Valley Verde hospital increases the price of EKG by 10% and finds out that the total...
Valley Verde hospital increases the price of EKG by 10% and finds out that the total revenue of the EKG services increases. In this case, the absolute value of price elasticity of the demand for the EKG service in the hospital service area, |ED|, is ________________________.
Group of answer choices
equals to 0
less than 0
greater than zero but less than one
greater than one
= ∞
Homework Answers
Option 3
For an inelastic good (whose elasticity is between 0 and 1), an increase in price would lead to increase in revenue.
These goods represents basic goods nature and typically would be inelastic for price changes.
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Valley Verde hospital increases the price of EKG by 10% and
finds out that the total...
Question 15 Not yet answered The own-price elasticity of demand for hospital services in the area...
Question 15 Not yet answered The own-price elasticity of demand for hospital services in the area equals -0.25, the income elasticity of demand equals 0.45, the cross-price elasticity demand for hospital services with respect to the price of nursing home services equals –0.1, and the elasticity of travel time equals –0.37. Use this information to answer the following question. Points out of 1.00 Hospital services and nursing home services are substitutes Flag question Select one: O True O False
A bakery works out a demand function for its chocolate chip cookies and finds it to...
A bakery works out a demand function for its chocolate chip cookies
and finds it to be
q equals Upper D left parenthesis x
right parenthesis equals 567 minus 22 xq=D(x)=567−22x,
where
qq
is
the quantity of cookies sold when the price percookie, in
cents,
is
xx.
Use
this information to answer parts
a)
through
f).
A bakery works out a demand function for its chocolate chip cookies and finds it to be q=Dx) = 567-22x, where is the quantity...
12. If the price decreases from $10 to $8 and the quantity demanded increases from 50...
12. If the price decreases from $10 to $8 and the quantity demanded increases from 50 units to 55 units the price-elasticity of demand at $10 is _______________________. Thus the price elasticity of demand is _______________________ and therefore total revenue can be increased by ________________________ the price. 13. The elasticity of demand gives the _______________ change in quantity demanded give the __________________ change in price. 14. If Demand is relatively elastic and Supply is also relatively elastic and the government...
1.If the price elasticity of demand for hamburgers is 1.5 and the quantity demanded of hamburgers equals 40,000, what will happened to the quantity of hamburgers demanded if the price increases by 10...
1.If the price elasticity of demand for hamburgers is 1.5 and the quantity demanded of hamburgers equals 40,000, what will happened to the quantity of hamburgers demanded if the price increases by 10%? what is the change in quantity? Briefly explain your answer. 2. Sport team want to boost revenues from ticket sales next academic year and hire you to advise the team whether to raise or lower ticket prices next year. If the elasticity of demand for Tiger games...
0/1 pts Question 17 If a firm seeks to maximize total revenue, it should produce the...
0/1 pts Question 17 If a firm seeks to maximize total revenue, it should produce the quantity where: marginal revenue equals zero. elasticity of demand equals zero. elasticity of demand is greater than one. marginal revenue is maximized. average total cost is minimized. We were unable to transcribe this image
Suppose the price of salt increases by 20 percent and, as a result, the quantity of...
Suppose the price of salt increases by 20 percent and, as a result, the quantity of pepper demanded (holding the price of pepper constant) increases by 2 percent The cross-price elasticity of demand between salt and pepper is(Enter your response rounded to two decimal places and include a minus sign if appropriate) In this example, salit and pepper are Instead, suppose salt and pepper were complements. If so, then the cross-price elasticity of demand between salt and pepper would be...
The price of a bell pepper increases from $1 to $1.20. Quantity supplied for bell peppers...
The price of a bell pepper increases from $1 to $1.20. Quantity supplied for bell peppers increases from 40 to 60. Price elasticity of supply for bell peppers is (A) 2.5 (B) 1.5 (C) 2.0 (D) 0.2 (E) 0.5 The price of a peach falls from $2 to $1.40. Quantity supplied for peaches falls from 100 to 85. Price elasticity of supply for peaches is (A) -0.5 (B) 2 (C) 0.3 (D) 0.15 (E) 0.5 If a sandwich shop can...
Which of the following statements is true? Group of answer choices b and d. Total revenue...
Which of the following statements is true? Group of answer choices b and d. Total revenue is maximized when elasticity is one. Goods are said to be price inelastic when the elasticity is greater than two. Demand for milk is more elastic than demand for football tickets. Demand for 5-cent candy is more elastic than demand for sweaters.
the price elasticity of demand measures the responsiveness of the change in the
22. The price elasticity of demand measures the responsiveness of the change in the: A) quantity demanded to a change in the price. B) price to a change in the quantity demanded. C) lope re enterprise D) slope of the demand curve to a change in the quantity demanded. 23. The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. price elasticity of demand is equal to _______ and demand is described as _______ A) 0.2; inelastic B) 5; inelastic C) 0.2; elastic 24. For a...
Which of the following statements is true? If the price of a good is lowered and...
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
Question 15 Not yet answered The own-price elasticity of demand for hospital services in the area equals -0.25, the income elasticity of demand equals 0.45, the cross-price elasticity demand for hospital services with respect to the price of nursing home services equals –0.1, and the elasticity of travel time equals –0.37. Use this information to answer the following question. Points out of 1.00 Hospital services and nursing home services are substitutes Flag question Select one: O True O False
A bakery works out a demand function for its chocolate chip cookies
and finds it to be
q equals Upper D left parenthesis x
right parenthesis equals 567 minus 22 xq=D(x)=567−22x,
where
qq
is
the quantity of cookies sold when the price percookie, in
cents,
is
xx.
Use
this information to answer parts
a)
through
f).
A bakery works out a demand function for its chocolate chip cookies and finds it to be q=Dx) = 567-22x, where is the quantity...
1.If the price elasticity of demand for hamburgers is 1.5 and the quantity demanded of hamburgers equals 40,000, what will happened to the quantity of hamburgers demanded if the price increases by 10%? what is the change in quantity? Briefly explain your answer. 2. Sport team want to boost revenues from ticket sales next academic year and hire you to advise the team whether to raise or lower ticket prices next year. If the elasticity of demand for Tiger games...
0/1 pts Question 17 If a firm seeks to maximize total revenue, it should produce the quantity where: marginal revenue equals zero. elasticity of demand equals zero. elasticity of demand is greater than one. marginal revenue is maximized. average total cost is minimized. We were unable to transcribe this image
Suppose the price of salt increases by 20 percent and, as a result, the quantity of pepper demanded (holding the price of pepper constant) increases by 2 percent The cross-price elasticity of demand between salt and pepper is(Enter your response rounded to two decimal places and include a minus sign if appropriate) In this example, salit and pepper are Instead, suppose salt and pepper were complements. If so, then the cross-price elasticity of demand between salt and pepper would be...
The price of a bell pepper increases from $1 to $1.20. Quantity supplied for bell peppers increases from 40 to 60. Price elasticity of supply for bell peppers is (A) 2.5 (B) 1.5 (C) 2.0 (D) 0.2 (E) 0.5 The price of a peach falls from $2 to $1.40. Quantity supplied for peaches falls from 100 to 85. Price elasticity of supply for peaches is (A) -0.5 (B) 2 (C) 0.3 (D) 0.15 (E) 0.5 If a sandwich shop can...
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
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