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- The figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next MaternitDraw the price effect and the quantity effect fora price change from $60 to $70. Which effect islarger? Does total revenue increase or decrease?No calculation is necessary.Which shifter,increase or decrease,drawing,change in price,change in quantity
- Which term is used to describe the want satisfying power of a commodity or a service?[A] Demand[B] Want[C] Utility[D] Consumption Please dont use any ai tool. Thank youGiven: Market for Flowers Price of Flower/boquet 100 Qd (x) of Flower/boquet 40 Fertilizer (f) for Flower/bag 70 Point Price of Candle Consumer (z) /piece 40 Income (I) (Time) A 10,000 15,000 20,000 330 32 60 90 C 500 20 70 110 1. Own price elasticity of demand (Pn) C A, 2. Income elasticity (ny) A-C; (inferior or normal good?) 3. Cross-price elasticity (nxz) B-C; (substitute or complementary?) 4. Input-price elasticity (nf) ABWhat are product that is elastic and explain
- Price of Quantity Own Good X of Good X Price (Px) (Qx) Elasticity 100 0.00 0 90 -0.11 450 80 -0.25 800 70 -0.43 1050 60 -0.67 1200 Ti 50 с 1250 B -1.50 1200 30 -2.33 1050 20 -4.00 10 -9.00 0 0 ODARENS N 5 15 20 25 30 35 40 45 50 -1.09. -1. O -0.50. -00 -0.25. Total The demand function in the above table is Qxd = 100 - 2Px. Based on this information, compute the own price elasticity of demand when Px = $25 (point C). Revenue D 450 0Which of these products would demonstrate the most elasticity in a middle-income household? a. Fruit juice b. Toothpaste c. A dining room table d. A newspaper e. Brown breadTime Income (Y) Quantity (Q) 2017 1500 35 2018 2000 25 Calculate income elasticity?
- How are you going to increase your total revenue, if the demand of your product is inelastic? a. Increasing price b. Decreasing price c. changing price will not affect total revenue d. total revenue is increasing while the price changesA rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.PRICE P₁ Graph (a) Q₂ Q₂ QUANTITY MC Figure 14-7 ATC PRICE P₁ P₁ Graph (b) W QQ, Q, Q₂ QUANTITY D₁