Question

The price of a large pizza decreased from $18.00 to $14.00. As a result, the quantity demanded of skateboards increased from 250.00 to 270.00.

1st attempt

Part 1 (1 point)

See Hint

Using the midpoint formula, what is the percentage change
observed for the price of a large pizza? Give your answer to two
decimal places.

%

Part 2 (1 point)

See Hint

Using the midpoint formula, what is the percentage change
observed for the quantity demanded of skateboards? Give your answer
to two decimal places.

%

Part 3 (1 point)

See Hint

What is the cross-price elasticity of demand between pizzas and
skateboards? Give your answer to two decimal places.

Answer #1

See images for answers

1.The price of a large pizza decreased from $19.00 to $15.00. As
a result, the quantity demanded of skateboards increased from
240.00 to 260.00.
2.Using the midpoint formula, what is the percentage change
observed for the price of a large pizza? Give your answer to two
decimal places.
3. Using the midpoint formula, what is the percentage change
observed for the quantity demanded of skateboards? Give your answer
to two decimal places.

Consider the following combinations of price and quantity
demanded for an unnamed good. These questions ask you to perform
several percentage change an elasticity calculations. When
calculating percentage change, some questions ask you to use the
traditional formula and some ask you to use the midpoint formula.
For clarity, these two formulas are given below. The values you
calculate should be between -100 and 100 (not -1 to 1). Please
include the sign (if negative) in all of your responses....

Consider the following combinations of price and quantity
demanded for an unnamed good. These questions ask you to perform
several percentage change an elasticity calculations. When
calculating percentage change, some questions ask you to use the
traditional formula and some ask you to use the midpoint formula.
For clarity, these two formulas are given below. The values you
calculate should be between -100 and 100 (not -1 to 1). Please
include the sign (if negative) in all of your responses....

The price of peanut butter increases from $3.50 to $4.00 per
jar, and the quantity of jelly demanded falls from 35 jars to 28
jars. Using the midpoint formula, calculate the cross-price
elasticity of demand. Report your answer to two decimal places.

Suppose the price of apples increases from $20 to $28, and in
response quantity demanded decreases from 100 to 84. Using the
mid-point formula, what is the price elasticity of demand? (Note:
your answer should be correct to two decimal places; and be sure to
express your answer as a positive number.)

1.Price elasticity of demand is defined as:
Multiple Choice
a.the slope of the demand curve.
b.the slope of the demand curve divided by the price.
c.the percentage change in price divided by the percentage
change in quantity demanded.
d.the percentage change in quantity demanded divided by the
percentage change in price.
2. The Midpoint Method for Elasticity uses which of the
following?
Multiple Choice
a.Average percentage change in price only
b.Average percentage change in quantity only
c.Average percentage change in...

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...

As the price of pancakes decreased from $3 to $1 during winter,
the quantity demanded for maple syrup increased from 2 oz. to 3
oz.
Calculate the cross-price elasticity of demand for maple syrup
with respect to pancakes. (Points: 5)
Provide the correct formula
Show the procedure
State the correct answer, including correct sign and
magnitude
Interpret your elasticity value. (Points: 5)
Are pancakes a substitute or complementary
good? (Points: 4)

The table below shows the quantity of workers and total output
for a local pizza parlor. Answer the following questions based on
this table:
Quantity of workers
Total Out put
0
0
1
3
2
3
17
4
22
5
26
6
24
a. When the owner hires 4 workers, the average product of labor
is nothing pizzas. (Enter your response rounded to
two decimal places
b the marginal product of the fifth worker is nothing
pizzas. (Enter...

Calculating the price elasticity of demand: A
step-by-stepguide
Suppose that during the past year, the price of a laptop
computer rose from $2,950 to $3,110. During the same time period,
consumer sales decreased from 468,000 to 296,000 laptops.
Calculate the elasticity of demand between these two
price–quantity combinations by using the following steps. After
each step, complete the relevant part of the table with the
appropriate answers. (Note: For decreases in price
or quantity, enter values in the Change column...

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