Consider the demand curve for a good is given by: Qp = 500 – 2P and suppose that the good's price is $100. %3D a) Calculate the quantity demanded for the given price. b) Calculate the price elasticity of demand if the price of good decreases from $100 to $90.

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Research has found that the an increase in the price of Coca-Cola would increase quantity demanded for Pepsi.  Is the cross elasticity of demand between the two products positive or negative?  What does this imply about the relationship of Coca-Cola to Pepsi?  In addition, research has found that the an increase in the price of hot dog buns would decrease quantity demanded for hot dogs.  Is the cross elasticity of demand between the two products positive or negative?  What does this imply about the relationship between hot dog buns and hot dogs?  Please explain in detail your logic for both of these relationships.  Also, can you think of another example of products that would behave in similar ways to Coca-Cola/Pepsi and hot dogs/ hot dog buns?

Please help with following question    Suppose the own price elasticity of demand for good X is -4, its income elasticity is 2, its advertising elasticity is 3, and the cross price elasticity of demand between it and good Y is -6.  Determine how much the consumption of this good will change if: The price of good X increases by 10%. The price of good Y decreases by 5%. Advertising increases by 14%. Income decreases by 8%. thanks

The accompanying table lists the cross-price elasticities of demand for several goods, where the percent quantity change is measured for the first good of the pair, and the percent price change is measured for the second good.  ( please see image) a. Explain the sign of each of the cross-price elasticities. What does it imply about the relationship between the two goods in question? b. Compare the absolute values of the cross-price elasticities and explain their magnitudes. For example, why is the cross-price elasticity of McDonald’s burgers and Burger King burgers less than the cross-price elasticity of butter and margarine? c. Use the information in the table to calculate how a 10% increase in the price of Pepsi affects the quantity of Coke demanded. d. Use the information in the table to calculate how a 5% decrease in the price of gasoline affects the quantity of SUVs demanded.

3. Suppose a 10% increase I price of a different product (such y), has resulted in a 30% decrease in the demand for OUR product (say, product X). What can you tell about cross elasticity of demand? (Calculate and demonstrate your answer). Are x and y substitutes or complement? Why?

Suppose that demand schedule for discs is represented in the table below. PRICE ($) 8 10 QUANTITY DEMANDED (INCOME $10,000) 40 32 QUANTITY DEMANDED (INCOME $12,000) 50 46 If your income is $12,000, use the midpoint method to calculate your price elasticity of demand as the price of compact discs increases from $8 to $10. Select one: O a. The price elasticity of demand for discs is equal to -1.25 and demand is elastic. b. The price elasticity of demand for discs is equal to -1 and demand is inelastic. c. The price elasticity of demand for discs is equal to -0.375 and demand is inelastic. Od. The price elasticity of demand for discs is equal to -1 and demand is unit elastic.

S Suppose that the price of President's Choice macaroni and cheese decreased from $10 to $9 per case, and at the same time, the quantity of Kraft macaroni and cheese sold dropped from 198 to 132 cases. a) What is the cross-elasticity of demand between the two products? Round your answer to 2 decimal places. b) What is the relationship between the two products? They are (Click to select) (Click to select) substitutes permanents A 1 + Prev 2 of 8 3 Next >

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The price elasticity of demand for a good is calculated as 1.36. From this elasticityco-efficient, we can tell that:(2)(1) The good is not a necessity;(2) The good has many close substitutes;(3) Producers can increase total revenue by decreasing the price of the good;(4) Statements 1, 2 and 3 are all correct.