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- Price P₂ 9₂ Q₁ Refer to Figure 3-21. At the quantity 22, O a. the value to buyers and the cost to sellers are both P2. O b. the value to buyers is P2 and the cost to sellers is P3. O c. the value to buyers and the cost to sellers are both P3. d. the value to buyers is P3 and the cost to sellers is P2. Q3 Quantity.Suppose ABC Travels is considering an increase in fares. If doing so results in an increase in revenues raised, which of the following could be the value of the own price elasticity of demand for its travel O a. 0.5 O b. 1.0 O c. 1.5 d. 2Assume that the price of commodity Y rises by 13.5% and the cross price elasticity of demand with commodity X is 1.35. According to this situation, commodity X is O a. not related to commodity Y as the exact price of commodity Y has not been specified b. a complementary product as cross price elasticity of demand is positive O c. a substitute as cross price elasticity of demand is negative d.a substitute as cross price elasticity of demand is positive
- Q8 plz help quick!!The aggregate demand for the mushroom pasta for each day is given by q = 200 - 4p, where p is the price of the pasta. If the price is $20, then the price elasticity of demand is 01 O 0.666 O 15 O 0.333only typed answer. Suppose the demand for concert tickets is given by Q=240-4P. The concert manager wants to maximize revenue (the price where elasticity is equal to -1). There are no capacity constraints on the venue. What price should she charge? a. 50 b. 40 c. 30 d. 20 please show work. thanks.100 PRICE 90 80 70 60 50 40 30 20 10 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITY Refer to Figure 5-3. Using the midpoint method, between prices of $70 and $80, price elasticity of demand is about O a. 0.40. Ob.0.13. O c. 3.00 O d. 0.33.
- [MUST SHOW WORK] Consider the above table for the market for oranges. A deep frost destroys many or the orange juice businesses to go put of business. As a result, quantity supplied decreases hper kg and the new equilibrium quantiy is.........? kg of oranges The new equilibrium price is .............? kg of oranges Select one: O A. 1.70;400 O B. 1.10; 700 O C. 1.20;650 O D. 0.90;400 O E. 1.50;500Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…Suppose the price elasticity of demand for heating oil is 0.2 in the short run and o.7 in thelong run.a. If the price of heating oil rises from $ 1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use midpointpoint method in your calculations.)b. Why might this elasticity depend on the time horizon?
- If demand is price elastic and price decreases, then Select one: O a. the extra revenue from the extra units sold is less than the loss in revenue from the lower price O b. the extra revenue from the extra units sold is exactly offset by the loss in revenue due to the lower price O c. the extra revenue from the extra units sold exceeds the loss in revenue from the lower price O d. more information is necessary to determine what happens to total revenueRefer to the attached Figure Section 2 Midterm 1 Graph 2. What is the price elasticity of demand from point B to point C. usling the midpoint method? Section 2 Midterm 1 Graph 2 daox O A. 1.00 O B. 0.50 O C. 0.75 O D. 1.30 Reset SelectionMa1. Which of the following statements are true about revenue? Select all that apply: Responses Revenue is price times quantity Revenue is price times quantity The total revenue obtained from selling a particular item can be found by adding the total profits for that item to its total cost. The total revenue obtained from selling a particular item can be found by adding the total profits for that item to its total cost. To maximize revenue set the elasticity equation E(p)=1 To maximize revenue set the elasticity equation E(p)=1 If the demand of a commodity is elastic, then raising the value of that commodity will increase the revenue for the commodity. If the demand of a commodity is elastic, then raising the value of that commodity will increase the revenue for the commodity.