Homework Answers
Cross price elasticity is the measure of the responsiveness of the quality of one good demanded to an increase in the price of the other.
the answer is "A" cross price elasticity.
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This T 4 7 of 10 (5 complete) This Question: 2 pts Which of these measures...
8. The income elasticity of demand is a measure of the responsiveness of the 0 A....
8. The income elasticity of demand is a measure of the responsiveness of the 0 A. quantity of a good demanded to changes in income. O B. quantity of a good demanded to changes in another good's price. C. 0 D. quantity of a good demanded to changes in its price. consumer's income to a change in the price of the goods he or she consumes. 9, Bus rides and canned soup are inferior goods, so the elasticity of demand...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium quantity in this market? a) 7.5 units Ob) 5 units OC) 10 units O d) The equilibrium quantity cannot be determined from this graph. Question 24 (1 point) Figure 4-18 2 prace 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium price in...
Please help with these questions: Question 13 0.2 pts Which one of the following pairs of...
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Question 13 0.2 pts Which one of the following pairs of goods is likely to have a positive cross price elasticity of demand? fries and ketchup onion rings and chicken strips O chocolate ice cream and sprinkles O Pepsi and Coke O ice cream shakes and hamburgers Question 14 0.2 pts When Noelle received a promotion at work, her income rose by 50 percent. The income elasticity of demand for steak was found to be...
This Question: 5 pts 28 of 34 (0 complete) The cross elasticity of demand for good...
This Question: 5 pts 28 of 34 (0 complete) The cross elasticity of demand for good A with respect to good B is 0.2. A 10 percent change in the price of good B will lead to aP Goods A and B are percent change in the quantity of good A demanded O A. -2; complements O B. 2; substitutes OC. -0.5; substitutes O D. 0.5; complements This Question: 6 pts 29 of 34 (0 complete) Which of the following...
Question 7 1 pts The price elasticity of demand measures how sensitive the: O price is...
Question 7 1 pts The price elasticity of demand measures how sensitive the: O price is to a change in quantity demanded. O quantity demanded is to a change in price. O demand is to a change in the number of suppliers. O price is to a change in the quantity supplied.
Please help with these questions: Question 18 0.2 pts Which one of the following pairs of...
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Question 18 0.2 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? O manicures and pedicures sofas and dining room tables O purses and backpacks shoes and socks trucks and sedans Question 19 0.2 pts When two goods are substitutes for each other, what will the cross-price elasticity be? O It will be positive O It is unaffected by goods being substitutes O The...
Please help with these questions Question 36 0.4 pts When you change your quantity demanded of...
Please help with these questions
Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout...
1. The price elasticity of demand measures, a. how responsive suppliers are to price changes. b....
1. The price elasticity of demand measures, a. how responsive suppliers are to price changes. b. how responsive sales are to changes in the price of a related good. c. how responsive the quantity demanded is to a change in price. d. how responsive sales are to a change in buyers' incomes. 2. Suppose the value of the price elasticity of demand is -3. This implies that, a. a 1 percent increase in the price of the good causes the...
7. If the price of orange juice rises 10%, and as a result the quantity demanded...
7. If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is O A. inelastic. OB. -1.25 O c. Both A and B above. OD. Neither A nor B above. 18. If the price of orange juice rises 10% and as a result the quantity demanded falls by B%, the price elasticity of demand for orange juice is O A. - 10.0. OB. -0.80....
Please help with these questions: Question 23 0.2 pts Refer to the accompanying table to answer...
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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...
8. The income elasticity of demand is a measure of the responsiveness of the 0 A. quantity of a good demanded to changes in income. O B. quantity of a good demanded to changes in another good's price. C. 0 D. quantity of a good demanded to changes in its price. consumer's income to a change in the price of the goods he or she consumes. 9, Bus rides and canned soup are inferior goods, so the elasticity of demand...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium quantity in this market? a) 7.5 units Ob) 5 units OC) 10 units O d) The equilibrium quantity cannot be determined from this graph. Question 24 (1 point) Figure 4-18 2 prace 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium price in...
Please help with these questions:
Question 13 0.2 pts Which one of the following pairs of goods is likely to have a positive cross price elasticity of demand? fries and ketchup onion rings and chicken strips O chocolate ice cream and sprinkles O Pepsi and Coke O ice cream shakes and hamburgers Question 14 0.2 pts When Noelle received a promotion at work, her income rose by 50 percent. The income elasticity of demand for steak was found to be...
This Question: 5 pts 28 of 34 (0 complete) The cross elasticity of demand for good A with respect to good B is 0.2. A 10 percent change in the price of good B will lead to aP Goods A and B are percent change in the quantity of good A demanded O A. -2; complements O B. 2; substitutes OC. -0.5; substitutes O D. 0.5; complements This Question: 6 pts 29 of 34 (0 complete) Which of the following...
Question 7 1 pts The price elasticity of demand measures how sensitive the: O price is to a change in quantity demanded. O quantity demanded is to a change in price. O demand is to a change in the number of suppliers. O price is to a change in the quantity supplied.
Please help with these questions:
Question 18 0.2 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? O manicures and pedicures sofas and dining room tables O purses and backpacks shoes and socks trucks and sedans Question 19 0.2 pts When two goods are substitutes for each other, what will the cross-price elasticity be? O It will be positive O It is unaffected by goods being substitutes O The...
Please help with these questions
Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout...
1. The price elasticity of demand measures, a. how responsive suppliers are to price changes. b. how responsive sales are to changes in the price of a related good. c. how responsive the quantity demanded is to a change in price. d. how responsive sales are to a change in buyers' incomes. 2. Suppose the value of the price elasticity of demand is -3. This implies that, a. a 1 percent increase in the price of the good causes the...
7. If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is O A. inelastic. OB. -1.25 O c. Both A and B above. OD. Neither A nor B above. 18. If the price of orange juice rises 10% and as a result the quantity demanded falls by B%, the price elasticity of demand for orange juice is O A. - 10.0. OB. -0.80....
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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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