Homework Answers
Formula for Price Elasticity of Demand
PEd = Percentage Change in Quantity Demanded / Percentage Change in Price
Formula for Price Elasticity of Supply
PEs = Percentage Change in Quantity Supplied / Percentage Change in Price
PEd PEs
1 No Change No Change
2.Calculation of PEd = (700 - 800) / 800 / ( 3 - 2 ) / 2 = 12.5% / 50% = 0.25
Calculation of PEs = (1000 - 500) / 500 / (3 - 2) / 2 = 100% / 50% = 2
Similarly Calculating for Rest
3. PEd = 14.28%/ 33.33% = 0.43
PEs = 50% / 33.33% = 1.5
4. PEd = 16.66% / 25% = 0.67
PEs = 33.33% / 25% = 1.33
5. PEd = 20% / 20 % = 1
PEs = 25% / 20% = 1.25
6. PEd = 25% / 16.66% = 1.5
PEs = 20% / 16.66% = 1.2
7. PEd = 33.33% / 14.28% = 2.33
PEs = 16.66% / 14.28% = 1.17
Since the demand curve is normally downward sloping, the price elasticity of demand is a negative number. However, the negative sign is omitted.
Add Answer to:
gallons were In 2018 Consued about in 142.86 billion United States. 10 pts CALCULATE THE PRICE...
15 pts READ EACH QUESTION CAREFULLY AND WRITE YOUR ANSWERS IN THE SPACE PROVIDED. EXPLAIN YOUR ANSWERS. FOR EAC...
15 pts READ EACH QUESTION CAREFULLY AND WRITE YOUR ANSWERS IN THE SPACE PROVIDED. EXPLAIN YOUR ANSWERS. FOR EACH OF THE FOLLOWING PAIRS OF GOODS, IDENTIFY WHICH GOOD HAS THE HIGHER PRICE ELASTICITY OF DEMAND. {I.E. MORE ELASTIC} INSULIN FOR A DIABETIC VS DIALYSIS TREATMENT FOR SOMEONE WITH A KIDNEY DISEASE Thelastic Elastic GAS CONSUMED EACH YEAR VS GAS CONSUMED EACH WEEK 8 10 pts CALCULATE THE PRICE ELASTICITY OF DEMAND & SUPPLY BETWEEN ALL PRICES IN THE FOLLOWING TABLE:...
#7 durucuS DIU LUISLUCILU! quantities are available for import into the United States at this price....
#7
durucuS DIU LUISLUCILU! quantities are available for import into the United States at this price. The US domestic supply and demand for various price levels are shown as follows: PRICE U.S. SUPPLY (MILLION LBS) U.S. DEMAND (MILLION LBS) 7. In 2010, Americans smoked 315 billion cigarettes, or 15.75 billion packs of cigarettes. The average retail price (including taxes) was about $5.00 per pack. Statistical studies have shown that the price elasticity of demand is -0.4, and the price elasticity...
12.00 11.00- 10.00- 9.00- 8.00- AVC 7.00- The diagram to the right displays short-run cost curves...
12.00 11.00- 10.00- 9.00- 8.00- AVC 7.00- The diagram to the right displays short-run cost curves for a facility that produces liquid crystal display (LCD) screens for cell phones. a. What are the daily total fixed costs of producing 300 LCD screens? $(Round your answer to the nearest penny.) b. What are the total variable costs of producing 300 LCD screens per day? $ (Round your answer to the nearest penny.) c. What are the total costs of producing 300...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
A government might choose to implement a price floor to O A. keep specific prices up....
A government might choose to implement a price floor to O A. keep specific prices up. O B. satisfy notions of equity. O c. give into powerful political groups. OD. All of the above have served as motivations. Demand and Supply Schedules for Chocolate Bars Price Quantity Demanded Quantity Supplied ($) (thousands per week) (thousands per week) 2.00 1500 2100 1.80 1600 2050 1.60 1700 2000 1.40 1800 1950 1.20 1900 1900 1.00 2000 1850 0.80 2100 1800 0.60 2200...
In the market for televisions, the price of a television falls and nothing else changes. Price...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the...
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the given simple economy. Sheepnip Co. makes sheep feed. Better-bald Inc. purchases sheep feed for the sheep it raises and sells wool. Sweeter Sweaters Inc. makes and sells wool sweaters. Sheepnip Co. Better-bald Inc. Sweeter Sweaters Inc. Sheep feed $0 $2200 $0 Wool $0 $0 $3800 Wages $700 $300 $550 Interest payments $400 $100 $50 Rent $1000 $450 $500 Profits $100 $750 $800 What is...
Sangria Topochico - The Capital Budgeting Decision In December 2012, María Guadalupe, the owner of Sidral...
