When the price of a good is $10, the quantity demanded is 200 units per month; when the price is $14, the quantity demanded is 160 units per month. Using the arc midpoint method, the price elasticity of demand would be O -0.22. O-0.67. O-1.33. O-1.50.
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- If 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.The amount of money Shelly has increased by $40. After she received the extra money, Shelley buys more colored pencils and fewer crayons. Mark all the correct statements. Responses Colored pencils are complements Colored pencils are a normal good Crayons are a normal good Crayons are substitutes Crayons are complements Colored pencils are substitutes Crayons are an inferior good Colored pencils are an inferior goodTrue or False. Inelasticity demand occurs when consumers are highly sensitive to price changes.
- If the demand for tin is relatively inelastic to price changes, an increase in the supply for tin will cause a A. decrease in price and a decrease in sales revenue. B. increase in price and an increase in sales revenue. C. decrease in price and an increase in sales revenue. D. increase in price and a decrease in sales revenue.IS THIS ANSWER CORRECT The price elasticity of demand for bread is computed as the percentage change in quantity being demanded with respect to the percentage change in price. Hence, option A is correct. When there is a new product that is a close substitute for bread, the price elasticity of demand for bread would be higher. Hence, option B is correct. When the bread is considered to be a necessity good, the price elasticity of demand for bread would be higher. Hence, option C is correct. Hence, the correct option is D.What is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don't use chatgpt otherwise give 20 downvotes Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.2. If a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by . If the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be than the effect 3 months from now. Studies also find that teenagers have a higher price elasticity of demand than do adults. Which of the following statements are consistent with this result? Check all that apply. Teenagers do not have as much income as adults, so they are more price sensitive. It is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes. Adults are more likely to be addicted to cigarettes.1.5 Your firm, Content Friend, is similar to Happy Labourer, a Ghanaian firm that designs and manufactures artifacts and souvenirs. Your research analyst has estimated the demand function for your kente souvenirs is Qd = 33 - 4P If you set the price of a plush kente souvenir at $5, how many will consumers buy? If you increase the price of a plush kente souvenir by $1, how will this change the quantity that your customers buy?Suppose the price of a can of soup is $1.30 and the quantity demanded is 9. When the price increases to $1.50, the quantity demanded drops to 7. Using the mid-point method, what is the price elasticity of demand? Multiple Choice a. 1.75 b. 0.57 c. −1.75 d. −0.57
- In order to prove that Motrin and Ibuprofen are substitutes, one should measure the ________ and get a ________. cross-price elasticity; positive number price elasticity of demand; number less than 1 (in absolute value) price elasticity of demand; number greater than 1 (in absolute value) cross-price elasticity; negative numberThe demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the price is increased to $40, then one would expect sales to equal: Group of answer choices 20 units. 10 units. 5 units. 0 units.As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 to 114 units. Are goods X and Y substitutes or complements? Group of answer choices Income elastic with an unknown elasticity Substitutes, however, demand is elastic Complements, however, demand is inelastic Substitutes, however, demand is inelastic Complements, however, demand is elastic
