Homework Answers
Before solving the given statement we need to know the meaning of elastic demand
An elastic demand is a type of demand in which even there is a small change in the price can cause heavy change in the quantity demanded
So in the in the given statement we can see that since the demand of American automobiles is more elastic in Europe than in the US
So the people of of Europe are more price sensitive as compared to United States
When there is a small change or rise in the price can causes heavy drop in the quantity demanded of the cars in Europe
Hence there will be lower price of American automobiles in Europe as compared to United States
option C is neglected because it is from the supply perspective but question is asking from the demand perspective
The correct answer is option B
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35 If the demand for American automobiles is more elastic in Europe than it is in...
its fundamentals to economics ensures that resources are allocated to their highest-valued uses. a. Monopoly b....
its
fundamentals to economics
ensures that resources are allocated to their highest-valued uses. a. Monopoly b. Government C. The consumer d. Competition e. Arbitrage Styles 3 As the wago rato increases, the quantity supplied of labor in a market will a. increase. b. decrease c. first increase and then decrease. d. first decrease and then increase. e. remain constant. 4 As the wage rate increases, the quantity demanded of labor in a market will a. increase. b. decrease. c. first...
(1)Product differentiation makes the demand for a monopolistically competitive firm’s product A perfectly elastic. B more...
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All else equal, consumer demand for a good will be more elastic in the short run...
All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...
Demand is more elastic: a. in the short run than in the long run. b. for...
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36 If a college student's demand for newspaper subscriptions is more price-elastic than a business executive's...
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A) Is the demand for Dell computers to be more or less price-elastic than the demand...
A) Is the demand for Dell computers to be more or less price-elastic than the demand for all Computers? Explain B) Compare the demand curve of Dell computers and the demand curve for all computers, which one is steeper?
Smoking remains more common in much of Europe than in the United States. In the United...
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More inelastic the demand the lower is going to be the relative price, while more elastic...
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Consider trade in automobiles between the United States and Europe. The average European car costs €15,000....
Consider trade in automobiles between the United States and Europe. The average European car costs €15,000. Suppose that the United States does not import any other goods and services from other countries. In March, the U.S. dollar-euro exchange rate is $1.16 per euro, and the United States imports 90,000 European cars at this exchange rate. Therefore, in March, the United States spends a total of on imported European cars. If the total value of U.S. exports is $0.52 billion, the...
O a. It is lower than one for goods with elastic demand b. It is not...
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its
fundamentals to economics
ensures that resources are allocated to their highest-valued uses. a. Monopoly b. Government C. The consumer d. Competition e. Arbitrage Styles 3 As the wago rato increases, the quantity supplied of labor in a market will a. increase. b. decrease c. first increase and then decrease. d. first decrease and then increase. e. remain constant. 4 As the wage rate increases, the quantity demanded of labor in a market will a. increase. b. decrease. c. first...
All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...
36 If a college student's demand for newspaper subscriptions is more price-elastic than a business executive's demand for m newspaper subscriptions, which of the following pricing strategies would a price-discriminating newspaper publisher follow? O Charge the same rate to college students and business executives O Set price according to the marginal cost of printing the newspaper O Charge a higher price to college students O Charge a higher price to business executives
Smoking remains more common in much of Europe than in the United States. In the United States, there is a strong relationship between education and smoking: well-educated people are less likely to smoke. Does a similar relationship hold in France? Here is a two-way table of the level of education and smoking status (nonsmoker, former smoker, moderate smoker, heavy smoker) of a sample of 461 French men aged 20 to 60 years. The subjects are a random sample of men...
Consider trade in automobiles between the United States and Europe. The average European car costs €15,000. Suppose that the United States does not import any other goods and services from other countries. In March, the U.S. dollar-euro exchange rate is $1.16 per euro, and the United States imports 90,000 European cars at this exchange rate. Therefore, in March, the United States spends a total of on imported European cars. If the total value of U.S. exports is $0.52 billion, the...
O a. It is lower than one for goods with elastic demand b. It is not related to income. c it is negative for complement goods Marked out of 50.00 O O d. It is never equal to zero. O e. It is always higher than 1 Next
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