The following table contains a monthly demand and supply schedule for large, single- topping, carry-out pizza Pizza Price  (per pack) Quantity demanded for pizza (per pack) Quantity supplied for pizza (per pack)  Quantity demanded for good Y $21 6000 7900 6000 $19 7000 7200 8000 $17 8000 6500 10000   (A) Calculate the price elasticity Of demand (PED) for good X when price fall from S 19 to $ 17.    (B) Suppose you are the sellers of pizza based on the value of PED obtained In your answer for  Question(A), would you or would you not raise the price of pizza? Why?    (C)What S the cross elasbcity of demand (CED) of Good Y when price of carry-out pizza fall from $19 to S17? How is pizza and the Good Y related?

(i) InfoConsider the three demand functions in the file Elasticity. Calculate the elasticities of these three demand functions when the price of the product increases from P = $200 per unit to P = $400 per unit. Enter the elasticities as positive numbers.   Elasticity of the red demand function =   Elasticity of the green demand function =   Elasticity of the blue demand function =..

Your firm receives revenue of $40MM per year from Product A and $90MM per year from Product B. The own- price elasticity of demand for Product A is -1.5. The cross-price elasticity of demand between Product A and Product B is -1.8. Suppose you increase the price of Product A by two percent:   a. How much will Product A’s revenue change?   b. How much will Product B’s revenue change?

Based on the situations below, explain the elasticity of the demand of these goods and the total revenue if there is any changes in price:c) A group of fanners have poor harvest from their paddy fields due to bad weather.

Define price elasticity of demand.  Explain the relationship between total revenue and price elasticity of demand.

Price(dollars per bushel) Quantity demanded(bushels) 8 2,000 7 4,000 6 6,000 5 8,000 4 10,000 3 12,000 The table above gives the demand schedule for snow peas. The demand curve for snow peas is a straight line and so the elasticity of demand is   the same at all prices but not 1.   1 at all prices.   higher at higher prices.   lower at higher prices.

Table 1: cell phone elasticities by consumer groups and marginal costs Consumer groups Price elasticity of MC Price demand -1.25 -1.35 Working adults High income households Senior citizens Students -1.7 -2 $200 $200 $200 $200

If the price elasticity of demand is equal to 2, a 1 percent increase in price will cause the quantity demanded to -_ by __-- percent. increase; 0.5 decrease; 2 decrease; 0.5 increase; 2

Consider the following demand schedule. Price Quantity Demanded $0 1,000 $3 800 $6 600 $9 400 $12 200 $15 0   Using the midpoint method, what is the price elasticity of demand between $12 and $15?