A firm sales 1000 units of a product at a price of $10 per unit. It's price elasticity of supply is 3. How many units will the firm be able to sell if the price falls to dollar 7.5

The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases the price to $63, what should be the quantity sold? Will revenue increase? Why.

Blue Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do you expect the price elasticity of supply for this processor to be elastic or inelastic? Explain in 1-4 sentences.

Baylor Lumber sold 10 ft. long corral gates at $299 per gate last month. They sold 20 gates. This month they raised the price to $349 per gate and sales dropped to 12 gates. What is the own-price elasticity of demand for 10 ft. corral gates at Baylor Lumber using the mid-pointformula? What does this say about the demand for corral gates?

A producer supplies 400 units of a good at 10 per unit price last elasticity of supply is 2 how many units will the producer supply at 11 per unit.

Price Elasticity of Demand Problem Business has price elasticity of -1.5 They sold 300 units at $10 each If they cut the unit price by 5% how many units would they sell and what would be the effect on revenue?

Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic  and the annual supply curve is likely Flatter or Steeper  to be than the daily supply curve.

If you are a company that wants to maximize total revenue, what should you do if you have an elastic product ?

Calculate elasticity of supply if fall in supply is 11% and the fall in price is 8%

Suppose your elasticity of demand for your parking lot spaces is –2, and price is $8/day. If your MC is zero, and your capacity is 80% full at 9 A.M. over the last month, are you optimizing?