Your company has just manufactured a new product. What will be your advise to management if demand for the product is a) Elastic b) Inelastic

Q: Long run elasticity of supply is known as

A: Answer: Note: the question seems to be asking about whether the long-run supply is elastic or…

Q: Is the market demand for smartphones elastic or inelastic? Please provide at least 1 academic or…

A: The price elasticity is the measures of responsiveness of percentage change in quantity demanded…

Q: The price of product A was reduced from $100 to $80 dollars and, as a result, the quantity demanded…

A: Price elasticity of demand (PED) is defined as the responsiveness of the quantity demanded of a…

Q: Please describe the Perfectly Inelastic supply and Perfectly Elastic demand, with the help of…

A: Price elasticity of demand (PED) is the responsiveness of a percentage change in quantity demanded…

Q: Degrees of price elasticity differ and are classified as all of the following except which one? A.…

A: Price elasticity of demand (Ed) = % Change in quantity demanded / % Change in price When |Ed| >…

Q: The producer of product Z has gathered some information regarding product Z: • in 2020 the price was…

A: Given  Price of good Z in 2020 (P20) =4.95 Quantity sold in 2020 (Q20) =58,000 units Price of good…

Q: The demand would be less elastic when the number of Substitutes are more for a good True/False

A: # The availability of more number of substitute for a good means that the good has many more other…

Q: An increase in bus fares reduces the total revenue of the public transit system. This is evidence…

A: Unitary elastic demand means that proportionate change in price will cause proportionate change in…

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: For each of the following equations, Determine whether demand is elastic, inelastic or unitary…

A: As per the guidelines, in case of multiple questions only the first question can be answered, kindly…

Q: explain how the prices of product or services falling under unit elastic, perfectly elastic and…

A: Price elasticity of demand refers to the percentage change in quantity demanded with respect to the…

Q: In competitive markets, the supply of a firm with no fixed costs and constant returns to scale will…

A: In a competitive market, a firm's output and pricing decision depends on itz elasticity and cost…

Q: Suppose you are in charge of pricing at your company and you wish to increase revenues from your…

A: Price Elasticity of demand can be defined as percentage change in quantity demanded of a good or…

Q: If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a…

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

Q: If the percent rise in price is larger than the percent decline in quantity, then: the demand for…

A: The price elasticity of demand measures how a change in the price of a product affects the demand…

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: Unit elastic supply, of course is a _____ ____ _____ increase in supply.

A: Price elasticity of supply measures the responsiveness of supply to changes in price, while other…

Q: The demand curve for product a is given as Q = 2000 - 20P. At what price would elasticity be…

A: Q = 2000-20P dQdP=d(2000-20P)dP=-20   Point elasticity is given by the formula, Ed = dQdP×PQ   We…

Q: What is the relationship between AR and MR when the firm faces perfectly elastic demand for its…

A: # For each unit of output, the revenue generated by the firm is known as the average revenue and on…

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: The price elasticity of demand for a product is unitary elastic. At a price of $30, 100 units of the…

A: Unitary elasticity is the percentage change in the price that tends to equal percentage change in…

Q: The demand function for your product is: Q(P) = 1478-22P where P is price Assuming that P=$50…

A: The price elasticity of demand is defined as the magnitude of change in the quantity demanded for a…

Q: The demand function for a certain metal is q = 100 - 2p, where p is the price per pound and q is the…

A: The demand and supply mechanisms have their several analysis and events and allow for significant…

Q: The price elasticity of demand for a product is __________ when the price of this product increases…

A: Given information, Percentage change in price: 22% Percentage change in quantity demanded: 32% To…

Q: The price elasticity of demand increases with the length of the period considered because consumers…

A: Price elasticity of demand is the responsiveness of quantity demanded to changes in price. It shows…

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: Luxury items tend to have demand, and necessities tend to have demand. Select one: a. perfectly…

A: Luxury items and necessities are to contrast things for consumer. It must be noted that a good which…

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: Suppose that the total revenue received by a company selling basketballs is $600 when the price is…

A: When the price is $30 and revenue received by a company is $600. Quantity of basketball sold by a…

Q: For each of the following values of price elasticity of demand, indicate whether demand is elastic,…

A: Elasticity measures the responsiveness of quantity demanded and quantity supplied to one of its…

Q: Elasticity of supply tends to be greater when * inputs are specialized.time period allowed for…

A: The elasticity of supply measures the quantitative change in supply following change in the price…

Q: For a perfectly elastic demand, the price elasticity coefficient is Zero (0) because no response.…

A: The price elasticity of demand measures the quantitative change in quantity demanded in response to…

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: Calculate price elasticity of demand if quantity demanded of a commodity rises from 800 units to 850…

A: Price elasticity of demand is the change in quantity demanded with the change in the price of…

Q: Unit elastic demand means Ed > 1 True/False

A: The responsiveness of demand with respect to price change is shown by the elasticity of demand.

Q: If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity…

A: Initial Price, P = $1 Final Price, P1 = $2 Initial quantity, Q = 100 Final quantity, Q1 = 80

Q: Graph linear supply functions, which represent (i) an elastic function; (ii) a unit elastic…

A:

Q: Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a…

A:

Q: TRUE OR FALSE *If change in quantities demanded and supplied is greater than the change in price,…

A: We are supposed to do the first question please send rest of the questions again to get the answer.…

Q: The price of product X is reduced from $150 to $140 and, as a result, the quantity demanded…

A: Price elasticity of demand measures the responsiveness of quantity demanded with respect to change…

Q: XYZ Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do…

A: Answer:

Q: Pandemic the economy will slide into a deep recession and incomes on average are expected to…

A: Given : Income elasticity of demand estimate for non-fed ground beef =1.94. Decrease in Income=15%

Q: You are the manager of a firm that receives revenues of $50,000 per year from product Xand $80,000…

A: The cross elasticity of demand or cross-price elasticity of demand measures the percentage change…

Q: An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the…

A: ‘Price elasticity’ of a good is the response in the demand of the good as the price of the good…

Q: A product has a price elasticity of supply of +3.0. Calculate how much quantity supplied changes if…

A: % formula:The elasticity of Supply=%change in quantity/%change in price%change in quantity=((New…