Homework Answers
The demand for drugs is relatively inelastic because it is generally consumed by those who have a habit of consuming them and cannot live without the drug. This makes the demand curve relatively inelastic. It is important to study the elasticity in the debate about legalization of illegal substances because legalization would increase the supply of drugs in the drugs and reduce the price of drugs in the market and as demand is inelastic, prices will not change by greater amount. If the demand is elastic the legalization will have an impact on the demand. Thus, it becomes important to know the value of elasticity to decide about legalization of drugs in the economy.
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1. (0,5, or 10) Explain how the elasticity of demand for drugs (whether it is elastic...
4. Of what significance is the elasticity of demand for drugs in the debate about legalization...
4. Of what significance is the elasticity of demand for drugs in the debate about legalization of presently illegal substances?
consider the market for illegal drugs a) is the demand for illegal drugs elastic or inelastic?...
consider the market for illegal drugs a) is the demand for illegal drugs elastic or inelastic? explain b) using graphs, please illustrate which method is more effective in reducing the total market size for illegal drugs : drug education or drug interdiection(to forbid; prohibit)?
Calculate the elasticity of demand for each function. Determine whether the demand is elastic, inelastic or...
Calculate the elasticity of demand for each function. Determine whether the demand is elastic, inelastic or unit elastic at the value of P given. Q = 500(0.8P), where P = 7.
By considering the determinants of the price elasticity of demand, explain whether the demand for air...
By considering the determinants of the price elasticity of demand, explain whether the demand for air travel is price elastic or price inelastic. You may consider both the business travelers and the leisure travelers when analysing their price elasticities of demand.
Another indicator for the elasticity is the percent of the population that uses a particular item....
Another indicator for the elasticity is the percent of the population that uses a particular item. Elasticity is measured in the aggregate. If the product is elastic to the larger percentage then the elasticity will be elastic. It may be inelastic to the part of the population that purchases the item, but the overall elasticity may be over 1. Do you ha e a tangible elasticity on illegal drugs to show whether they are elastic or inelastic in the aggregate...
For each of the following cases, calculate the point price elasticity of demand, and state whether...
For each of the following cases, calculate the point price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic. The demand curve is given by QD = 5,000 – 50 PX a. If the price of the product is $50. b. If the price of the product is $75. 2) For each case, should the firm raise or lower the prices to maximize revenues? Why or Why not? Explain. 3) Suppose the income elasticity of demand...
1. What is meant by the price elasticity of demand? How is it calculated? What does...
1. What is meant by the price elasticity of demand? How is it calculated? What does this particular calculation tell us? 2. Explain the difference between elastic and inelastic. Provide a real-life example of a good or service and describe whether or not demand for this particular good is elastic or inelastic. 3. When is demand perfectly inelastic? When is demand perfectly elastic? Explain the difference between these two terms. Provide examples. 4. Describe the difference between a price effect...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
Do you believe the elasticity of marijuana is inelastic and if legalized demand will not increase?...
Do you believe the elasticity of marijuana is inelastic and if legalized demand will not increase? Do you also believe that many of society's social ills associated with drugs will ease not only from marijuana being legalized, but also from the taxes garnered from its legalization used to assist people? Or do you believe the elasticity of marijuana is elastic and if legalized the demand for these will increase? Do you also believe that by legalizing marijuana will create addicts...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
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