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- What is the formula for line cross-price elasticity of demand?Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?What is the formula for calculating elasticity?
- The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decayfigh ter, reduced the price of its electric toothbrush from $35 to $30. As a result, Stopde cays sales declined by 1,500 units per month. What is the arc cross elasticity of demand between Stopdecays toothbrush and Decayfighters toothbrush? What does this indicate about the relationship between the two products? If Stopdecay knows that the arc price elasticity of demand for its toothbrush is 1.5, what price would Stopdecay have to charge to sell the same number of units as it did before the Decayfighter price cut? Assume that Decayfighter holds the price of its toothbrush constant at $30. What is Stopdecays average monthly total revenue from the sale of electric toothbrushes before and after the price change determined in part (b)? Is the result in part (c) necessarily desirable? What other factors would have to be taken into consideration?When the price of mustard oil increased from 70 taka per litre to 90 taka per litre thequantity demanded in the market fell from 47,000 litres to 40,000 litres. Using the pointelasticity method, calculate the price elasticity of demand of mustard oil. What type ofdemand does mustard oil have?10 PRICE (Dollars per pound) 9 8 co 7 6 5 4 لیا 2 0 0 1 11 b 1 Y X 10 20 30 40 50 60 70 80 QUANTITY (Thousands of pounds of tomatoes) Demand 90 100 According to the midpoint method, the price elasticity of demand for tomatoes between point X and point Y is approximately that the demand for tomatoes is between points X and Y. J which suggests
- Question 4The Pear company sells a smart phone for $250. Its sales have averaged 8,000 units per month over the last year. Recently, its closest competitor Banana company reduced the price of its smart phone from $350 to $300. As a result, Pear’s sales declined by 1,500 units per month. (a) What is the cross price elasticity of demand between the Pear and Banana smart phone? Use the averaging formula. What does this indicate about the relationship between the two products? (b) If the Pear company knows that the price elasticity of demand for its phone is -1.5, what price would the Pear company have to charge to sell the same number of units as it did before the Banana company price cut? Assume that Banana company holds its price of its phone constant at $300. Use the averaging formula.Income elasticity of demand (YED): Definition Calculations Significance of the sign Normal goods and Inferior goodsdo you think the price elasticity of demand for Ford sport- utility vehicles ( SUVs) will increase, decrease, or remain the sam when each of the following even occurs? Explain your answer. (i) other car manufacturers, such as general motors, decide to make and sell SUVs (ii) SUVs produced in foreign countries are banned from the American market (iii) Due to ad campaigns, Americans believe that SUVs are much safer than iordinary passenger cars (iv) the time period over which you measured the elasticity lengthens. During that longer time, new models such as four-wheel-drive cargo vans appear. sub part (iv) yet to be answered
- do you think the price elasticity of demand for Ford sport- utility vehicles ( SUVs) will increase, decrease, or remain the sam when each of the following even occurs? Explain your answer. (i) other car manufacturers, such as general motors, decide to make and sell SUVs (ii) SUVs produced in foreign countries are banned from the American market (iii) Due to ad campaigns, Americans believe that SUVs are much safer than iordinary passenger cars (iv) the time period over which you measured the elasticity lengthens. During that longer time, new models such as four-wheel-drive cargo vans appear.The price elasticity of demand for a white shirt is 0.8, while the price elasticity of a pair of Levi jeans is 2.4. Explain what you can conclude about the elasticities of these two products. Benny used to sell rubber boots at R125 per pair. At this price he was able to sell 50 pairs of boots per day. When he increases the price to R140 per pair, his sales decrease to 42 pairs per day. Use the point method to calculate the elasticity of this product.