Sangria Topochico - The Capital Budgeting Decision In December 2012, María Guadalupe, the owner of Sidral Mundet Sol, had just finished reading a report done by his general manager, Francisco Javier, about the possible investment in a new product line, Sangria Topochico. The idea of Sangria Topochico came about three months earlier when María attended a seminar on youth obesity organized by a local high school that his two children attended. Even though he had often heard of the rising...
15 pts READ EACH QUESTION CAREFULLY AND WRITE YOUR ANSWERS IN THE SPACE PROVIDED. EXPLAIN YOUR ANSWERS. FOR EACH OF THE FOLLOWING PAIRS OF GOODS, IDENTIFY WHICH GOOD HAS THE HIGHER PRICE ELASTICITY OF DEMAND. {I.E. MORE ELASTIC} INSULIN FOR A DIABETIC VS DIALYSIS TREATMENT FOR SOMEONE WITH A KIDNEY DISEASE Thelastic Elastic GAS CONSUMED EACH YEAR VS GAS CONSUMED EACH WEEK 8 10 pts CALCULATE THE PRICE ELASTICITY OF DEMAND & SUPPLY BETWEEN ALL PRICES IN THE FOLLOWING TABLE:...
#7
durucuS DIU LUISLUCILU! quantities are available for import into the United States at this price. The US domestic supply and demand for various price levels are shown as follows: PRICE U.S. SUPPLY (MILLION LBS) U.S. DEMAND (MILLION LBS) 7. In 2010, Americans smoked 315 billion cigarettes, or 15.75 billion packs of cigarettes. The average retail price (including taxes) was about $5.00 per pack. Statistical studies have shown that the price elasticity of demand is -0.4, and the price elasticity...
12.00 11.00- 10.00- 9.00- 8.00- AVC 7.00- The diagram to the right displays short-run cost curves for a facility that produces liquid crystal display (LCD) screens for cell phones. a. What are the daily total fixed costs of producing 300 LCD screens? $(Round your answer to the nearest penny.) b. What are the total variable costs of producing 300 LCD screens per day? $ (Round your answer to the nearest penny.) c. What are the total costs of producing 300...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
A government might choose to implement a price floor to O A. keep specific prices up. O B. satisfy notions of equity. O c. give into powerful political groups. OD. All of the above have served as motivations. Demand and Supply Schedules for Chocolate Bars Price Quantity Demanded Quantity Supplied ($) (thousands per week) (thousands per week) 2.00 1500 2100 1.80 1600 2050 1.60 1700 2000 1.40 1800 1950 1.20 1900 1900 1.00 2000 1850 0.80 2100 1800 0.60 2200...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
Assignment Score: 37.5% Resources Give Up? Hint Check Answer Question 7 of 16 > Consider the given simple economy. Sheepnip Co. makes sheep feed. Better-bald Inc. purchases sheep feed for the sheep it raises and sells wool. Sweeter Sweaters Inc. makes and sells wool sweaters. Sheepnip Co. Better-bald Inc. Sweeter Sweaters Inc. Sheep feed $0 $2200 $0 Wool $0 $0 $3800 Wages $700 $300 $550 Interest payments $400 $100 $50 Rent $1000 $450 $500 Profits $100 $750 $800 What is...
Sangria Topochico - The Capital Budgeting Decision In December 2012, María Guadalupe, the owner of Sidral Mundet Sol, had just finished reading a report done by his general manager, Francisco Javier, about the possible investment in a new product line, Sangria Topochico. The idea of Sangria Topochico came about three months earlier when María attended a seminar on youth obesity organized by a local high school that his two children attended. Even though he had often heard of the rising...
Most questions answered within 3 hours.
-
Which DNA primer would have the HIGHEST melting temperature?
Question 17 options:
a)
GCATCGGC
b)
AATCGGAT...
asked 4 minutes ago -
what is the charge on the chromium ion in Cr2O3.
a -3
b -2
c 0...
asked 4 minutes ago -
which of the following may lead to speciation?
a. a group of individuals from a mainland...
asked 10 minutes ago -
Please I need today answer for This question and it is very
important and I need...
asked 28 minutes ago -
Five years from today, you plan to invest $3,700 for 7
additional years at 5.8 percent...
asked 28 minutes ago -
GDL just paid a dividend of $4.06 per share. You expect
dividends to grow 12% for...
asked 30 minutes ago -
which of the following is a basic compound?
vinegar
orange juice
seltzer
none of the above
asked 33 minutes ago -
5. Suppose you obtained 0.55 g of crude clove oil from 7.0 g of
fresh cloves....
asked 43 minutes ago -
Provide a paragraph of introduction that generally describes
cognitive development over the lifespan.
asked 48 minutes ago -
In a market, when the price increased the total expenditure on
the good also increased. Is...
asked 48 minutes ago -
If 5.70 g of potassium react with water, how many grams of
hydrogen gas, H2, are...
asked 1 hour ago -
How many moles of CO2 and H2O will be
produced by combustion analysis of 0.010 mol...
asked 1 hour ago