Supply is said to be inelastic when the quantity supplied changes * more than the change in its price. less than the change in it price. equal to the change in its price. none of the above

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: The quantity demanded of a product rises from 90 to 110 units when the price falls from $1.20 to…

A: ∆Q= 20 ∆P=$0.40 Q=90 P=$1.20

Q: A producer supplies 400 units of a good at 10 per unit price last elasticity of supply is 2 how many…

A: At a price of 10, 400 units are supplied. i.e., P0 = 10 and Q0=400 Now the price increase to 11 per…

Q: Importance of elasticity in decision making for consumers and producers, explain your concept by…

A: The elasticity of demand in decision-making helps the producer in determining the price of a…

Q: If a firm decreases the price of a good and total revenue decreases, then the demand for this good…

A: We define total revenue as the product of price and quantity sold. When the price of any good falls,…

Q: If a firm finds that it can sell $32,000 worth of a product when its price is $8 per unit and…

A: The Sell increased as the price increased so the demand is inelastic between $8 and $10.A inelastic…

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: You work for a company that produces statistical software used by professional 3. researchers and…

A: Answer: Given, Price elasticity of demand of researchers = -0.3  (inelastic demand) Price elasticity…

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: If a price of a good falls from 13 to 10 and supply for same good falls from 50 units to 20 units…

A:

Q: Price elasticity of demand If the price elasticity of demand for a product measures 0.45, then:…

A: The change in price leads to the change in demand and this degree of change and responsiveness is…

Q: An end of aisle price promotion changes the price elasticity of a good from -2 to -3. If the normal…

A: We will use the relationship between Price, Marginal Cost and elasticity of demand

Q: a. If price elasticity of demand is -1.3 and price increases by 2 percent, quantity demanded…

A: (a) It is provided in the question that price elasticity of demand (Ed) is -1.3, an increase in…

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: An increase in the price of pure chocolate morsels from $2.25 to $2.45 causes suppliers of chocolate…

A: Price elasticity of supply measures the responsiveness of quantity supplied to the change in price.

Q: Which is characteristic of a product with elastic demand?  A. The good is regarded by consumers as a…

A: Demand is inelastic for products which have no close substitutes eg tobacco.

Q: When the price of a good increased from $19 to $23, the quantity demanded dropped from 12 units to 9…

A: Price elasticity of demand measures the responsiveness of quantity demanded changes as a result of…

Q: D. As a result of an economic boom in Calgary, the average income increases from 2,800 to 7,700 per…

A: Income elasticity of demand: - Income elasticity of demand measures the responsiveness of change in…

Q: Cross-price elasticity of demand

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

Q: the prices of a good rises from $8 to $12 and the quantity demanded falls from 110 to 90 units…

A: PriceElasticityofDemand=(Q2−Q1)/[(Q2+Q1)/2]  (P2−P1)/[(P2+P1)/2]

Q: If a product has a short-run elasticity of supply equal to zero, then an increase in the demand for…

A: The elasticity of supply measures the responsiveness of supply to change in the price level. The…

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: Elasticity of demand of -0.4 means inelastic demand True/False

A: Elasticity of demand = -0.4  Elasticity of demand measures percentage change in the quantity…

Q: Suppose that as the price of X falls from $4 to $3 and the quantity of X demanded increases from…

A: Given information: Initial Price: $4 Final Price: $3 Initial Quantity demanded: 1100 Final Quantity…

Q: Elasticity of supply tends to be greater when * inputs are specialized.time period allowed for…

A: The elasticity of supply measures the quantitative change in supply following change in the 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: Demand ISelect ] more inelastic the longer the time frame. more elastic Demand is ISelect] the more…

A: Answer: (1). Demand is more elastic the longer the time frame. Explanation: If due to a small change…

Q: The demand function for a given type of product p=30-2Q.find the point price elasticity of demand…

A: p=6Demand function: p=30-2QNow,p=30-2Q2Q=30-pQ=30-62Q=242=12

Q: The larger the number of substitutes a product has, the more elastic it is: the fewer the number of…

A: In a market, the elasticity of demand and supply depends upon the nature of the product and other…

Q: Suppose price of a shirt increases from $10 to 11$ and quantity demanded for that shirt decreases…

A: The quantity demanded of the good refers to the amount of the good the consumers are willing and…

Q: A microchip company is looking at new product lines and is reviewing the findings of its marketing…

A: Price elasticity of demand  (E(p) ) is the tool utilized by the companies to determine the…

Q: The demand is more price-elastic: A. If the product is a large part of the consumer's budget. B.…

A: The elastic demand refers to that the small change in the price results in large change in the…

Q: The value of price elasticity of demand varies between __________. a. Zero to infinity b. Infinity…

A: Elasticity of demand is defined as type responsiveness of the quantity demand when price of 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: ce elasticity of demand does not reflect in measurement   a. Unit elastic b. Inferior good c.…

A: Price elasticity measures the degree of responsiveness of demand with respect to change in its…

Q: Demand is inelastic if A) a large change in quantity demanded results in a small change in price.…

A: When computing price elasticity of demand, one need understand the it's range as it can move from…

Q: The price elasticity of demand for a textbook sold in the United States is estimated to be -2,…

A: The price elasticity of demand measures the responsiveness in the quantity demanded of a commodity…

Q: When price of a good is 13 per unit, the consumer buys 11 units of that good. When price rises to 15…

A: The price elasticity of demand measures the change in consumption of a product or service in…

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: Question 7

A: Price elasticity of demand can be calculated as follows:

Q: A consumer buys 40 units of a good at a price of Rs. 3 per unit. When price rises to Rs. 4 per unit…

A: Price elasticity of demand: It refers to the goods and services whose demand changes due to the…

Q: Table 5-2 Price Quantity $100 0 $80 10 $60 $40 $20 20 30 40 $0 50 Refer to Table 5-2. Using the…

A: Price elasticity of demand: - Price elasticity of demand measures the responsiveness of change in…

Q: Demand is said to be _____________ when the quantity demanded is not very responsive to changes in…

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

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…