Homework Answers
As per Total revenue test, when demand is inelastic, a increase in price will result in increase in total revenue
Here Total revenue increases when price is increased from 1.5 to 2.10, so demand is inelastic
Second option is correct answer ie inelastic
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Suppose that the total revenue received by a company selling facial masks is $5000 when the...
PLEASE READ VERY CAREFULLY!! SHOW ALL THE CALCULATIONS! AND LIST ALL THE TOTAL REVENUE COORDINATE POINTS!!...
PLEASE READ VERY CAREFULLY!! SHOW ALL THE CALCULATIONS! AND LIST
ALL THE TOTAL REVENUE COORDINATE POINTS!!
ANSWER OPTIONS FOR NUMBER 1: 0, 0.6, 1.67,
75.02
2. ELASTIC, UNIT ELASTIC, INELASTIC
3. A DECREASE, AN INCREASE, NO CHANGE
4. ELASTIC, UNIT ELASTIC, INELASTIC
Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 300 275 250 Total Revenue 225 200 2...
Suppose that the Blinn College Deli is currently selling 500 chef salads per day when the...
Suppose that the Blinn College Deli is currently selling 500 chef salads per day when the price is $5. Suppose that the own-price elasticity of demand for chef salads is -0.8. The Deli manager would like to increase revenue from chef salads, Which of the following is the best course of action? The best course of action is to raise the price of chef salads, ceteris paribus, since the demand is inelastic The best course of action is to lower the price...
1)Explain what it means when demand is inelastic? 2) If demand is elastic, total revenue will...
1)Explain what it means when demand is inelastic? 2) If demand is elastic, total revenue will increase when the price decreases? True or False? 3) The price elasticity of supply will be a smaller number when it is relatively easy for sellers to increase their supply. ( True or False)? 4) Demand is more elastic when the absolute value of the price elasticity of demand is larger. ( True or False)? 5) If the quantity demanded of one good increases...
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
Attempts: Average: 1 4 6. Elasticity and total revenue The following graph shows the daily demand...
Attempts: Average: 1 4 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 300 275 250 225 a 200 Total Revenue We were unable to transcribe this imageWe were unable to transcribe this imageS 1740 1500 t 1260 1020 o 25 50...
Assume that, for a particular demand curve, when price rises from $120 to $150, total revenue...
Assume that, for a particular demand curve, when price rises from $120 to $150, total revenue falls from $6,000 to $4,500. a. Based on this information, what is the quantity demanded at each price. b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know?
The following graph shows the demand curve for kumquats in Chicago. You can use the red rectangle labeled Total Revenue...
The following graph shows the demand curve for kumquats in Chicago. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be graded on where you place the rectangle PRICE (Dollars per pound) 12 Total Revenue 10 D 6 X C B X 4 xA 2 Demand 0...
$30,0 $30;positive $20, zero $20; negative Tools a 51 15 Suppose that a pharmaceutical company is...
$30,0 $30;positive $20, zero $20; negative Tools a 51 15 Suppose that a pharmaceutical company is able to identify which of its potential customers have health insurance. If it is able to set separate prices for the two types of customers it should charge a lower price to customers (with, without) health insurance since they will have more (elastic, inelastic) demand. without: elastic with; elastic without: inelastic with; inelastic 13 D 100 52 Colchicine % % # $ * z...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. B) The price elasticity of supply measures how responsive producers are to changes in income. C) The price elasticity of supply measures how responsive producers are to changes in the price of a product. D) The price elasticity of supply is a measure of the slope of the supply curve. E)...
On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bike.
On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bike. According to the midpoint method, the price elasticity of demand between points A and B is approximately _______ . Suppose the price of bikes is currently $30 per bike, shown as point B on the initial graph. Because the demand between points A and B is _______ , a $15-per-bike increase...
PLEASE READ VERY CAREFULLY!! SHOW ALL THE CALCULATIONS! AND LIST
ALL THE TOTAL REVENUE COORDINATE POINTS!!
ANSWER OPTIONS FOR NUMBER 1: 0, 0.6, 1.67,
75.02
2. ELASTIC, UNIT ELASTIC, INELASTIC
3. A DECREASE, AN INCREASE, NO CHANGE
4. ELASTIC, UNIT ELASTIC, INELASTIC
Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 300 275 250 Total Revenue 225 200 2...
Suppose that the Blinn College Deli is currently selling 500 chef salads per day when the price is $5. Suppose that the own-price elasticity of demand for chef salads is -0.8. The Deli manager would like to increase revenue from chef salads, Which of the following is the best course of action? The best course of action is to raise the price of chef salads, ceteris paribus, since the demand is inelastic The best course of action is to lower the price...
Attempts: Average: 1 4 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 300 275 250 225 a 200 Total Revenue We were unable to transcribe this imageWe were unable to transcribe this imageS 1740 1500 t 1260 1020 o 25 50...
Assume that, for a particular demand curve, when price rises from $120 to $150, total revenue falls from $6,000 to $4,500. a. Based on this information, what is the quantity demanded at each price. b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know?
The following graph shows the demand curve for kumquats in Chicago. You can use the red rectangle labeled Total Revenue (cross symbols) to compute total revenue at various prices along the demand curve. To see the area of the Total Revenue rectangle, scroll over the shaded area with your mouse. You will not be graded on where you place the rectangle PRICE (Dollars per pound) 12 Total Revenue 10 D 6 X C B X 4 xA 2 Demand 0...
$30,0 $30;positive $20, zero $20; negative Tools a 51 15 Suppose that a pharmaceutical company is able to identify which of its potential customers have health insurance. If it is able to set separate prices for the two types of customers it should charge a lower price to customers (with, without) health insurance since they will have more (elastic, inelastic) demand. without: elastic with; elastic without: inelastic with; inelastic 13 D 100 52 Colchicine % % # $ * z...
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