Hi please help with the following question, For each of the following rows, use the beginning...
Hi please help with the following question,
For each of the following rows, use the beginning and ending quantity and the beginning and ending price to calculate the price elasticity of demand. Is this an elastic or an inelastic product? What would you recommend be done with the price in each instance?
|
Beg Q |
End Q |
Beg P |
End P |
|
|
1. |
120 |
140 |
10 |
8 |
|
2. |
10 |
4 |
10 |
12 |
|
3. |
50 |
100 |
100 |
50 |
|
4. |
400 |
300 |
75 |
100 |
|
5. |
25 |
25 |
10 |
100 |
|
6. |
87 |
0 |
100 |
101 |
Homework Answers
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Hi please help with the following question, For each of the following rows, use the beginning...
For each of the following demand curves: i) Find the price-elasticity of demand in terms of...
For each of the following demand curves: i) Find the price-elasticity of demand in terms of P. ii) Determine the range of P values for which the demand curve is perfectly elastic, elastic, unitary elastic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0 < P < 10, unitary elastic at P = 10, etc). iii) Calculate the price-elasticity of demand at P = 3 and give an interpretation in words of what that...
For each of the following demand curves: i) Find the price-elasticity of demand in terms of...
For each of the following demand curves: i) Find the price-elasticity of demand in terms of P. ii) Determine the range of P values for which the demand curve is perfectly elastic, elastic, unitary elastic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0 < P < 10, unitary elastic at P = 10, etc). iii) Calculate the price-elasticity of demand at P = 3 and give an interpretation in words of what that...
3. For each of the following demand curves i) Find the price-elasticity of demand in terms...
3. For each of the following demand curves i) Find the price-elasticity of demand in terms of P ii) Determine the range of P values for which the de- mand curve is perfectly elastic, elastic, unitary elas tic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0< P < 10, unitary elastic at P 10, etc) iii) Calculate the price-elasticity of demand at P-3 and give an interpretation in words of what that means...
3. For each of the following demand curves i) Find the price-elasticity of demand in terms...
3. For each of the following demand curves i) Find the price-elasticity of demand in terms of P ii) Determine the range of P values for which the de- mand curve is perfectly elastic, elastic, unitary elas tic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0< P < 10, unitary elastic at P 10, etc) iii) Calculate the price-elasticity of demand at P-3 and give an interpretation in words of what that means...
Please show your work and answers for #3, 6, 8 , and 9. Thank you :)...
Please show your work and answers for #3, 6, 8 , and
9. Thank you :)
Need Help? Read It Watch It Talk to a Tutor 3. [-19 Points] DETAILS LARBAPCALC8 3.5.012. Find the price per unit p that produces the maximum profit P. C = 15x + 100 (Cost Function) p = 18 -0.1VX (Demand function) Need Help? Read It Watch It Talk to a Tutor 6. [0/9 Points] DETAILS PREVIOUS ANSWERS LARBAPCALC8 3.5.020.ML. ASK YOUR TEACHER PRACTICE ANOTHER...
a) Using the table provided and Excel functions, calculate quantity demanded for each of the prices...
a) Using the table provided and Excel functions, calculate quantity demanded for each of the prices given. b) Using the prices provided and quantity demanded you calculated in part a, calculate elasticity (in absolute terms) for each point along the demand curve. Q =1000 - 150 P Price Quantity Elasticity 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.00 3.75 3.50 3.20 3.00 c) At which prices is demand elastic, inelastic, and unit...
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...
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...
Please help with these questions: Question 23 0.2 pts Refer to the accompanying table to answer...
Please help with these questions:
Question 23 0.2 pts Refer to the accompanying table to answer the following questions. Price of Quantity Demanded Quantity Demanded Erasers of Erasers of Pencils $.50 10 $1.008 1.50 7 $2.006 $2.505 12 10 The price of erasers increases from $0.50 to $1.00 per eraser. Using the midpoint method, what is the cross-price elasticity of demand between pencils and erasers? 7.67 O 0.13 7.67 -0.13 Question 24 0.2 pts What good is most likely to...
Multiplne choice (A) For a business that sells a product for which there are many close...
Multiplne choice (A) For a business that sells a product for which there are many close substitutes, a) Demand will be relatively inelastic and market power relatively high b) Demand will be relatively inelastic and market power relatively low c) Demand will be relatively elastic and market power relatively high d) Demand will be relatively elastic and market power relatively low (B) Assume the price elasticity of demand is E = -3/2 and the marginal cost of a monopoly is...
3. For each of the following demand curves i) Find the price-elasticity of demand in terms of P ii) Determine the range of P values for which the de- mand curve is perfectly elastic, elastic, unitary elas tic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0< P < 10, unitary elastic at P 10, etc) iii) Calculate the price-elasticity of demand at P-3 and give an interpretation in words of what that means...
3. For each of the following demand curves i) Find the price-elasticity of demand in terms of P ii) Determine the range of P values for which the de- mand curve is perfectly elastic, elastic, unitary elas tic, inelastic and perfectly inelastic (your answer will look like, the demand is inelastic for 0< P < 10, unitary elastic at P 10, etc) iii) Calculate the price-elasticity of demand at P-3 and give an interpretation in words of what that means...
Please show your work and answers for #3, 6, 8 , and
9. Thank you :)
Need Help? Read It Watch It Talk to a Tutor 3. [-19 Points] DETAILS LARBAPCALC8 3.5.012. Find the price per unit p that produces the maximum profit P. C = 15x + 100 (Cost Function) p = 18 -0.1VX (Demand function) Need Help? Read It Watch It Talk to a Tutor 6. [0/9 Points] DETAILS PREVIOUS ANSWERS LARBAPCALC8 3.5.020.ML. ASK YOUR TEACHER PRACTICE ANOTHER...
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...
Please help with these questions:
Question 23 0.2 pts Refer to the accompanying table to answer the following questions. Price of Quantity Demanded Quantity Demanded Erasers of Erasers of Pencils $.50 10 $1.008 1.50 7 $2.006 $2.505 12 10 The price of erasers increases from $0.50 to $1.00 per eraser. Using the midpoint method, what is the cross-price elasticity of demand between pencils and erasers? 7.67 O 0.13 7.67 -0.13 Question 24 0.2 pts What good is most likely to...
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