According to the following points on a demand curve, which would be the ideal price for a company to sell its product to get the maximum amount of revenue or total income before substituting cost? A. At $75, the quantity demanded per month is five. B. At $50, the quantity demanded per month is 10. C. At $100, the quantity demanded per month is two. D. At $25, the quantity demanded

3. If X is a complementary good, which is the correct economic implication about changes in the demand for X? a. When income goes up, demand for X goes up. b. When income goes up, demand for X goes down. c. When the price of some other good goes up, demand for X goes up. d. When the price of some other good goes up, demand for X goes down. Topic covered in current section Report a problem 4. The elasticity of a demand between any two points on a demand curve is measured as a. % change in quantity demanded divided by % change in price b. the slope of the demand curve c. 1/slope of the demand curve d. change in price change in quantity demanded

1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price?

If the consumers' income increase from $200 to $300, the quantity demanded for product X will increase from 80 to 100 whereas, the quantity demanded for product Y fall from 90 to 63.a.What is income elasticity of demand for product X?b. What kind of product X to these consumers? c. What is income elasticity of demand for product Y ?d.What kind of product Y to these consumers?

A taco hut is trying to determine its demand if it changes it's price. In 2019, they sold tacos for 1.00 and sold 6,000. In 2020, they increase the price of tacos to 1.50 and demand dropped to 5,500. In 2021, the owners of the taco hut want to increase taco price to 2.00 dollars. What would demand be for 2021? What if they lowered the price to .50, how much would demand be?

Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign.   Using the midpoint method, the elasticity of demand for headsets is about (.44/1.14/2.28/4.56)

1. If substitutes are not readily available for a product, it has A. Inelastic demand. B. Elastic demand. ... 1... C. An income effect. D. A substitution effect. 2. A price increase causes a fall in a company's total revenue. This indicates that demand for the company's products is A. Steady B. Elastic C. Inelastic D. Fluctuating 3. Which direction will the demand curve shift if consumers' income rise? A. To the right B. To the left C. Upward D. Downward

Match each of the terms to their definition or description.                                                             Cross-Price Elasticity                                                             Elasticity                                                             Income elasticity                                                             Price Elasticity of Demand A. the effect that a change in price of one good has on the quantity demanded of another good. B. responsiveness of quantity demand to a change in price C. a measure of responsiveness D. the effect that a change in income has on quantity demand for a good

At Louie’s Steak House, the quantity demanded for the 56 oz. “Grizzler” steak was 25 at a price of $16. When Louie lowered the price of the “Grizzler” to $11, the quantity demanded increased to 70.  Calculate the price elasticity of demand for Louie’s “Grizzler”.

Please answer C and D: