The demand and supply curves for beach volleyballs are given by: D = 80-4P S = -2+2P The current price is 19. How much is the excess supply or demand? Write a positive number if you find an excess supply, and write a negative number if you find an excess demand. (round your answer to one decimal place)
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- Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?What would the gasoline price elasticity of supply mean to UPS or FedEx?
- The accompanying table shows the price and monthly demand for barrels of gosum berries in Gondwanaland. Price of gosum berries per barrel Native demand for gosum berries per month $100 0 $90 100 $80 200 $70 300 $60 400 $50 500 $40 600 $30 700 $20 800 $10 900 $0 1,000 A) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it mean for how demand will change based on a change in price within this price range? (Enter your response here.) B) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $70 to $80. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it…Q10. Monthly demand and supply schedule for t-shirts are given by: Price 8 7 6 5 4 3 2 1 Quantity Demanded 6 8 10 12 14 16 18 20 Quantity Supplied 18 16 14 12 10 8 6 4 Income 100 150 200 250 300 350 400 450 a) What is the Price Elasticity of Demand for a price change from $7 to $5? Is it elastic or inelastic? (Use the Arc Elasticity Formula) b) What is the Price Elasticity of Supply for a price change from $7 to $5? Is it elastic or inelastic? (Use the Arc Elasticity Formula) c) Using Total Revenue, is demand elastic or inelastic for a price change from $4 to $3? d) What is the Income Elasticity of Demand for t-shirts when income decreases from $300 to $250? (Use the Arc Elasticity Formula)NOTE: If you have restrictions answering all of them, please answer a&bPRICE (Dollars per CD) 20 18 16 14 2 0 0 S₂ S₁ 1 2 1 4 5 6 7 QUANTITY (Millions of CDs) 8 9 10 Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be you know that at a price of $10 per CD, the is five million CDs. Moreover,
- Refer to the figure below. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.75 per can, then what will be the market demand for soda each month? Mallory's Demand for Sodal Rick's Demand for Soda Price ($/can) 1.50 1.25 1.00 0.75 0.50 0.25 0 0 10 20 30 40 50 60 70 Quantity (cans of soda/month) rev: 02_01_2018_QC_CS-116371 O 70 50 O 30 O 20 Price ($/can) 1.50 1.25 1.00 0.75 0.50 0.25 0 0 10 20 30 40 50 60 70 Quantity (cans of soda/month)PRICE (Dollars per unit) 210 Z 105 75 W 30 Demand 10 25 35 70 0 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between W and X Between Y and Z о О о Between X and Y True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. True FalseExcess supply of a product will cause the price to As a consequence Market for pizza of the price change, the quantity demanded will quantity 14.00- 13.00- 12.00- 11.00- supplied will increase decrease At the current market price PMatet of $9.00, there i of thousand pizzas per month (Enter your response as a positive integer.) 10.00- 9.00- PMarket a 8.00- * 700- 8 6.00- E 500- 4.00- 3.00- 2.00- 1.00- 40 22 510 15 20 25 30 35 40 45 so 55 60 Thousands of pizzas per month 0.00-
- Demand for GPS Units 220 200 180- 160 - 140- 120- 100 80 60 40- 20- 40 60 120 160 200 240 260 320 360 400 440 Quantity (GPS units) Instructions: Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. a. When going from a price of $120 per unit to a price of $100 per unit, what is the price elasticity of demand for GPS units? b. When going from a price of $100 per unit to a price of $120 per unit, what is the price elasticity of demand for GPS units? c. Using the midpoint formula, what is the midpoint price elasticity of demand for GPS units between a price of $120 per unit and a price of $100 per unit? d. When going from a price of $60 per unit to a price of $40 per unit, what is the price elasticity of demand for GPS units? e. When going from a price of $40 per unit to a price of $60 per unit, what is the price elasticity of demand for GPS units? t Using the midpoint formula, what is the…In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.. Suppose a ticket to a Rolling Stones concert is $400 and at that price, the quantity of tickets demanded is 47,000 per concert. Using the midpoint method of calculating percentage changes, if the ticket price increases to $500 and the quantity demanded decreases to 46,000, what is the price elasticity of demand for Rolling Stones concert tickets? Referring to the above, which is greater -- the % change in quantity demanded or the % change in price? What will happen to total revenue (TR) when the price increases to $500? Briefly explain.
