The supply of product X is elastic if the price of X rises by   Multiple Choice   1 percent and quantity supplied rises by 5 percent.   4 percent and quantity supplied rises by 4 percent.   8 percent and quantity supplied remains the same.   10 percent and quantity supplied rises by 2 percent.

Q: Demand is said to be elastic when the: select correct and explain A) percentage change in…

A: Demand is that quantity of commodity which a consumer is willing and able to buy at each possible…

Q: Compared to 2020, the price of computer chips is much higher today and revenues from computer chips…

A: Elasticity of demand is often measured by taking into consideration its impact on the total revenue…

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

A: inelastic

Q: If the price of Good Y falls from $10 to $8, and the quantity demanded of it rises from 1,000 units…

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

Q: For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly…

A: The price elasticity of demand indicates the degree to which the quantity demanded of a good or…

Q: If a 10% increase in price leads to a 40% decrease in quantity demanded, what is the value of price…

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

Q: Suppose the demand for commodity X is estimated as follows: X=68-1.6Px + 0.6Py + 0.08M   Where:…

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

Q: Q76 If goods X and Y are complements and the price of X falls, all things equal, the demand curve…

A: According to the law of demand, there is an inverse relationship between the price of goods and…

Q: Question 20.20  Movie theaters charge lower prices to see a movie in the afternoon than in the…

A: In a market, a firm generally make their pricing policy according to the elasticity of demand and…

Q: At a price of $8, Primo’s sold 20 cheese pizzas. When Primo’s  raised the price to $10, the quantity…

A: The ability to determine whether a company's goods or services are elastic is critical to the…

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: A 2 percent fall in the price of chocolate sauce increases the quantity of chocolate sauce demanded…

A: Price elasticity of demand (PED) is defined as the change in the demand for a good or service due to…

Q: The basic idea of elasticity is:     How a percentage change in one variable causes a percentage…

A: Elasticity is very important for the economy. Elasticity is related to something which is changing.…

Q: Use Exhibit 1. Which of the following statements is (are) correct? (x) Using the midpoint method,…

A: The midpoint formula for price elasticity of demand is: ={(Q2-Q1)/[(Q2+Q1)/2]}/{(P2-P1)/[(P2+P1)/2]}…

Q: Which of the following is most likely to occur when price is inelastic? 1) A price increase reduces…

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

Q: If a 5 percent change in the price of a good leads to a 10 percent change in the quantity supplied,…

A: Elasticity of supply refers to Percentage change in quantity supplied with respect to Percentage…

Q: Income of a person is 8000 and he uses 60 units of a commodity. Calculate income elasticity of…

A: Income elasticity of demand displays the the responsiveness of the quantity demanded for a…

Q: If the percentage change in price is 20 percent and the value of the price elasticity of demand is…

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

Q: What occurs to demand if there is a 10 percent increase in the price which leads to a 25 percent…

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

Q: Income of a person is 8000 and he uses 60 units of a commodity. Calculate income elasticity of…

A: The sensitivity of the quantity demanded of a certain product to a shift in the real income of…

Q: The supply of product X is inelastic (but not perfectly inelastic) if the price of X rises by...…

A: The supply of a good is inelastic when the price elasticity of supply is less than 1 (<1).…

Q: When the price of a widget is $10, 200 units are sold on the market.  When the price of a widget…

A: I. The price elasticity of demand can be calculated by midpoint formula as follows: It is given…

Q: You are the sales manager for a software company and have been informed that the price elasticity of…

A: Price elasticity of demand refers to the responsiveness of quantity demanded a good to change in the…

Q: Suppose the price elasticity of demand for bread is 2. If the price of bread falls by 8 percent, the…

A: The formula is: Price elasticity of demand(E)=% change in quantity% change in price -2=% change in…

Q: A city government decides to tax hotel rooms to raise money. Before the tax, 1000 rooms were…

A: Taxes are important because they allow governments to collect money and utilize it to fund social…

Q: he supply of product X is perfectly inelastic if the price of X rises by   Multiple Choice   2…

A: The supply is perfectly inelastic means there is no change in the quantity supplied even there is…

Q: Suppose that you are in charge of pricing at a local sandwich shop. The business needs to increase…

A: The following problem has been answered as follows

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: The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From…

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

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: When the price of product “X” increases 12 percent (+ 12%), Josh decreases his quantity demanded of…

A: * ANSWER :-

Q: rder to boost ticket revenues, an economist would advise: Group of answer choices decreasing the…

A: * Answer :-  * The Option (C) is correct. Elasticity=0.89 * The value is less than 1 so the…

Q: A 3.5 percent increase in the price of milk causes a 7 percent reduction in the quantity demanded of…

A: The cross elasticity of demand is an economic term that evaluates how sensitive a quantity requested…

Q: If income increases by 2.0 percentand quantity demanded of a good increases by 0.2 percent, the…

A: The income elasticity of demand measures the responsiveness of changes in the quantity demanded that…

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: Pick an answer  Demand for good X is perfectly elastic. Currently, the price of good X is $5 and…

A: Elasticity is the concept used by economists to measure the responsiveness of supply/demand to…

Q: The demand for necessities generally is ________ the demand for food items.         less elastic…

A: A necessity good is that good which must be consumed in a specific quantity, irrespective of its…

Q: what is the price elasticity of demand when the price falls from five dollars to four?  Price…

A: When price falls from $5 to $4, the quantity demanded increases from 20 to 25 units.   Price…

Q: 10 In which of the following instances will * ?total revenue increase price falls and demand is…

A: There exists relation between price and total revenue which is based on elasticity of demand.

Q: Sally Henin has a price elasticity of demand for gasoline of -0.8. Her income elasticity for…

A: The price elasticity of demand is expressed as the ratio of the percentage change in quantity…

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…

Q: Question 20.20.   Movie theaters charge lower prices to see a movie in the afternoon than in the…

A: The elasticity of demand represents the degree of responsiveness of quantity demanded and price. It…