Price (dollars) 9. 7 5 10 14 18 22 26 30 Quantity (units per year) In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to A) 0.62. B) 0.40. C) 2.50. D) 1.00.
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- (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer period of time?What would the gasoline price elasticity of supply mean to UPS or FedEx?The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for gasoline at Joe’s 66 station is -1.2. Explain what might account for the different elasticities.
- (Categories of Price Elasticity of Demand) For each of the following absolute values of price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic. In addition, determine what would happen to total revenue if a firm raised its price in each elasticity range identified. Absolut Value Elasticity Effect of Price Increase a b c dWorldwide annual sales of smartphones over a two year period were approximately q=-4p+3020 million phones at a selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E E=_____ (b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand? E=_____ (c) The demand was going down by about _____% per 1% increase in the price at that price level. (d) use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $____ What would’ve been the resulting annual revenue? $____ billionWorldwide annual sales of smartphones over two year period were approximately q=-5p+3040 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. E=_______ (b) in one of the years the actual selling price was $375 per phone. What was the corresponding price elasticity of demand? E=_______ The demand was going down by about _____% per 1% increase in price at that price level. (c) Use your formula for E to determine the selling price that would’ve resulted in the largest annual revenue. $_______ What would’ve been the resulting annual revenue? (Round your answer to two decimal places) $_____billion
- Worldwide annual sales of smartphones over a two year period were approximately q=-5p+3030 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. (b) in one of the years the actual selling price was $365 per phone. What was the corresponding price elasticity of demand? The demand was going down by about _____% per 1% increase in price at the price level. (c)Use your formula for E to determine the selling price that would’ve resulted in the largest annual revenue. $______ What would’ve been the resulting annual revenue? (Round your answer to two decimal places.) $______billionUSD.46 The amount of time producers and buyers have to adjust to price changes will do what to price elasticity of supply and demand? Price elasticity of supply will be ______________ when suppliers have more time to adjust. Price elasticity of demand will be ______________ when buyers have more time to adjust. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a greater; smaller b greater; greater c smaller; smaller d smaller; greaterThe firm’s vice president in charge of marketing believes that every 8% decrease in the selling price of one of the company's products would lead to a 26% increase in the product's total unit sales. The product's absorption costing unit product cost is ₱18.20. The variable production cost is ₱1.90 per unit and the variable selling and administrative cost is ₱2.30 per unit. The product's price elasticity of demand is closest to: a. -2.82 b. -4.41 c. -2.00 d. -1.79 The product's profit-maximizing price is closest to: a. ₱33.77 b. ₱3.60 c. ₱2.97 d. ₱6.57
- Worldwide annual sales on smart phones over a two year period were approximately q=-5p+3090 million phones at the selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E. E=______ (b) in one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? E=______ The demand is going (up/down) by about _____% per 1% increase in that price level.Filll in the values in the equation to calculate the PED for the Malabar coffee Price Elasticity of Demand (PED)= abs( % / % )=when a product price is $12 , quantity demanded is equal to 950; when the price is reduced to $8 , quantity demanded increase to 1050 based on above data , the price elacity of demand coefficiant is equal to : (a) 0.5 (b) 4 (c) 0.25 (d) 5
