Using the information provided in the diagram above, if the absolute value of the price elasticity of demand equals 0.25, then firm is operating at point where demand is and the firm should price.
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- The manager of a hyperrmarket accidentally mismarked the price of 10-killo bag of rice at BD4.38 instead of the regular price of BD5.18. At the end of the week, the store's inventory of 200 bags of rice was completely sold out. The store normally sells an average of 150 bags per week. What is the store's arc elasticity of demand for rice? -1.17 -2.16 -1.71 -0.58If the price elasticity of supply is zero, the supply curve isa. upward sloping.b. horizontal.c. vertical.d. fairly flat at low quantities but steeper at largerquantities.KK ltd produces goods for sale. From trend analysis the management accountant established a demand function of the product to be P=40−1.5q, where P is the unit selling price and q is the quantity in thousands. The enterprise has been producing under the cost TC=q2+10q+50, where TC is the total cost in thousands of cedis.Required3. At what quantity does the firm break even? 4. Calculate the price elasticity of demand at the point and explain your answer
- TRUE OR FALSE. The own price elasticity of demand is unit free but the income elasticity of demand is dependent on the units used.Dr/Sr means Short run of Supply and Demand, DL/Sl means Long run of Supply and Demand. Equilibrium is 140, 1500The longer curly bracket is long run, the shorter one is short run.In the short run, the price elasticity of demand is equal to what via midpoint method? (-.63,.38, or -.33) In the long run, the price elasticity of demand is equal to what via midpoint method? (.83,-.33, or -.63)The population of Greensboro is approximately 300,000. Suppose the average individual has demand for gasoline QD=38−1.15P where is in $ per gallon and is in gallons per month. Calculate the individual elasticity of demand if the price is $3. Calculate the market demand for gasoline for Greensboro.Calculate the market elasticity of demand if the price is $3.
- Mr. Haris has the following demand equation for a certain product: Q = 30 - 2P. At a price of $7, what is the point elasticity? Between prices of $5 and $6, what is the arc elasticity? If the market is made up of 100 individuals with demand curves identical to Mr. Smith’s, what will be the point and arc elasticity for the conditions specified in parts a and b?Choose the letter/s of the correct answer/s. The price of a product is expressed as p, PHP = 10 – 28D where D is the demand. Which of the following correctlyexpresses the total revenue?A. 10 − 28D2 B. 28D = 10 C. 10D − 28D D. 10D −28D2A mechanical pencil manufacturer sells 3570 pencils per quarter for $0 per pencil. The price elasticity for the product was estimated to be 3.7. If the manufacturer decides to change the price by 18 percent then by what percentage should the quantity sold change? Report your percentage as a whole number such that 20 percent would be reported as 20 NOT 0.2
- If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5percent, this market is operating in which section of its downward-sloping straight-linedemand curve? Group of answer choices This market shows elastic demand which could occur at any point along the demand curve. the section below the point of unit elasticity the point equal to unit elasticity the section above the point of unit elasticityMr. Haris has the following demand equation for a certain product: Q = 30 - 2P. a. At a price of $7, what is the point elasticity? b. Between prices of $5 and $6, what is the arc elasticity? c. If the market is made up of 100 individuals with demand curves identical to Mr. Smith’s, what will be the point and arc elasticity for the conditions specified in parts a and b?Cikli is the manager of a firm that receives a revenue of RM3000per month from product X and RM7000 per month from productY. The price elasticity of demand for product X is -2.5 whenoriginal quantity (Q) for X and Y are 150 and 175 units,respectively and the cross price elasticity of demand betweenproduct X and Y is 1.1. If Cikli increases the price of good X by1%.a. How much will Cikli’s total revenue change for product X?b. How much is Cikli’s new total revenue for both of the products?
