The following table Q18 shows a portion of the demand schedule for a particular good at various levels of income. Using the midpoint method, when income equals RM7,500, what is the prieelasticity of demand between RM16 and RM20?Table Q18: Demand schedule Vs Income levelPriceQuantity DemandedQuantity DemandedQuantity Demanded(RM)(Income = RM$5,000)(Income = RM7,500)(Income = RM10,000)243420468166912128121681020121824A.1.80В.0.75C.1.33D.0.56 In the market for smartphones, which of the following events increases the supply of smartphones?А.New technology lowers the cost of making a smartphoneВ.An increase in people's incomesС.Rise in the price of an e-book reader (a substitute in production)D.A rise in the wage rate paid to electronics workers

The following table Q18 shows a portion of the demand schedule for a particular good at various levels of income. Using the midpoint method, when income equals RM7,500, what is th elasticity of demand between RM16 and RM20? Table Q18: Demand schedule Vs Income level Price Quantity Demanded Quantity Demanded Quantity Demanded (RM) (Income = RMS5,000) (Income = RM7,500) (Income = RM10,000) 24 4 20 6. 16 6 9 12 12 12 16 10 15 20 4 12 18 24 A. 1.80 В. О 0.75 C. 1.33 D. 0.56

The following table Q18 shows a portion of the demand schedule for a particular good at various levels of income. Using the midpoint method, when income equals RM7,500, what is th elasticity of demand between RM16 and RM20? Table Q18: Demand schedule Vs Income level Price Quantity Demanded Quantity Demanded Quantity Demanded (RM) (Income = RMS5,000) (Income = RM7,500) (Income = RM10,000) 24 4 20 6. 16 6 9 12 12 12 16 10 15 20 4 12 18 24 A. 1.80 В. О 0.75 C. 1.33 D. 0.56

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 8.3IP: Hand Sanitizer Due to the H1N1 flu outbreak, the demand for hand sanitizer has tripled. Should...

See similar textbooks

Similar questions

Other things constant, a decrease in the demand for hair dryers will a.increase the demand for hair dryer manufacturing workers. b.increase the price of hair dryers. c.decrease the demand for hair dryer manufacturing workers. d.increase the quantity supplied of hair dryers.
The quality of burgers in McDonalds have tanked in the recent years as workers are getting more lazy to make quality food. This would ______ the demand for McDonald's burger, and lead to a/an _______ in the quantity of burgers sold and a/an ________ in the price of burgers
Supply and Demand: End of Chapter Problem a. When the price of olive oil goes up, what probably happens to the demand for corn oil? The demand for corn oil . b. When the price of petroleum goes up, what probably happens to the demand for natural gas? To the demand for coal? To the demand for solar power? The demand for natural gas . The demand for coal . The demand for solar powe
What effect over the last decade, has the increasingly efficient and inexpensive technology of online college courses had on the college textbook market? Question 48 options: a) The demand for physical textbooks have steadily decreased, and as a result more publishing companies are having less demand for high skilled textbook editor jobs. b) The demand for textbooks has declined resulting in publishing companies increasing their demand of textbook editor jobs. c) The demand for textbook has increased as well as the supply. d) The supply for college textbooks has increased as a result there are fewer textbook publishing companies.
llustrate in the below graph the consequences caused by an oversupply (high increase) on supply and a slight decline (small decrease) of demand -What will happen with the price of oil, will increase or decrease? -What about the total quantity of oil production, will increase or decrease?
If the demand for Halloween candy is increasing and the number of sellers selling the candy is also increasing by more than the demand, then what will happen to price and quantity sold of candy in October as compared to September: Think about Supply and Demand when answering question, there is No opinion needed here. : A. Price of the candy will be higher and amount of candy sold is higher. B. The price will be same in October and September and quantity sold will be less. C. The price will be lower and quantity sold is higher in October than in September. D. The price will be higher and quantity sold will be the same as previous month of September. E. There is More information needed, to determine what happens to the Price and quantity sold .
If the demand for oranges falls, it is highly likely that the demand for: orange juice will fall. orange grove workers will fall. apples will increase. apple orchard workers will decrease.
In the market for smartphones, what event decreases the demand for smartphones today? The demand for smartphones decreases when ________. A. the price of a smartphone is expected to fall next month B. the price of a smartphone rises C. smartphones become more popular next month D. the price of a call from a smartphone falls
Analysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008. According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?
Suppose a decrease in the world demand for desktop computers causes the price of desktop computers to fall from $600 to $500. Before the fall in demand, Juna, a local computer dealer in Japan, used to produce 9,000 desktop computers and exported 50 percent of it to other countries every week. However, after the fall in demand, Juna reduced its production to 8,000 units and exports only 40 percent of its total output.a. What are the changes in the quantity sold to domestic consumersb. What are the changes in the consumer surplus?c. Sketch a diagram to illustrate the changes for Juna.
urgently need Extract: Rising Global Food Prices In 2009, the World Bank reported that global food prices had almost doubled since 2005 and were forecast to continue to increase. The price of wheat especially had increased at an alarming rate of around 200% from 2008 to the end of 2009. The prices of maize (corn) and rice had also escalated. In November 2009, the Indian government reported that annual rise in food price was 21%, the price of pulses (lentils) had risen by over 30% and so had sugar prices. In Pakistan, food prices had also increased to a record high amidst claims of hoarding by grain processors and retailers. Usually, price changes for cereals can be attributed to short-term variations in supply caused by bad weather conditions. This was not the case for the latest price increases which were caused largely by demand side factors which included: the rising demand for meat in the fast growing economies of China and India; large quantities of grain are needed to feed…
Another supply and demand puzzle The market price of pizzas in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because the price of dough, an important ingredient for making pizzas, has decreased. Other students attribute the decrease in the price of pizzas to a recent decrease in the price of hamburgers at local burger joints. Everyone agrees that the decrease in the price of hamburgers was caused by a recent decrease in the price of ground beef, which is not generally used in making pizzas. Assume that pizza parlors and burger joints are entirely separate entities—that is, there aren't places that serve both pizzas and hamburgers. The first group of students thinks the decrease in the price of pizzas is due to the fact that the price of dough, an important ingredient for making pizzas, has decreased. On the following graph, adjust the supply and demand…