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17. Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90,...
16. Suppose that the price of one product increases from $11 to $42. As a result,...
16. Suppose that the price of one product increases from $11 to $42. As a result, quantity demanded for another product changes from 260 to 180. Based on this information you can tell that these two products are (select one): a. complements b. normal C. substitutes d. inferior 17. Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130. What is the change in total revenue as a...
Clean Industries produces Fresh, a brand of liquid laundry detergent. In order to better manage its...
Clean Industries produces Fresh, a brand of liquid laundry detergent. In order to better manage its inventory and make revenue projections, the company would like to better predict the quantity demanded for its product. The company has gathered data concerning the quantity demanded for Fresh, along with variables believed to affect the demand for Fresh, over the last 30 sales periods. The following information was collected: Variable Description Name DEMAND sales pericd PRICE The quantity demanded for the large size...
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 initial price and quantity are
Suppose initial price and quantity are 161 P and 281 Q and new price and quantity are 142 P and 422 Q . (i). Calculate price elasticity of demand. (ii). If price decreases further what will happen to total revenue? (iii). If we want to increase sales by 30 percent how much should price be decreased (in percentage)? (iv). If we decrease price by 10 percent how will it increase quantity demanded (in percentage)? (b). Suppose price of pizza is $10 and people buy 8...
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...
s Round we Suppose that as the price of Y falls from $20 to $17, the...
s Round we Suppose that as the price of Y falls from $20 to $17, the quantity of Y demanded increases from 110 to 118 Then the absolute value of the price elasticity using the midpoint form to two decimal places, and do not enter a sign)
Can someone please check and tell me what I did wrong, please and thank you. 7....
Can someone please check and tell me what I did wrong, please
and thank you.
7. Explain what this result means in words. Price elasty of demand for Cereal is Suppose that a store decreases the price of laundry detergent from $4.10 to $3.50. As a result, quantity demanded increases from 210 to 230. 8. Using the mid-point approach, calculate the percentage change in price. I This assignment by Lumen Learning is licensed under a Creative Commons Attribution 4.0 Elasticity...
Suppose the cross price elasticity of demand between avocados and times is -1.56 (E avocados/limes -...
Suppose the cross price elasticity of demand between avocados and times is -1.56 (E avocados/limes - -1.56) If the price of limes increases by 4.31%, we would expect the quantity of avocados demanded to change by % Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.If the answer is -10.5% (-10.5% = -105) input-10.5
Suppose the price of pork fell from $3.00 to $2.50 per pound. Over the same period,...
Suppose the price of pork fell from $3.00 to $2.50 per pound. Over the same period, the CPI (which reflects the price of all consumer goods) increased by 10%. What is the percentage change in price (%) that we should use to calculate the price elasticity of demand for beef? (Hint: Recall that we use the midpoint formula to calculate elasticities.) Suppose the price of lettuce rises by 20%. As a result, the quantity of lettuce demanded decreases by 5%....
A.) Suppose the price elasticity of demand for bread is 2.00. If the price of bread...
A.) Suppose the price elasticity of demand for bread is 2.00. If the price of bread falls by 10%, the quantity demanded will increase by: B.) Suppose that a 10% increase income causes a 20% increase in demand for good X. The coefficient of the income elasticity of demand is: C.) The price of a weekly magazine decreases from $1.90 to $1.50. The quantity demanded increases from 100,000 to 200,000 copies. The price elasticity of demand in this range is:...
16. Suppose that the price of one product increases from $11 to $42. As a result, quantity demanded for another product changes from 260 to 180. Based on this information you can tell that these two products are (select one): a. complements b. normal C. substitutes d. inferior 17. Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130. What is the change in total revenue as a...
Clean Industries produces Fresh, a brand of liquid laundry detergent. In order to better manage its inventory and make revenue projections, the company would like to better predict the quantity demanded for its product. The company has gathered data concerning the quantity demanded for Fresh, along with variables believed to affect the demand for Fresh, over the last 30 sales periods. The following information was collected: Variable Description Name DEMAND sales pericd PRICE The quantity demanded for the large size...
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...
s Round we Suppose that as the price of Y falls from $20 to $17, the quantity of Y demanded increases from 110 to 118 Then the absolute value of the price elasticity using the midpoint form to two decimal places, and do not enter a sign)
Can someone please check and tell me what I did wrong, please
and thank you.
7. Explain what this result means in words. Price elasty of demand for Cereal is Suppose that a store decreases the price of laundry detergent from $4.10 to $3.50. As a result, quantity demanded increases from 210 to 230. 8. Using the mid-point approach, calculate the percentage change in price. I This assignment by Lumen Learning is licensed under a Creative Commons Attribution 4.0 Elasticity...
Suppose the cross price elasticity of demand between avocados and times is -1.56 (E avocados/limes - -1.56) If the price of limes increases by 4.31%, we would expect the quantity of avocados demanded to change by % Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.If the answer is -10.5% (-10.5% = -105) input-10.5
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