Question

1. When the price of a given type of hamster chow increased by 25%, 25% more units were produced and sold. Calculate the appropriate elasticity. You will interpret this answer in the next question.Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places.

2.

The previous question was describing

Group of answer choices

relatively elastic price elasticity of supply

unit elastic price elasticity of demand

unit elastic price elasticity of supply

relatively elastic price elasticity of demand

relatively inelastic price elasticity of supply

relatively inelastic price elasticity of demand

Answer #1

Answer : 1) Price elasticity of supply (Es) = % changes in quantity supplied / % changes in price level

=> Es = 25 / 25 = 1.

Therefore, here the price elasticity of supply is 1.

2) The answer is option C : "unit elastic price elasticity of supply".

For unit price elasticity of supply the Es become equal to 1. Here Es is 1. So, here the price elasticity of supply is unit elastic.

Hence except option C other options are not correct. Therefore, option C is the correct answer.

1. When incomes in a given country rose by 14%, demand for a
certain type of pasta fell by 20%. Calculate the appropriate type
of elasticity, using the methodology in the PowerPoints. You will
interpret your answer in the next question. Enter only numbers, a
decimal point, and/or a negative sign as needed. Round your answer
to two decimal places as necessary; if you round on intermediate
steps, use four places.
2. If more than one option is true, you...

1. When the price of Good 1 changed from $80 per unit to $40 per
unit, demand for Good 2 changed from 6000 units to 10,000 units.
Calculate the appropriate elasticity. You will interpret your
findings in the next question.Enter only numbers, a decimal point,
and/or a negative sign as needed. Round your answer to two decimal
places as necessary; if you round on intermediate steps, use four
places.
2.
You must select all correct answers to get points for...

1.
The Price Elasticity of Demand for a good is −0.78. Which of the
following describes the Price Elasticity of Demand?
Group of answer choices
Elastic
Inelastic
Unit elastic
Perfectly elastic
2.
The Price Elasticity of Demand for a good is −1.11. Which of the
following describes the Price Elasticity of Demand?
Group of answer choices
Elastic
Inelastic
Unit elastic
Perfectly elastic

Given a demand curve of Q=100−4P: 1st attempt Part 1 (1
point)See Hint Calculate the price at which demand is unit elastic.
This price is $ . (Round your answer to two decimal places.)
Part 2 (1 point)See Hint Find the quantity where demand is unit
elastic. This quantity is 25 units . (Round your answer to two
decimal places.)
Part 3 (1 point)See Hint At quantities lower than the value
found in Part 2, the demand curve is Choose...

When the price of an item is $20, there are 500 units produced.
When the price of that same item decreases to $12, there are 400
units produced. Answer the following:
1. Calculate the elasticity of supply at these price
levels
2. Does the law of supply hold?
3. Is supply of this item elastic, inelastic or unit
elastic?

A product’s price has increased by 25% but demand has not been
affected. It can be concluded that this product has:
Slightly inelastic demand
Elastic demand
Unitary elasticity
Inelastic demand
5 points
QUESTION 2
Premium pricing strategies are best for products with a ______
price and ______ quality:
lower; higher
higher; lower
lower; lower
higher; higher

Suppose an office supply store increased its price of file
folders from $.79/box to $.99/box and the quantity demanded
decreased from 85 boxes/month to 83 boxes/month.
What is the price elasticity of demand for file folders?
Tell whether the demand is elastic, unit elastic or
inelastic.
What happens to the total revenue generated for the office
supply store as a result of the price increase, and how does it
show the relationship between elasticity and total revenue?

Talk about price elasticity of demand, and how it is different
from income elasticity. Propose and calculate a numerical example
for each. Also describe price elasticity of supply and use its
formula to numerically calculate an example. In each case, make
sure to identify whether the outcome is elastic/inelastic/unit
elastic, and what the sign of the outcome implies. SHORT ANSWER
PLEASE!

(64)Suppose that the quantity of oranges sold increases
by 45 percent when the price of tangerines increases by 25 percent.
What is the coefficient of cross price elasticity of demand for
these fruits?
(a)2.5
(b)3.2
(c)1.8
(d)0.3
(65)Given the coefficient of cross price elasticity of
demand for the fruits in Q#64 above, which of the following
statements is true?
(a)They are complements
(b)Their demand curve is negatively sloped
(c)Their cross elasticity of demand is negative
(d)None of the above
(66)Which...

1.
Adusei Incorporated reduces the price of their widgets from $25
to $18 and as a result, the quantity sold increases from 500 units
a day to 650. The elasticity of demand for this company's widgets
is:
2.
The price of gas increases by 14% and as a result, gas sales
fall by 3%.
2.1.
What is the elasticity of demand for gas at this point? **Round
to 2 digits behind the decimal.
The price of gas increases by 14%...

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