Homework Answers
Elasticity = percentage change in quantity/percentage change in price
= -12/17
= -0.71
As the elasticity is negative, the two goods are complements
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and the two goods are If a 17 percent increase in the price of good B...
(Enter your response rounded to If a 10 percent increase in the price of tennis rackets decreases the quantity demanded...
(Enter your response rounded to If a 10 percent increase in the price of tennis rackets decreases the quantity demanded of tennis balls 15 percent, the cross-price elasticity of demand is two decimal places and include a minus sign if necessary.) In this case, tennis rackets and tennis balls are considered to be
If a 1 percent decrease in the price of tennis rackets increases the quantity demanded of...
If a 1 percent decrease in the price of tennis rackets increases the quantity demanded of tennis balls 20 percent, the cross-price elasticity of demand is nothing. (Enter your response rounded to two decimal places and include a minus sign if necessary.) In this case, tennis rackets and tennis balls are considered to be.
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...
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...
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...
If a 21 percent increase in the price of Cheerios causes a 27 percent reduction in...
If a 21 percent increase in the price of Cheerios causes a 27 percent reduction in the number of boxes of cereal demanded the price elasticity of demand for Cheerios is (Enter your response rounded to two decimal places.) The demand for Cheerios is
Question Help The following table gives data on the price of rye and the number of...
Question Help The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Year Price (Dollars per bushel) $3.00 $2.00 Quantity (Bushels) 7,000,000 11,000,000 2017 2018 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of...
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?...
Suppose that legalizing the use of marijuana would decrease its price by 86 percent. If the...
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...
Suppose the own price elasticity of demand for good X is -3, its income elasticity is...
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if: 9.16 points Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers. a. The price of good X decreases by 5 percent. 15 percent b. The price of good...
(Enter your response rounded to If a 10 percent increase in the price of tennis rackets decreases the quantity demanded of tennis balls 15 percent, the cross-price elasticity of demand is two decimal places and include a minus sign if necessary.) In this case, tennis rackets and tennis balls are considered to be
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...
If a 21 percent increase in the price of Cheerios causes a 27 percent reduction in the number of boxes of cereal demanded the price elasticity of demand for Cheerios is (Enter your response rounded to two decimal places.) The demand for Cheerios is
Question Help The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Year Price (Dollars per bushel) $3.00 $2.00 Quantity (Bushels) 7,000,000 11,000,000 2017 2018 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of...
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?...
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...
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if: 9.16 points Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers. a. The price of good X decreases by 5 percent. 15 percent b. The price of good...
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