If the per-unit price of air freshners increase from R20 to R30, the quantity supplied by PnP increase from 50 to 55. The price elasticity of supply (using the arc method) yields an elasticity coefficient of ____? Indicating ____? Supply
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If the per-unit price of air freshners increase from R20 to R30, the quantity supplied by PnP increase from 50 to 55. The price elasticity of supply (using the arc method) yields an elasticity coefficient of ____? Indicating ____? Supply
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- The cross price elasticity for beef with respect to chicken is 0.0572. if the price of beef rose 10 percent, the demand for the chicken would _________ by _________ percentThe estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e−3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥400. E = _____ Interpret your answer. The demand is going down/up by ____ % per 1% increase in price at that price level. Thus, a large price decrease/increase is advised. (b) At what price will revenue be a maximum? ____ hundred yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) ______ paint-by-number sets per monthThe estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 97e° -3p²/2, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥ 400. E = X Interpret your answer. The demand is going down ✔✔✔ by X% per 1% increase in price at that price level. Thus, large price decrease ✓ (b) At what price will revenue be a maximum? (Round your answer to the nearest integer.) X yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) paint-by-number sets per month is advised.
- The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 105eP - 3p/2, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥300. E = 24 Interpret your answer. The demand is going down v by 24 % per 1% increase in price at that price level. Thus, a large price decrease v is advised. (b) At what price will revenue be a maximum? (Round your answer to the nearest integer.) yen (c) Approximately how many paint-by-number sets willI be sold per month at the price in part (b)? (Round your answer to the nearest integer.) paint-by-number sets per monthUse the price-demand equationp+0.001x=45, 0sps45. Find the elasticity of demand whenp%3$25. If the $25 price is decreased by 4%, what is the approximate percentage change in demand? The elasticity of demand whenp%3 25 is (Type an integer or a simplified fraction.) If the price is decreased by 4%, the demand approximately %. (Type an integer or a simplified fraction.) is increases by decreases byThe supply of coffee is QS = 2.0 + 0.2P, where quantity is in billions of pounds and price is dollars per pound. The price elasticity of demand for coffee is about -0.3, the current price is $3.00 per pound and the quantity bought and sold is 2.6 billion pounds. Based on this information, the linear demand curve for coffee is: QD = ___ - ___P A severe drought reduces the supply of coffee by 10 percent at every price. The new equilibrium price of coffee will be what? and the new equilibrium quantity will be _________ billion pounds. (Enter rounded to 2 decimal places.)
- The cross price elasticity of demand for fuel with respect to the price of transport (e.g., automobile travelincluding insurance, etc.) has been estimated to be -0.48. If the price of transport falls by 10 percent in aperiod, how will that affect the demand for fuel in that period, all other things unchanged?When the per-unit price of pizzas increases marginally from R70 to R72. 25 the quantity demanded of garlic rolls decreases slightly from 60 to 57. The cross-price elasticity of demand is ____? The ______? sign reflected in the elasticity coefficient indicates that the pizzas and garlic rolls are ____? in consumptionQd= 25000-2p Qs= 10000-1p Calculate the market equlibrium level of price and quantity for housing unit? Calculate price elasticity of demand using point elasticity method when industry is in equlibrium and interpret the result?
- Microsoft wants to calculate the effect of a worldwide 5% price cut on its sales of Excel to clients in different countries. Microsoft sells Excel at different prices in U.S., Japan and Europe. Before the price cut U.S. sales were twice sales in Japan and Europe. If the price of elasticity of demand in the U.S., Japan and Europe are -3, -4, and -2 respectively, the worldwide sales rise by A) 10%. B) 15%. C) 20%. D) 25%. I know that the answer is C but i want to know how to get itWorldwide annual sales of smartphones over a two year period were approximately g = -6p + 3,060 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. E = (b) In one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? (Round your answer to two decimal places.) E = Interpret your answer. The demand was going ---Select-- v by about |% per 1% increase in price at that price level. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $ What would have been the resulting annual revenue? (Round your answer to two decimal places.) 2$ billionFor each of the following price elasticity of demand coefficients, calculate the percentage change in the quantity demanded if the associated price increase is 10%. (a) Ed=0.2 Ed=1.6