Suppose the price of gasoline increases 10% and quantity of gasoline demanded in Orlando drops 5% per day. Demand for gasoline in Orlando is? I know that the answer is inelastic but the thing is that I thought the answer will be elastic because the demand for gasoline is dropping, can you explain why it would be inelastic rather than elastic.

Q: At a price of $11, quantity demanded is 90, and at a price of $9 , quantity demanded is 110. Using…

A: Price elasticity of demand refers to the percentage changes in the demand for goods and services due…

Q: A price change causes the quantity demanded of a good to increase by 12%, while the total revenue of…

A: In a market, a change in quantity demanded due to the price change will lead to affect the total…

Q: Henry Ford famously mass-produced cars at the beginning of the twentieth century, starting Ford…

A: inelastic

Q: Suppose that 50 units of a product are sold at a price of $120. The price then falls to $100 and…

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

Q: If the price of a good or service increases and the total revenue received by the seller declines,…

A: When an increase in the price of a good or service leads to a fall in the revenue, it means that the…

Q: The New York City Parks Department learned an important lesson about elasticity when it decided to…

A: Price increased from $100 to $200 and quantity of permits demanded decreased from 2000 to 1000.

Q: Suppose Government of Pakistan wants to put a curb on public smoking. Studies indicate that the…

A: Price elasticity of demand = %chnage in the quantity demanded / %chnage in the price

Q: When the percentage change in the quantity demanded exceeds the percentage change in price, then…

A: Quantity demanded refers to the general quantity of associate item or service that buyers demand…

Q: The own price elasticity of demand for apples is -1.2 (or |1.2|). If the price of apples falls by…

A: At the marketplace, the concept of own price elasticity of demand is widely used by firms and…

Q: Question 3 For which of these goods would the market demand be more elastic, Residential electricity…

A: Answer: The elasticity of demand for a good is more elastic in the long run as compared to the short…

Q: What will be the value of price elasticity if the demand for a product is relatively elastic? a.…

A: The elasticity of demand measures the percentage by which the quantity demanded will change when the…

Q: Unit elastic supply, of course is a _____ ____ _____ increase in supply.

A: Price elasticity of supply measures the responsiveness of supply to changes in price, while other…

Q: Suppose that business travelers and vacationers have the following demand for airline tickets from…

A: Elasticity of demand measures the responsiveness of percentage change in quantity demanded due to…

Q: Calculate the value of elasticity of supply if the quantity supplied rises by 60% and the price rise…

A: In the above question we are given that:- Quantity supplied rises by = 60% Rise in price = 20%

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

A: Demand is the total quantity of products and services for which the customers are ready to pay…

Q: Demand is elastic if elasticity is equal to 0 equal to 1 greater than 1 less than 1

A: Elasticity measures the responsiveness of percentage change in the quantity demanded due to some…

Q: Calculate the Price Elasticity of Demand (PED) for diamond rings if there is a price increase from…

A:

Q: Can the elasticity of demand be 0?  If yes, in what situation is this possible

A: # The term elasticity of demand related the quantity demanded and price and explains how quantity…

Q: Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time?…

A: Price elasticity of demand refers to the change in the demand due to the change in the price whereas…

Q: If the elasticity of demand changes to -1.2, and price increases by 2%, how much the quantity…

A: elasticity of demand refers change in demand due to change in price , so here we calculate the…

Q: Question 12 For which of these goods would the market demand be more elastic, fantasy novels or…

A: Elasticity is the responsiveness of quantity of a good due to change in the price.

Q: Suppose we estimate that the demand elasticity for fine leather jackets is .7 at their current…

A: The price elasticity of demand is a concept which measures the responsiveness of the alteration in…

Q: In the graph, when the elasticity moves to the left means : a. Unit in demand or supply inelastic…

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

Q: If the shoe store finds a demand elasticity for its running shoes of 1.3, is this elastic, unit…

A: 1. Given  The shoe store finds a demand elasticity for its running shoes of 1.3.  The price…

Q: The demand for a car wash is x = 600 − 40p, where the current price is $1. Find the price elasticity…

A: Given  We know that, Now, And for p = 1, we have X = 600 – 40*1 = 560

Q: what % change would this have on the price of the product as well as the revenue going to those who…

A: Price elasticity of demand is defined as ratio of percentage change in quantity demanded to the…

Q: For the given demand function D(x), and price, in dollars, x, find the elasticity at the given…

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

Q: Describe elasticity effects as it relates to services such as health care,higher…

A: Meaning of Price Elasticity of Demand: Price elasticity of demand refers to the extent of change…

Q: What is the difference between elastic demand and inelastic demand? Please provide and explain one…

A: Demand means the ability and desire of consumers to purchase goods and services.

Q: What is the difference between elastic demand and inelastic demand?

A: The elasticity of demand: It is the adjustment or change sought after when there is an adjustment in…

Q: Question 13 For the given demand function D(x), and price, in dollars, x, find the elasticity at the…

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

Q: Graph linear demand functions, which represent (i) an elastic function; (ii) a unit elastic…

A:

Q: Suppose that many varieties of lettuce have been damaged in a particular season by disease. Only…

A: According to the question, percentage change in price of green leaf lettuce is 50% and percentage…

Q: uppose the elasticity of demand for used cars is estimated to be 3.  What does this mean? What will…

A: Note : Since you have posted multiple questions at a time , therefore only the first question shall…

Q: If new cars are an elastic good then: If the price of new cars goes up people will buy more If the…

A: The elasticity of demand explains the percentage change in quantity demanded due to the percentage…

Q: suppose the price of elasticity of demand for used cars is estimated to be 3. what does this mean?…

A: Price elasticity of demand depicts how much consumer responds with the change in price. Hence, more…

Q: Q) The Barrington T-shirt Company recently raised the price of its shirts from $2.50 to $3.00. At…

A: Answer: Introduction: According to the question, the price of the T-shirt has increased from $2.50…

Q: If the elasticity is greater than 1, is demand elastic or inelastic?

A: Elasticity refers to the responsiveness of one variable to changes in another variable; given that…

Q: If the elasticity coefficient is less than 1, what do we know about demand?

A:

Q: Find elasticity demand for p+0.0003x=15 at x=25,000 , what kind of elasticity is this

A: Given, Demand function, p+0.0003x = 15 or p = 15 – 0.0003x Value of x (quantity demanded) =25000…

Q: If the demand for American automobiles is more elastic in Europe than it is in the United States, we…

A: The price elasticity of demand of a good is a measure of how price affects the quantity demanded.…

Q: If the price rises by 20% and quantity demanded falls by 40%, the coefficient of price elasticity of…

A: Price elasticity of demand refers to a percentage change in quantity demanded due to a percentage…

Q: Economists have observed that spending on restaurant meals declines more during economic downturns…

A: Elasticity refers to the responsiveness of quantity demanded with changes in the price or income.…

Q: Suppose that many varieties of lettuce have been damaged in a particular season by disease. Only…

A: Answer: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…