7.Refer to Table 5-1.Which of the following is consistent with the elasticities given in Table5-1?a.A is laundry detergent and B is Tide.b.A is Diet Pepsi and B is soda.c.A is yacht and B is a food.d.A is toilet paper and B is candles. Show 8.Last month, sellers of good Y took in $100 in total revenue on sales of 50 units of good Y.This month sellers of goodY raised their price and took in $120 in total revenue on salesof 40 units of good Y. At the same time, the price ofgood X stayed the same, but sales ofgood X increased from 20 units to 40 units. We can conclude that goods X andY are Get answer to your question and much more 62.Refer to Table 5-1.Which of the following is consistent with the elasticities given in Table 5-2?a.A is grapes and B is fruit.b.A is T-shirts and B is socks.c.A is train tickets before cars were invented, and B is train tickets after cars were invented.d.A is diamond necklaces and B is beds.ANS:C 63.Studies indicate that the price elasticity of demand for cigarettes is about 0.4.A government policy aimed atreducing smoking changed the price of a pack of cigarettes from $2 to $6.According to the midpoint method,the government policy should have reduced smoking by Get answer to your question and much more 64.If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity ofdemand is Get answer to your question and much more 65.If a 20% increase in price for a good results in a 15% decrease in quantity demanded, the price elasticity ofdemand is Get answer to your question and much more 66.If a 10% decrease in price for a good results in a 20% increase in quantity demanded, the price elasticity ofdemand isa.0.50.b.1.c.1.5.d.2.ANS:D 67.If a 6% decrease in price for a good results in a 2% increase in quantity demanded, the price elasticity ofdemand is Get answer to your question and much more Recommended textbook solutions
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The value of elasticity greater than 1 implies that demand is 'elastic'. This means that there will be a greater change in the quantity demanded following a decrease in price. The extent of an increase in quantity demanded would not be proportional to the change in price.
Which of the following is likely to have the most price elastic demand?Answer and Explanation: Luxurious items have a high price elasticity of demand because they are much sensitive to changes in price.
What is the price elasticity of demand measures?The price elasticity of demand is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price. The price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.
Which of the following is a key determinant of the price elasticity of supply?Answer and Explanation: A key determinant of the price elasticity of supply is (c) the ability of sellers to change the amount of the good they produce.
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Refer to Table 5 1 which of the following is consistent with the elasticities given in Table 5 1
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