#4 Determining the price elasticity of demand of a product involves all of the following factors, but NOT the total number of firms in a market.   the availability of substitutes to the product.   whether the product is a luxury or a necessity

_6. A product's price changes from $2 to $6 and its quantity demanded changes from 10 to 4 units. This is an example of price: A) B) C) D) inelastic demand. elastic demand. unitarily elastic demand. inelastic supply. Show your work here Formula Calculation Answer

Question 4 (A) Explain the factors that affect the price elasticity of demand for a product.

The following table contains a monthly demand and supply schedule for large, single- topping, carry-out pizza Pizza Price  (per pack) Quantity demanded for pizza (per pack) Quantity supplied for pizza (per pack)  Quantity demanded for good Y $21 6000 7900 6000 $19 7000 7200 8000 $17 8000 6500 10000   (A) Calculate the price elasticity Of demand (PED) for good X when price fall from S 19 to $ 17.    (B) Suppose you are the sellers of pizza based on the value of PED obtained In your answer for  Question(A), would you or would you not raise the price of pizza? Why?    (C)What S the cross elasbcity of demand (CED) of Good Y when price of carry-out pizza fall from $19 to S17? How is pizza and the Good Y related?

(Figure: Demand Curves) The figure shows four different demand curves for four products: A, B, C and D. Which of the products has the most elastic demand curve? Price Demand Price Price Price LEAR Demand Demand Demand Quantity Quantity Quantity Quantity O product C product B product D Oproduct A

The price of a good rises from $12 to $15. Quantity supplied increases from 25,000 to 35,000. Using the midpoint method, calculate the price elasticity of supply.   Question 12 options:   0.4   0.67   1.5   1.75

Match each of the terms to their definition or description. (NOTE: This question is in reference to Cross-Price Elasticity and Income Elasticity.)                                                             Complements                                                             Inferior good                                                             Normal Good                                                             Substitutes A. as incomes increase, demand decreases; Income elasticity less than zero B. goods that have a cross-price elasticity less than zero C. as incomes increase, demand increases; Income elasticity greater than zero D. goods that have a cross-price elasticity greater than zero

An increase in quantity demanded is caused by an increase in the price of a substitute of the product. an increase in consumers' income. a decrease in the price of the product. a shift in tastes and preferences.

4) Provide a simple definition of the price elasticity of demand and explain why knowing the price elasticity for her product is useful to the firm's manager.

Kamala’s vacation cottage on the Vineyard rents for $4,000 a week, and she has 32 rentals a year. If she drops the rental price to $3,500, she’ll have 44 rentals a year. The price elasticity of demand for her cottage is _____