Suppose when the consumer's income rises by 100%, the consumer's consumption of good x only increases by 1%. We can infer that the consumer's income elasticity for good y is: | a) −1 b) -0.01 c) 1 d) 0.0
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- QUESTION 7 28 C 24 20 16 12 8 4 0 4 8 O a) 1 Ob)-3 Oc)-11 Od) 17/3 O e) 2/11 Of)-2/21 Og) - 3/15.5 Oh)-3/1.5 12 16 20 E 07. Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the elasticity statistic for the responsiveness of E to C changing from 2 to 6Benny used to sell rubber boots at R125 per pair. At this price he was able to sell 50 pairs of boots per day. When he increases the price to R140 per pair, his sales decrease to 42 pairs per day. Use the point method to calculate the elasticity of this product.The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=1000//p barreis, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the decrease in demand if p rises to 56 and the increase in demand if p is decreased to 54. The demand D(55)= The decrease in demand =? barrels. The increase in demand =? barrels.
- Suppose Government of Pakistan wants to put a curb on public smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs Rs.175 and the government wants to reduce smoking by 30 percent, by how much should it increase the price? Kindly type only percentage change in the box given below. Do not use percentage sign in the box. Also, do not use any plus or minus sign in the box.Consider the market for corn. The following graph shows the weekly demand for corn and the weekly supply of corn. Suppose a spell of unusually good weather occurs, which enables corn producers to generate more corn per acre of land. Show the effect this shock has on the market for corn by shifting the demand curve, supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. 20 Supply Demand 16 Supply Demand 10 20 30 40 50 QUANTITY (Millions of bushels) PRICE (Dollars per bushel)Homework (Ch 05) Consider the market for soybeans. The following graph shows the weekly demand for soybeans and the weekly supply of soybeans. Suppose new farming technology is developed that enables growers to produce more crops with the same resources. Show the effect this shock has on the market for soybeans by shifting the demand curve, supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. 30 Demand 24 Supply Supply 67°F Sunny PRICE (Dollars per bushel) Demand Q O
- 3.1 Distinguish amongst the main categories of elasticity. Include in your answer the provision of their formular.Only typed answer 23.) the demand d(x)=25-4x a.) derive an expression for the elasticity b.) when the price is x=$25.00, show to see if elastic/inelastic c.) determine the value of price x and the revenue where the revenue is the maximumFollowing the increase in price of a 250g bag of coffee from £2.35 to £2.65 in a local supermarket, weekly sales of tea increase from 8.5 kg to 11.5 kg. From this we can conclude that: a) The price elasticity of demand for tea is -2.76, so that consumer’ demand for tea is highly elastic. b) The income elasticity of demand among consumers is 10, confirming that tea, but not coffee, is a luxury good. c) The cross-price elasticity of demand is 2.5, confirming that tea is a substitute for coffee. d) The price elasticity of demand for coffee is -0.4, so that the demand for coffee is price inelastic.
- Koeler et al. (2004) estimate that the U.S. Tobacco Settiement between major tobacco companies and 46 states caused the price of cigarettes to jump by 45e per pack (21%) and overall per capita cigarete consumption to fal by 8.3%. What is the elasticity of demand for cigarettes? The price elasticity of demand for digaretes (e) is (Enter a numeric response using a real number rounded to three decimal places)Question 9 If you are a marketing manager and in-charge of increasing the revenue of your company (firm). You found the elasticity of the product sold by the company is more than 1. What would you do to increase the revenue? Group of answer choices I will not change the price. I will increase the price. I will decrease the price. Question 10 When I calculated the cross elasticity of Good A and Good B, I found the value of cross elasticity to be -0.8. What do I interpret about Good A and B. Group of answer choices Inferior Normal Substitute Complementary Question 12 If resources are perfectly substitutable, the production possibility frontier with two goods for an economy will be_____________, Group of answer choices Upward sloping Straight line Convex to the Origin Downward sloping Straight Line. Concave to the Origin Question 11 When I calculated the Income elasticity of Good A, I found the value of Income elasticity to be +0.8. What…In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?