Q79 A reason why product X has a relatively high price elasticity of demand in the short run is that... a. There are many substitutes for product X in the short run. b. There are few substitutes for product X in the short run. c. The prices of substitute products are constant. d. The price of product X is too low. e. The share of income devoted to product X is low.

Q: price elasticity of supply equal 3, this means: O supply is elastic 5 supply is inelastic the…

A: Price elasticity of Supply < 1 = Inelastic Supply Price elastic of Supply = 1 = Unit Elastic…

Q: Assume that the percentage increase in income (%ΔI) is 4% and the percentage decrease in the…

A: Income Elasticity of demand can be defined as the ratio of the change in the percentage of the…

Q: Elasticity of supply refers to the legree of responsiveness of upply of a commodity to changes

A: To find : Elasticity of supply.

Q: increase in money incomes if X is a normal good. increase in the price of substitute product Y.

A: Increase in the price of substitute of product y.

Q: If the price of product M increases from $80 to $100, the quantity supplied for product M will the…

A: 1. The elasticity of supply measures the percentage change in the quantity supplied due to the…

Q: Assume that the percentage increase in the price of product X ( %ΔPx) is 4% and the percentage…

A: It is given that Percentage increase in the price of product X ( %ΔPx) = 4% Percentage change in…

Q: Which of the following statements are false? (i) The absolute value of the price elasticity of…

A: The measure that depicts the change in quantity being demanded of a good with respect to change in…

Q: The price elasticity of demand increases with the length of the period considered because O A)…

A: Elasticity of demand measures the responsiveness of quantity demanded of a good, to a given change…

Q: Which of the following statements is not true?   a. When price elasticity of demand is very high,…

A: Option A is not true

Q: Q9. Elasticity of supply is measured by dividing the percentage change in quantity supplied of a…

A: Elasticity of the supply is measured by dividing the percentage change in the quantity supplied of a…

Q: Suppose there is a 3 percent increase in the price of good X and a resulting 6 percent decrease in…

A: Elasticity measures the responsiveness of quantity demanded to changes in price level. It shows how…

Q: Which of the following statement is correct? Explain A. The greater the number of substitutes, the…

A: The elasticity of a good is more if there are more substitutes because the elasticity measures…

Q: Price elasticity of demand for gasoline is -0.5.  If the price of gasoline rises by 10%   A.…

A: Quantity demanded is the total quantity of products and services that customers demand at a specific…

Q: State whether the following statements are true or false  a. If a product has price elasticity of…

A: a.) False, because if the price elasticity of demand is greater than 1 then a increase in the price…

Q: If demand for a good is highly elastic, that good is likely to have: a. many close complements. b.…

A: A good tends to have a highly elastic demand if it has many close substitutes.

Q: Suppose a Palestinian company (Siniora Food Industries Company) sells 20,000 units when the price is…

A: A. Q1 = 20,000 units Q2 = 30,000 units Using mid-point method: Percentage change in quantity =…

Q: A firm sells a good that is perceived by consumers as a necessity. It also has few substitutes. This…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: graph lows two own pointS (X apples. 10 9 8 Y Demand 1 10 20 30 40 50 60 70 80 90 100 0.03 QUANTITY…

A: Initial price ( P1 )= $2/pound New price ( P2 )= $3/pound Initial output ( Q1 ) = 90 New output ( Q2…

Q: QUESTION 9 09. Cross price elasticity of demand for automobiles and gasoline is likely to be a)…

A: We are going to identify the relationship between Automobiles and Gasoline to answer this question.…

Q: Cross-price elasticity of demand

A: The elasticity of demand measures the % change in quantity demanded to % change in price. The…

Q: The price elasticity of demand coefficient for a good will be lower in all of the following cases…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Which of the following is NOT a determinant of the price elasticity of supply? (2) (1) The length of…

A: The elasticity which after a change in the level of market price tends to measure the response to…

Q: Q41 If two goods, X and Y, have a negative cross elasticity of demand, then we know that they... a.…

A: Q41 If two goods, X and Y, have a negative cross elasticity of demand, then we know that they...…

Q: We would expect the cross elasticity of demand between Pepsi and Coke to be:     positive,…

A: Cross Elasticity of demand is defined as the change in quantity demanded of one good with the change…

Q: To say there is an elastic demand for a product means that O consumers are not very responsive to a…

A: Price elasticity of demand measures the responsiveness of change in quantity demand of a product to…

Q: Price of oil in international markets has dropped stunningly 60% in the past twelve months. Among…

A: Microeconomics refers to the study of individuals, households, and firms' behavior in…

Q: P, is the price of good X, P, is the price of good Y, and M is income. Currently, P, = $2, P, = $4,…

A: X = 200-4Px +1/2P2y+3M X = 200 - 4*2 +1/2(4)2+3*100 = 500 [A] (Own) Price elasticity =…

Q: The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the…

A: Price elasticity of demand is the change in quantity demanded for every unit change in the price of…

Q: MCQ 12 If the income elasticity of demand for product X is zero, we can deduce that: A there are no…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: If the price elasticity of supply for eggs is 1.45, then a ________________increase in the price of…

A: Price elasticity of supply measures how the supply of a good or service changes when the market…

Q: What happens when there are very few substitute goods? (a) Demand would tend to be price inelastic…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Question 8 If a rise in the price of good X results in the amount of money spent on good Y…

A: At the marketplace, two goods are related to each other when a change in the price of one good…

Q: If gas prices rose from $3 to $4 a gallon and gasoline consumption decreased by 50% Group of answer…

A: We only answer one question so we will answer the first one. Please submit a new question specifying…

Q: B. As a result of a change in income from 1,975 to 3,875 per month, the consumption of good X…

A: A good is a normal good when increase in income increases its demand and inferior if increase in…

Q: Suppose the demand curve for a product is given by Q = 11 - 2P + 3Ps Where P is the price of the…

A: Price elasticity of demand refers as percentage change in demand due to the percentage change in…

Q: Blue Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do…

A: Price elasticity of supply: The price elasticity of supply is a metric that measures how responsive…

Q: which factor is least probable to affect price elasticity of demand? a..purchase cost relative to…

A: Elasticity is a measure of a variable's sensitivity to a change in another variable, most commonly…

Q: Which of the following product pairs would you expect to be substitutes, and which would you expect…

A: Two goods are said to be substitutes if they can be consumed in place of each other. When price of a…

Q: The coefficient of price-elasticity of supply for a product is 2 if Select one: A. a 2 percent…

A: The price elasticity of supply tells us the percentage change in quantity supplied of a good due to…

Q: The elasticity of supply of product X is unitary if the price of X rises by   Multiple Choice   5…

A: The unit elasticity means the change in quantity and price is equal. price rise by 8 percent and…

Q: Price of oil in international markets has dropped stunningly 60% in the past twelve months. Among…

A: 1.  The  mаrket  struсture  fоr  оil  industry  is  аn  оligороly  with  key  рlаyers  mоnitоring…

Q: The cross-price elasticity of demand between good X and good Y is -3. Given this information, which…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services.…

Q: PROBLEM (1) The demand for good X is Qp = 60 - Px(1+ Py) +12 where px is the price of the good X, P,…

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

Q: If quantity demanded of a product changed from 100 to 120 units due to change in price from P10 to…

A: In the market, if there is a negative value of price elasticity of demand, the product will be…

Q: As the number of available substitutes increases, the price elasticity of demand for a good: a.…

A: As the number of available substitutes of a good increases, the price elasticity of demand for a…