Assume you own a firm that in the production and supply of maize meal which is a staple food in South Africa. The South Africans will die if there is no maize meal. What will happen to the sales or revenue of your firm if the demand for maize meal is elastic? Explain graphically

In the United States, the long-run elasticity of oil demand has been estimated at -0.5. Some policymakers and environmental scientists would like to see the United States cut back on its use of oil in the long run. We can use this elasticity estimate to get a rough measure of how high the price of oil would have to permanently rise in order to get people to make big cuts in oil consumption. How much would the price of oil have to permanently rise in order to cut oil consumption by 50%?   Question 7 options:   5%   25%   50%   100%

Assume there are 200 million television sets in the US and one quarter are replaced annually. Also 5 million households are formed annually each on the average purchase 2 televisions. Calculate the market demand for TV sets. 10M 60M 80M 50M 100M

Please no written by hand solutions In the box “Geometric Tricks for Estimating Price Elasticity,” there are three statements about the elasticities of straight-line supply curves. One of those statements is that supply curves intersecting the quantity axis are inelastic. Can you prove that that is true by algebraic manipulation of the elasticity formula?

QUESTION 1 Firms A, B, and C were all selling 1,000 cups of coffee per day at $3.50 per cup, but in the following week they all changed their prices. This gave their managers some information about the elasticity of demand in their local market, though they have to be careful to recognize that other factors might also have affected demand. The table below shows the change in sales as a result of their new prices; they made no other changes. Complete the table by calculating the revenue, cost of goods sold (COGS), and gross margin for each firm. Firm Baseline A B C Price per Cup $3.50 $3.00 $4.00 $2.50 Cups Sold 1,000 1,140 830 1,500 Revenue $3,500 $0 0 0 COGS @ $0.35 per Cup $350 $0 $0 $0 Gross Margin $3,150 $0 $0 $0 Coffee prices are going up, and Firm B is trying to decide whether to pass on to customers a cost increase of 10¢ per cup-to $0.45 per cup. What will be their new gross margin if they don't pass on the cost increase and demand remains unchanged? $ 0 What will be their new…

Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles per month. They just raised the price to $12 but quantity remains the same. Is the firm has elastic, inelastic, or perfectly inelastic demand?

1. The demand function for a certain brand of CD is given by p = -0.01x² - 0.2x + 10 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x² + 0.2x + 4 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.)

Please answer the questions and double-check my work. Thank you!

Which of the following is likely to have the most inelastic price elasticity of supply? Group of answerchoices Almond Butter Peach tree orchards in the long run iPhones Peach tree orchards in the shortrun