Emily spends $80 on her hair a month at the hairstyle. If there is an increase...
Emily spends $80 on her hair a month at the hairstyle. If there is an increase in price, her spending on her hair per month become $70. Is her demand elastic or inelastic?
Homework Answers
Ans: Her demand is elastic.
Explanation:
When the demand for a good or service is elastic , then an increase in the price of that good or service will lead less spending on that.
When the demand for a good or service is inelastic , then an increase in the price of that good or service will lead more spending on that.
Add Answer to:
Emily spends $80 on her hair a month at the hairstyle. If there
is an increase...
Under the guidance of a good manager, a monopolistically competitive firm spends an optimal amount of its revenues on ad...
Under the guidance of a good manager, a monopolistically competitive firm spends an optimal amount of its revenues on advertising. Last month the firm spent $2,000 of its $10,000 revenues on advertising. If its advertising elasticity was 0.5, what was this firm’s price elasticity demand? Does this make the firm’s demand elastic, unit elastic or inelastic?
2. 5 pts. Under the guidance of a good manager, a monopolistically competitive firm spends an...
2. 5 pts. Under the guidance of a good manager, a monopolistically competitive firm spends an optimal amount of its revenues on advertising. Last month the firm spent $2,000 of its $10,000 revenues on advertising. If its advertising elasticity was 0.5, what was this firm's price elasticity demand? Does this make the firm's demand elastic, unit elastic or inelastic?
If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic....
If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic. B) unit-elastic. C) unresponsive to price. D) inelastic. When a household spends over 70% of its monthly income on a good, demand will be elastic. unit-elastic. inelastic. elastic, unit-elastic or inelastic depending upon supply.
Demand can either be elastic, inelastic or unit elastic Total revenue can increase, decrease, or stay...
Demand can either be elastic, inelastic or unit elastic
Total revenue can increase, decrease, or stay the same
Please provide the work done :)
Refer to the demand schedule below Quantity demanded Price 80 70 60 50 40 30 20 10 50 100 150 200 250 300 350 400 a. Suppose the price increases from $10 to $20. Demand is inelasticand total revenue increases b. Suppose the price increases from $30 to $40. Demand is (inelastic $) and total revenue...
Emily's income is $120. She spends her entire income on books. Emily considers paperback and electronic...
Emily's income is $120. She spends her entire income on books. Emily considers paperback and electronic books to be perfect substitutes, and she is always indifferent between one paperback book and one electronic book. Initially, the price of a paperback book is $15 and the price of an electronic book is $10. Then the price of a paperback book falls to $8. Which of the following statements is true? a) For paperback books, the income and substitution effects have the...
Q1. Sarah has decided to spend always $200 on clothing per month. Which one of the...
Q1. Sarah has decided to spend always $200 on clothing per month. Which one of the statements below is true? A Sarah's price elasticity of demand is one because she is maintaining her clothing expenditures as a constant fraction of the price. B. Sarah's income elasticity of demand is equal to zero because her clothing expenditure does not depend on the price. c. Sarah's income elasticity of demand is infinite because she is willing to spend a huge amount of...
1) A 7-11 owner looks at her end-of-month sales. In June, the price of a Slurpee...
1) A 7-11 owner looks at her end-of-month sales. In June, the price of a Slurpee was $2.50 and the station sold 300 units. In July, the price spiked to $3.00 per Slurpee and the station sold 280 units. i) What is the price elasticity? ii) Is the product elastic or inelastic? iii) What characteristics do Slurpee have that makes the produce elastic/inelastic? 2) A large realty company looks at sales by the agents. In June 2018, it sold 480...
Options available: a. b. c. d. We were unable to transcribe this imageOn the following graph,...
Options available:
a.
b.
c.
d.
We were unable to transcribe this imageOn the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per bike 1300 1200 Total Revenue 1100 1000 Ш 900 800 700 600 500 0 10 20 30 40 50 60 70 80 90 100 110 120 PRICE (Dollars per bike) According to the midpoint method, the price elasticity...
7. Suppose an increase in the world price of corn is sustained throughout a long time...
7. Suppose an increase in the world price of corn is sustained throughout a long time period. The supply of corn over time will likely, a. become more elastic because consumers have more choices over longer time horizons. b. become more elastic because it takes corn a relatively long amount of time to mature from planting to harvest. c. become less elastic (more inelastic) because consumers have fewer choices over longer time horizons. d. become less elastic (more inelastic) because...
