c. a. em: d. b, ocat If the quantity demanded of soda decreased by 15% when the price of soda increased by 15%, the price elasticity of demand for soda is 3. r the and the demand for soda is said ons to be т аг 1; unit elastic 1; inelastic 0; unit elastic 0; inelastic 15%0 C. a. b. by: If the public transit system raises its fares and experiences an increase in total revenue as a result, the demand for public transportation in this price range is: 4. unit elastic. inelastic. C. a. neither elastic nor inelastic. b. d. elastic. When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the midpoint formula, price elasticity of demand is approximately in the price of a hotdog 1.4; increases 1.4; decreases 5. so an increase total revenue. 0.7; increases 0.7; decreases C. a. d. b. Assume a wireless company has hired you as a consultant to help determine what price to charge for local weekday airtime. You establish that the price elasticity of demand for local weekday airtime is 0.62. If the goal of the company is to increase the revenue generated from the sale of weekday airtime, you should advise the company to: raise the price of weekday air time because demand is elastic. raise the price of weekday air time because demand is inelastic. lower the price of weekday air time because demand is elastic. lower the price of weekday air time because demand is inelastic. 6. a. b. C. d. Chapter 5 Assignments 99
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