Demand for Nuts is given by Q = 50 – 2P. (Not that dQ/Dp= - 2) 1)Calculate the price elasticity of demand.   2)At what price-quantity combination is revenue from sales of nuts maximized? Why? Show your mathematical work. Illustrate by graphing total revenue.   3) A report published in Science magazine shows that eating nuts is correlated with high levels of blood cholesterol. How would this affect the demand for nuts? The revenue maximizing amount of nuts?

Along a demand curve, when the price rises from $11 to $13, the quantity demanded falls from 490 to 470. Using the mid-point formula, the elasticity coefficient will be [blank].

Suppose the elasticity of demand for used cars is estimated to be 3.  What does this mean? What will be the effect on the quantity demanded for used cars if the price rises by 10 Percent? Suppose a university raises its tuition from $3,000 to $3,500.  As a result, student enrollment falls from falls from 5,000 to 4,500.  Calculate the price elasticity of demand.  Is demand elastic, unitary elastic, or inelastic? Suppose the movie theater raises the price of popcorn 10 percent, but customers do not buy any less of it.  What does this tell you about the price elasticity of demand, and what will happen to total revenue as a result of the price increase? Suppose the income elasticity of demand for furniture is 3 and the income       elasticity of demand for physician services is 0.3.  Compare the impact on furniture and physician services of a recession that reduces consumer income by 10%. Opponents of increasing the tax on gasoline argue that the big oil companies just pass the tax…

The demand curve for a good is What is the elasticity at the point p = $6.00 and Q = 88? The elasticity of demand is ε = Q = 100-2p. (Enter your response rounded to three decimal places and include a minus sign.)