If income elasticity for negative for used cars, other things constant, used cars an inferior good. TRUE OR FALSE

Q: The demand for pineapples takes the following form: Q=10-3p. What is the own-price elasticity of…

A: Elasticity refer the change in demand due to change in Price here we calculate the elasticity and…

Q: Elasticity. Find the demand function q = D(x), given each set of elasticity conditions. 59. Е(x) 4 q…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Find E( p) and determine if demand is elastic or inelastic (or neither) at the indicated price.  q =…

A: Elasticity of demand (EP) determines the responsiveness of percentage change in quantity demanded…

Q: A consumer buys 160 units of a goods at a price of 8 per unit. Price falls to 6 per unit. how much…

A: The initial price of goods = 8 Final price of goods = 6 Initial quantity = 160 units Elasticity of…

Q: The price elasticity of demand is smaller: A. the fewer substitutes for the product. B. the more…

A: Ans. The Price elasticity of demand is the magnitude of change in quantity demanded to change in the…

Q: The demand would be less elastic when the number of Substitutes are more for a good True/False

A: # The availability of more number of substitute for a good means that the good has many more other…

Q: the elasticity of demand is 2, and the price is raised from $10 to $11, by what percentage will…

A: Given as, Elasticity = 2 Price  P1 = 10 P2 = 11

Q: A hotel wants to analyze its room pricing prior to a major promotional effort. Currently the…

A: In the question above, it is given : Standard price of the room per night = $150 Elasticity of…

Q: When the West Coast Surfboard Company lowered the price of surfboards by 10 percent, it sold 20…

A: Answer: The coefficient of price elasticity of demand measures the magnitude of change in quantity…

Q: If a demand curve is given by y = 50 −.02x  where x is the price in dollars, and y is the sales of…

A: The unitary elasticity defines a situation where the demand of a commodity or service responds in…

Q: The price elasticity of supply measures the response of sellers to change in the price of a product.…

A: The responsiveness of a good or service's supply to a change in its market price is measured by…

Q: Hilda's Hair Hysteria earned $3, 750 in total revenue last month when it sold 125 haircuts. This…

A: "Price elasticity of demand measures how much the quantity demanded of a good changes with any…

Q: the market demand for a good at $4 per units is 100 units. the price rises and as result its market…

A: Initial price = $4 Initial quantity = 100 units New price = ? New quantity = 75 units Elasticity of…

Q: The coefficient of price-elasticity of supply for a product is 2.5 if

A: Definition: economics alludes to the coefficient of elasticity as the price elasticity of demand, a…

Q: Suppose that a product has a price elasticity of demand equal to 0.7. Interpret the value of Ed

A: Given :  Price elasticity of demand of a product is 0.7

Q: TRUE OR FALSE *if the coefficient of elasticity is greater that zero and less than one, then the…

A: Elasticity is defined as a measure to determine how sensitive an economic factor is to another…

Q: The price elasticity of demand for urban transit fares has been estimated to lie between-0.1 and…

A: Elasticity of demand measures the responsiveness of demand due to change in price. An inelastic…

Q: In a local market the monthly price of internet access decreases from $25 to $15, and the total…

A: Price elasticity of demand refers to the degree of responsiveness to change in quantity demanded due…

Q: The price decreases from $2,000 to $1,800. Quantity demanded per year increases from 5000 to 6000…

A: Price elasticity of demand refers to the responsiveness of quantity demanded to a change in the…

Q: b) A firm has unitary elasticity for its product. During the movement control order (MCO), Should…

A: Unitary Elasticity: Unitary elasticity refers to the elasticity that is equal to one. Under the…

Q: Last week you sold 800 units of a good at a price of $90 each. This week you would like to sell 950…

A: Price elasticity of demand = percentage change in quantity demanded/ percentage change in price

Q: The Ventura Cine Club (VCC) is the only theater in the town of Ventura. Children tickets are 3…

A: Correct : c) -2.25

Q: dq 5. A demand function is given by p.g = 27 where p is in dollars and q is the number of units,…

A: The elasticity of demand shows the percentage change in quantity demanded with respect to a…

Q: The demand for X fell from 70 to 60 because of a rise in the price of X from $10 to $15. Then…

A: Price elasticity of demand: It is the measurement of the percentage change in the quantity demanded…

Q: Aluminum can be used to produce cable (buyers have elastic demand) or to make aircraft (inelastic…

A: In order to prevent re-sales, the firm should integrate with vertical industries which have higher…

Q: The price elasticity of demand for widgets is 0.80. Assuming no change in the demand curve for…

A: Price elasticity of demand= Percentage change in quantityPercentage change in price Where;…

Q: In turns out that seafood is a normal, income elastic good. It follows that a 10% rise in income…

A: A good is a normal good when its demand increases with increase in income and decreases with…

Q: Q = 500 – 3P – 2P, +0.01Y where and P denote quantity and price of the good, Y is income, and price…

A: Demand function is what describes a relationship between one variable and its determinants. It…

Q: The population of Greensboro is approximately 300,000. Suppose the average individual has demand for…

A: Given  QD=38−1.15P Individual elasticity of demand Price = $3…

Q: True/False When income elasticity is greater than 1 than that good is most probably a luxury.

A: # A good which has an elasticity of demand greater than 1 is having a really high elastic demand.…

Q: Q19. If the demand function is P= 4-5x² For what value of x the elasticity of demand will be Unity 2…

A: Elasticity of demand depicts how much consumer responds with the change in price.

Q: If a firm finds that it can sell $13,000 worth of a product when its price is $5 per unit and…

A: Elasticity of demand =  % change in quantity demanded / % change in price.

Q: If the price elasticity of demand is 6, then a 3 percent decrease in price results in a type your…

A: The markets are the place where the buyers and the sellers of the goods and services tend to…

Q: If the price elasticity of demand for a product is equal to 0.5 then a decrease in price of 10…

A: The price elasticity of demand is the ratio of the percentage change in quantity demanded to the…

Q: A college in California raises its annual tuition from $2500 to $3500; while enrollment falls from…

A: price elasticity of demand means change in demand due to change in price , so here we find the type…

Q: If the price declines from $400 to $300 and, as a result, quantity demanded increases from 1100 to…

A: when the price is decline demand will be rise , and the elasticity of demand measure the change in…

Q: Suppose your elasticity of demand for your parking lot spaces is –2, and price is $8 per day. If…

A: Elasticity of -2 indicates that the demand is relatively elastic, which means as the price changes…

Q: George has been selling 5,500 T-shirts per month for $9.50. When he increased the price to $10.50,…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price.A firm…

Q: The price of DVDs falls from an average of $22 to $16. As a result sales increase from 50,000 units…

A: Answer to the question is as follows :

Q: Lara offers 100 autograph bats.If each is priced at p dollars,it is that the demand curve for the…

A: Answer: Given: Demand curve of Bats: p=250-q4q4=250-pq=1000-4p The elasticity of demand:…

Q: 25. Transatlantic air travel in business class has an estimated elasticity of demand of 0.62, while…

A: Price elasticity of demand measures the degree of  change in quantity demanded to a price change.…

Q: An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the…

A: ‘Price elasticity’ of a good is the response in the demand of the good as the price of the good…

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.