Homework Answers
Mid point elasticity has change in quantity = (10000 - 25000)/((25000 + 10000)/2) = -85.71%. The % change in price is 10.
Hence price elasticity is ed = % change in Qd/ % change in price = -85.71/10 = -8.57. (You should enter a positive value in case a negative sign is not accepted).
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Suppose a local bank increases the fees they charge for their bank accounts by 10 percent....
Suppose a local bank increases the fees they charge for their bank accounts by 25 percent....
Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response, the demand for their bank accounts decreases from 15,000 to 10,000. What is price elasticity of demand for this bank's accounts? Using the midpoint formula, the price elasticity of demand is . (Enter your response rounded to two decimal places.)
Suppose a local bank increases the fees they charge for their bank accounts by 25 percent....
Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response, the demand for their bank accounts decreases from 20,000 to 5,000. What is price elasticity of demand for this bank's accounts? Using the midpoint formula, the price elasticity of demand is . (Enter your response rounded to two decimal places.)
Uution Hep Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response,...
Uution Hep Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response, the demand for their bank accounts decreases from 5,000 to 2,500. What is price elasticity of demand for this bank's accounts? Using the midpoint formula, the price elasticity of demand is (Enter your response rounded to two decimal places) TA Enter your answer in the answer box
Suppose the price of salt increases by 20 percent and, as a result, the quantity of...
Suppose the price of salt increases by 20 percent and, as a result, the quantity of pepper demanded (holding the price of pepper constant) increases by 6 percent. . (Enter your response rounded to two decimal The cross-price elasticity of demand between salt and pepper is places and include a minus sign if appropriate.)
Suppose the price of salt increases by 20 percent and, as a result, the quantity of...
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Suppose that legalizing the use of heroinheroin would decrease its price by 8181 percent. If the...
Suppose that legalizing the use of
heroinheroin
would decrease its price by
8181
percent. If the price elasticity of demand for
heroinheroin
is
-2.502.50,
what would be the percentage increase in the quantity of
heroinheroin
demanded from legalizing
heroinheroin?
nothing
percent. (Enter a numeric response using a real number rounded
to two decimal places.)
Suppose instead that the price elasticity of demand for
heroinheroin
is
-0.240.24.
What would be the percentage increase in the quantity of
heroinheroin
demanded from legalizing...
Suppose that the long-run price elasticity of demand for gasoline is 0.40. Assume that the price ...
Suppose that the long-run price elasticity of demand for gasoline is 0.40. Assume that the price of gasoline is currently $4.00 per gallon, the quantity of gasoline is 140 billion gallons per year, and the federal government decides to increase the excise tax on gasoline by $1.00 per gallon. Suppose that in the long run the price of gasoline increases by $0.70 per gallon after the $1.00 excise tax is a. Using the midpoint formula, after the tax is imposed,...
Suppose that legalizing the use of cocaine would decrease its price by 82 percent. If the...
Suppose that legalizing the use of cocaine would decrease its price by 82 percent. If the price elasticity of demand for cocaine is -2.00, what would be the percentage increase in the quantity of cocaine demanded from legalizing cocaine? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for cocaine is -0.16. What would be the percentage increase in the quantity of cocaine demanded from legalizing cocaine?...
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Suppose that legalizing the use of marijuana would decrease its price by 86 percent. If the price elasticity of demand for marijuana is -2.50, what would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana?percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for marijuana is-0.36. What would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana?percent (enter your...
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Suppose the price of gasoline decreases from $4.10 to $3.00, and in response quantity demanded increases from 10700 to 11600. Using the mid-point formula, what is the price elasticity of demand? (Note: your answer should be correct to two decimal places, and remember to take the absolute value of your result.)
Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response, the demand for their bank accounts decreases from 15,000 to 10,000. What is price elasticity of demand for this bank's accounts? Using the midpoint formula, the price elasticity of demand is . (Enter your response rounded to two decimal places.)
Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response, the demand for their bank accounts decreases from 20,000 to 5,000. What is price elasticity of demand for this bank's accounts? Using the midpoint formula, the price elasticity of demand is . (Enter your response rounded to two decimal places.)
Uution Hep Suppose a local bank increases the fees they charge for their bank accounts by 25 percent. In response, the demand for their bank accounts decreases from 5,000 to 2,500. What is price elasticity of demand for this bank's accounts? Using the midpoint formula, the price elasticity of demand is (Enter your response rounded to two decimal places) TA Enter your answer in the answer box
Suppose the price of salt increases by 20 percent and, as a result, the quantity of pepper demanded (holding the price of pepper constant) increases by 6 percent. . (Enter your response rounded to two decimal The cross-price elasticity of demand between salt and pepper is places and include a minus sign if appropriate.)
Suppose the price of salt increases by 20 percent and, as a result, the quantity of pepper demanded (holding the price of pepper constant) increases by 2 percent The cross-price elasticity of demand between salt and pepper is(Enter your response rounded to two decimal places and include a minus sign if appropriate) In this example, salit and pepper are Instead, suppose salt and pepper were complements. If so, then the cross-price elasticity of demand between salt and pepper would be...
Suppose that legalizing the use of
heroinheroin
would decrease its price by
8181
percent. If the price elasticity of demand for
heroinheroin
is
-2.502.50,
what would be the percentage increase in the quantity of
heroinheroin
demanded from legalizing
heroinheroin?
nothing
percent. (Enter a numeric response using a real number rounded
to two decimal places.)
Suppose instead that the price elasticity of demand for
heroinheroin
is
-0.240.24.
What would be the percentage increase in the quantity of
heroinheroin
demanded from legalizing...
Suppose that the long-run price elasticity of demand for gasoline is 0.40. Assume that the price of gasoline is currently $4.00 per gallon, the quantity of gasoline is 140 billion gallons per year, and the federal government decides to increase the excise tax on gasoline by $1.00 per gallon. Suppose that in the long run the price of gasoline increases by $0.70 per gallon after the $1.00 excise tax is a. Using the midpoint formula, after the tax is imposed,...
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