The Roof Top Resort sold 4,000 rooms with an ADR of $90.00 in the past month....
The Roof Top Resort sold 4,000 rooms with an ADR of $90.00 in the past month. During this month, the ADR is increased by $12.00 and the total number of rooms sold is now 3,700. What is the price elasticity of this demand? What is the effect of the decrease in the #of rooms to the total room revenue for the Roof Top Resort during this month? Group of answer choices .64 inelastic demand and $17,400 increase in total room...
2. 5 pts. Under the guidance of a good manager, a monopolistically competitive firm spends an optimal amount of its revenues on advertising. Last month the firm spent $2,000 of its $10,000 revenues on advertising. If its advertising elasticity was 0.5, what was this firm's price elasticity demand? Does this make the firm's demand elastic, unit elastic or inelastic?
Demand can either be elastic, inelastic or unit elastic
Total revenue can increase, decrease, or stay the same
Please provide the work done :)
Refer to the demand schedule below Quantity demanded Price 80 70 60 50 40 30 20 10 50 100 150 200 250 300 350 400 a. Suppose the price increases from $10 to $20. Demand is inelasticand total revenue increases b. Suppose the price increases from $30 to $40. Demand is (inelastic $) and total revenue...
Q1. Sarah has decided to spend always $200 on clothing per month. Which one of the statements below is true? A Sarah's price elasticity of demand is one because she is maintaining her clothing expenditures as a constant fraction of the price. B. Sarah's income elasticity of demand is equal to zero because her clothing expenditure does not depend on the price. c. Sarah's income elasticity of demand is infinite because she is willing to spend a huge amount of...
1) A 7-11 owner looks at her end-of-month sales. In June, the price of a Slurpee was $2.50 and the station sold 300 units. In July, the price spiked to $3.00 per Slurpee and the station sold 280 units. i) What is the price elasticity? ii) Is the product elastic or inelastic? iii) What characteristics do Slurpee have that makes the produce elastic/inelastic? 2) A large realty company looks at sales by the agents. In June 2018, it sold 480...
Options available:
a.
b.
c.
d.
We were unable to transcribe this imageOn the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per bike 1300 1200 Total Revenue 1100 1000 Ш 900 800 700 600 500 0 10 20 30 40 50 60 70 80 90 100 110 120 PRICE (Dollars per bike) According to the midpoint method, the price elasticity...
7. Suppose an increase in the world price of corn is sustained throughout a long time period. The supply of corn over time will likely, a. become more elastic because consumers have more choices over longer time horizons. b. become more elastic because it takes corn a relatively long amount of time to mature from planting to harvest. c. become less elastic (more inelastic) because consumers have fewer choices over longer time horizons. d. become less elastic (more inelastic) because...
Most questions answered within 3 hours.
-
On September 3, 2018, the Robers Company exchanged equipment
with Phifer Corporation. The facts of the...
asked 2 minutes ago -
Which one of the following statements about photophosphorylation
is false?
Question 3 options:
It can be...
asked 3 minutes ago -
In (Figure 1), the total resistance is 10.0 kΩ , and the
battery's emf is 22.0...
asked 17 minutes ago -
Among 100 engineering students, 15 are chemical engineering
majors, 60 are undergraduates, and 5 are undergraduates...
asked 16 minutes ago -
Prepare a series of 50 mL quinine standard solutions (10, 1.0,
0.10, 0.010, 0.0010μg/mL) by serial...
asked 19 minutes ago -
suppose a research organization conducts of annual expenditures.
The sampling bias of one sort or another...
asked 31 minutes ago -
A positive charge traveling along a magnetic field experiences
no magnetic force (True,False)
asked 38 minutes ago -
Propose a mechanism for the photoreduction of acetaphenone. How
many products can be formed? Draw their...
asked 37 minutes ago -
Fogerty Company makes two products—titanium Hubs and Sprockets.
Data regarding the two products follow:
Direct
Labor-Hours...
asked 40 minutes ago -
The correct answer will be upvoted with positive feedback,
giving me incorrect answers will result in...
asked 1 hour ago -
Question:
Evaluation: Answer both (a) and (b): (a) Looking at
Table 6.1 in our text, explain...
asked 1 hour ago -
What is the maximum number of edges that a graph on 7 vertices can
have if...
asked 1 hour ago