You are the marketing manager of a farm. How will you transform its price elastic products, such as carrots and potatoes, into price inelastic products in order to gain more profit margins?

Q: Suppose a gelato shop increases its prices by 5 percent and sees a resulting 10 percent decrease in…

A: price elasticity can be defined as change in demand due to the change in price here we calculate the…

Q: Which of the following is likely to have the most price inelastic demand? Group of answer choices a…

A: Most price inelastic demand means elasticity close to 0. Elasticity is taken with a negative sign.…

Q: This good is more elastic in supply. * milk hamburger corn housing

A: Answer: Hamburger Hamburger, The elasticity of supply for hamburgers is more as its supply can be…

Q: A marketing executive once said, “If the price elasticity of demand for your product is inelastic,…

A: Inelastic price elasticity of demand implies a percent change in price causes quantity demanded to…

Q: suppose for commodity X, the price elasticity of demand is 3 and the marginal cost is RM200. compute…

A: Given the price elasticity of demand (3) and marginal cost (200), the optimal price could be…

Q: Find the attached file.

A: The price-elasticity refers to the percentage(%) change in quantity demanded(QD) due to…

Q: Salina advertises her production of home workout supplies.  Initially an exercise floor pad is sold…

A: Given data, Price Quantity   25 50   35 40

Q: Find out if these products fall “most” under elastic or inelastic demand/supply. -Elasticity Demand…

A: Elasticity is a measure of a variable's sensitivity to changes in another variable; it is most…

Q: Explain: as an entrepreneur how can you use this concept of elasticity of demand in providing better…

A: Elasticity is defined as the responsiveness or sensitiveness on the demand if the factor influencing…

Q: Price elasticity of demand for a wheat is unity. A family with 4 individuals demands 40 kg of wheat…

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

Q: Price elasticity of supply in the short run and long term

A: Price elasticity of supply is the responsiveness change in the quantity supplied of a product when…

Q: In bazaars around the world, haggling over price is a way of life. Do you think a seller’s…

A: Demand elasticity is a measure of how much a product's demand changes in reaction to changes in…

Q: Refer to the demand schedule below: Price ($) Quantity demanded 80 70 60 50 40 30 20 10 0 0 50 100…

A: In economics, demand is the quantity of a good that consumers are willing and able to purchase at…

Q: Distinguish between income elasticity of demand and cross price elasticity of demand. Include in…

A: The law of demand says that there is a positive relationship between the price and quantity demanded…

Q: Salina advertises her production of home workout supplies.  Initially an exercise floor pad is sold…

A: Note: There are multiple sub parts in the question. Hence, we shall answer the first three sub parts…

Q: Demand is said to be ___________________ when the quantity demanded is proportionately responsive to…

A: The elasticity of demand refers to the changes in the quantity demanded as per the changes in the…

Q: Consider a market for toilet paper. Toilet paper currently costs $1 per roll and the quantity…

A: price elasticity of demand show the change in demand due to change in price so here we calculate and…

Q: A firm revenue rises from $400 to $500 when the price of its product rises from $20 per unit to $25…

A: we are given that initial total revenue =$400 final total revenue =$500 initial price =$20 final…

Q: A certain product has a demand curve with the following values: P Q $5 150 $7 100 What is the…

A: Demand(dd) curve is a downward-sloping curve showing an inverse-relationship between the price(P)…

Q: If a product has a short-run elasticity of supply equal to zero, then an increase in the demand for…

A: The elasticity of supply measures the responsiveness of supply to change in the price level. The…

Q: Refer to the demand schedule below: Price Quantity ($) demanded 80 0 70 50 60 100 50 150 40 200 30…

A: Total revenue is the total amount of money a company brings in from selling its goods and services.…

Q: When the price of a good rises from $20 per unit to $30 per unit,the revenue of the firm producing…

A: As per the question we are given that  P1= $20 P2=$30 TR1=$100 TR2=$300 we have to find price…

Q: Horizontal and vertical demand curves *

A: Solution : Horizontal and vertical demand curves are not possible in the real world.  Price…

Q: At a price of $150, a cell phone company manufactures 200,000 units. At a price of $250, the company…

A: The price elasticity of supply can be calculated as follows:

Q: what is the importance of price elasticity of demand to pricing managers

A: Pricing managers aim is to set the price that maximize firm's profit. Price elasticity of demand is…

Q: Suppose you are a business owner. Discuss how you would use various demand elasticities (own-price,…

A: In a market, a business owner has to deal with various market factors that cannot be controlled and…

Q: Which of the following is most likely to have a low price elasticity of demand? A good that is very…

A: Answer: The demand for goods that are expansive, luxurious, and goods having many substitutes will…

Q: A firm supplies 500 units of a good at a price of ? 5 per unit. The price elasticity of supply of a…

A: Price elasticity of supply measures the responsiveness to the supply of a good or service after a…

Q: Suppose the demand curve for a product is given by Q = 11 - 2P + 3Ps Where P is the price of the…

A: Price elasticity of demand refers as percentage change in demand due to the percentage change in…

Q: You have been hired as a consultant for the United Potato Growers. Your research indicates that…

A: Price elasticity of demand refers to the proportionate change in the demand for goods and services…

Q: The seller will sell 1,000 units. 7. The price of a commodity is Rs. 10 per unit and its quantity…

A: Given, price of commodity = $10 Quantity supplied at $10 = 500 units Percentage fall in price = 10%…

Q: An exclusive yoghurt manufacture sellers 4000 gallons per month at a price of GHS 40 each. When the…

A: Elasticity of demand measure the change in quantity demanded in response to change in the price of…

Q: George has been selling 5,500 T-shirts per month for $9.50. When he increased the price to $10.50,…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price.A firm…

Q: ce elasticity of demand does not reflect in measurement   a. Unit elastic b. Inferior good c.…

A: Price elasticity measures the degree of responsiveness of demand with respect to change in its…

Q: Your company makes a product, Widgex, that has no direct substitutes, currently popular, and very…

A: The price of the products can be set according to the level of price elasticity of demand, that is…

Q: Draw a graph to show a condition of Unitarily Elastic in Demand. Explain what actually happens to…

A: A unitary elasticity implies that a given rate change in price prompts an equivalent rate change in…

Q: Elasticity of Demand

A: The % change in quantity to % change in price calculated by ed. The methods by which ed can be…

Q: When the price of a kettle increases from OMR 15 to OMR 20, the quantity demanded drops from 3550…

A: "As these are two separate questions, so according to the guidelines answer is provided to the first…

Q: Daffy’s is a pet care company that recently increased the average price of its services by 5%. As a…

A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…

Q: If the price elasticity of supply is zero, the supply curve isa. upward sloping.b. horizontal.c.…

A: Answer - Need to find - If the price elasticity of supply is zero, the supply curve is Evaluating…

Q: Which of the following statements about the price elasticity of demand is correct? The elasticity of…

A: Demand refers to the total amount of a good which an individual is able and willing to buy at the…