A heat wave in Las Vegas causes tourists to cancel their hotel room reservations and vacation elsewhere.   ill the heat wave result in a shortage or surplus of Las Vegas hotel rooms at the previous price? Will the price of hotel rooms rise or fall? shortage, fall shortage, rise surplus, rise surplus, fall

Current tuition at Benedict College is around $24, 000 a year. Show what would likely happen to demand for educational services at the school if tuition went up to $40, 000 a year.               The Ford F-150 (best selling vehicle in the U.S. for the last three decades) is currently priced at about $40, 000 to $45, 000. Show what would likely happen to the amount of vehicles offered for sale if the vehicle price went up to $52, 000.               You have four kids at home and they are somewhat clumsy and spill a lot of milk and other drinks. While at DG you compare some paper towels options. The first option is a roll of towels that contains 43 sq. ft. of paper at a price of $1.75. The second option contains 67.3 sq. ft. of paper at $2.00. Which is the better choice?             One of the problems with K-12 education in the U. S. is that there are not enough men (especially men of color) within the classrooms. The rational is that the salaries are too low. Show what…

At a price of $35, Davidson Cycles rented 22 bicycles. When it increased its rental price to $45, 18 bicycles were rented. Calculate the price elasticity of demand for bicycle rentals using the midpoint formula. (Solution options are given as negatives, the book would have you take the absolute value) O -1.25 O -2.42 O -0.80 O -0.91

Describe in detail the determinants of price elasticity of demand. Why is a perfectly elastic demand curve horizontal? What does that mean? Why is a perfectly inelastic demand curve vertical? What does that mean? Suppose that a two percent decline in coffee leads to a one percent increase in quantity demanded, would that show demand to be elastic or inelastic?