The price of product A was reduced from $100 to $80 dollars and, as a result, the quantity demanded has increased from 50 to 70 units. The price elasticity of demand is equal to _________ which is _____( inelastic, elastic,  unit elastic).

Q: The price of a good rises from $8 to $12,and the quantity demanded falls from 110 to 90…

A: Term: Quantity demanded: The aggregate value of products or services required by customers during a…

Q: The price of a good rises from $6 to $8. Thus, the quantity demanded of that good falls from 150 to…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: If a price increase of 50% results in an increase in the quantity supplied of an economic good from…

A: The price elasticity of supply measures the degree of responsiveness of supply to fluctuation in the…

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: The inverse demand function for grapes is described by the equation p=518 - 5q, where p is the price…

A: Price Elaticity of demand is the measurment of responsivness of demand when the Price is change in…

Q: If a manufacturer sets the price of the good at $ 10, he can sell 300 of this item in a year. If the…

A: I) Arc elasticity of demand  Ed= % change in quantity demanded/% change in price     =…

Q: The income elasticities of demand for movies, dental services and clothing have been estimated to be…

A: +3.4 - If income increases by 1%, quantity demanded of movies will increase by 3.4%, ceteris…

Q: Florida State University has just lowered the price of its season football tickets from $350 to…

A: Mid point elasticity: It measures the average elasticity over the part of demand curve or supply…

Q: If the the market price of price of a kilogram of coffee changed changed from $1.06 to $1.16, and…

A: Price elasticity of supply=percent change in quantity supplied/percent change in price Percent…

Q: Identify the coefficient of price- elasticity of demand when the percentage increase in the quantity…

A: Price elasticity of demand indicates the proportional change in demand due to a proportional change…

Q: The price for cigarettes sold by Big Tobacco Co Ltd was 6.00 per packet in March 2018. During the…

A: The demand is inelastic when the elasticity coefficient is less than 1. If the demand is less than…

Q: True or False:  Elasticity is measured as the unit change in quantity divided by the dollar change…

A: Elasticity: - Elasticity measures the responsiveness of change in one variable due to a change in…

Q: The price of widgets has decreased from $6 to $5, causing the quantity demanded to increase from 300…

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

Q: The price of product A was reduced from PhP100 to PhP80 pesos and, as a result, the quantity…

A: Definition of price elasticity of demand:   Responsiveness of quantity demanded of a good (or…

Q: Suppose we find that the price elasticity of demand for a product Is 1.25 when Its price Is…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Recently, gas prices have soared across the capital region. When the average gas price rose from…

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

Q: The income elasticity of demand for eggs has been estimated to be 0.57. If income grows by 5% in a…

A: Change in demand can be calculated as follows: Change in demand = Demand×income=0.57×5=2.85

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

A: Given information,  Price elasticity is 1 Earlier price is 20 Final price is 40 Initial quantity is…

Q: calculate the price elasticity of demand from 2 to 1 using the midpoint

A: Price Elasticity is the measure of elasticity of quantity demanded in response of change in price…

Q: The price elasticity of demand for personal computers is estimated to be − 2.2. If the price of…

A: Price elasticity of demand = % Change in quantity sold (demanded) / % Change in price

Q: When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from…

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

Q: The price elasticity of demand for personal computers is estimated to be −2.5. If the price of…

A: Elasticity = -2.5  Change in price = - 20 %

Q: A persent increase in the price of a good results in a percent increase in total revenue . from this…

A: Inelastic demand refers to the situation where the percentage change in quantity is lower than the…

Q: The demand for a product is inelastic with respect to price if:         consumers are largely…

A: Demand is the willingness of consumers for consuming goods and services at different price levels.…

Q: he price elasticity of demand for soft drinks is -1.6.  SK Jaleel sells 500,000 cases of 250ml soft…

A: % change in Quantity of Good SK Jaleel = 20%% change in Price of Sollo = 5% Cross Elasticity of…

Q: A 10 percent decrease in the price of coffee leads to a 20 percent decrease in the quantity of tea…

A: The responsiveness of demand of a good with respect to the changes in the level of price of another…

Q: 180 80 90 QUANTITY (Units) For each of the regions, use the midpoint method to identify whether the…

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

Q: Consider the supply equation P =7+2Q2. By evaluating the price elasticity of supply at the point P =…

A: Answer: Given, Supply equation P=7+2Q2 Calculation: The formula for price elasticity of supply is…

Q: A 10 percent increase in the price of tea causes 8 percent increase in the demand for coffee. The…

A: Cross elasticity of demand is referred to the change that occurred in the quantity demanded of one…

Q: The demand for commodity X fell from 1000 units to 800 units. When the income of the consumer…

A: Income elasticity of demand: It is the measurement of the change in the change in the quantity…

Q: The price elasticity of demand for math textbooks is -0.2. What percentage price change would have…

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

Q: The income elasticity of demand for corndogs is estimated to be -1. This implies corndogs are

A: Income elasticity of demand = %age change in demand / %age change in income

Q: The income elasticities of demand for movies, dental services, and clothing have been estimated to…

A: The quantity demanded of a good refers to the amount of a good that consumers of the good are…

Q: QUESTION 14 Demand is inelastic if the price elasticity of demand is greater than 1 True False

A: Price elasticity of demand is the ratio of percentage change in quantity demanded and percentage…

Q: The Reliable Aircraft Company manufactures small, pleasure-use aircraft. Based on past experience,…

A: Arc elasticity is a method by which  elasticity at the midpoint is measured between two selected…

Q: Question 18.18.   You are the sales manager for a software company and have been informed that the…

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

Q: Over the range from $20 to $18, Qd goes from 12 to 17.  Using this range of prices and quantities,…

A: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price The formula to…

Q: QUESTION 15 The price of widgets has decreased from $3 to $2, causing the quantity demanded to…

A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in…

Q: company increases the price of its product from $ 210 to $ 240 per unit and keeps 30,500 units of…

A: The price is increased from $210 to $240. The stock the company keeps every month remains at 30,500…

Q: The price of a package of Reese's Peanut Butter Cups rises from $1.00 to $1.25. As a result, the…

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

Q: You are in management at Superior Industries Inc., the only company in the world sells the popular…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: The cross-price elasticity between two products is estimated to be-0.5. If the price of the first…

A: It is the ratio of percentage change in quantity of one product to the percentage change in price of…

Q: During a recent 30-day period, the Squish restaurant sold 600 Ocean Delights at a price of $6.45.…

A: Total revenue is the multiplication of price and quantity. The price rises then the total revenue…

Q: Assuming demand changed from D2 to D1 as a result of an increase in consumer income from $10,000 to…

A: Income elasticity of demand measures the responsiveness of demand to change in income, keeping other…

Q: A firm has unitary elasticity for its product. During the movement control order (MCO), Should the…

A: Unitary Elasticity: It refers to the elasticity that is equal to one. Under the unitary elasticity,…

Q: The price elasticity of demand is given by E= = where P and Q denote price and 20² quantity…

A: Demand function: P = a-bQ

Q: QUESTION 15 The price elasticity of demand is a measure of how much the quantity demanded of a good…

A: The price elasticity of demand is the ratio of percentage change in quantity demanded and percentage…