Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 29.0. When the price is $7.75, the quantity supplied of motorcycles is 65.0 and the quantity supplied of pancakes is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.

Macmillan Learning Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 35.0. When the price is $12.75, the quantity supplied of coffee is 71.0 and the quantity supplied of hot cocoa is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimal places. Incorrect Supply in the market for coffee is less elastic than supply in the market for hot cocoa.

Use the price-demand equation below to find E(p), the elasticity of demand. x= f(p) = 3600- 3p !! E(p) = !!

Calculate the income elasticity of demand for coconut oil.  Is coconut oil a normal good at that price and quantity combination?

The following graph shows two known points (X and Y) on a demand curve for oranges.   According to the midpoints formula, the price elasticity of demand for oranges between point X and point Y is approximately ______   , which suggests that the demand for oranges is  ________  between points X and Y.

Suppose the demand curve for a good is P = 10 - 2Q. Drawing the demand line and by calculating the point elasticity of demand, explain for which region of prices the demand will be a) Elastic b) Unit elastic c) Inelastic

The weekly demand for wine in the United States is described by the following equation:  Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation:  Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars.  a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.

The demand equation is . x=-3/4p+10​  Compute the elasticity of demand and determine whether the demand is elastic, unitary, or inelastic at p=30.

In a study of the demand for automobiles in Canada, economists Blomqvist and Hassel distinguished between large and small cars and estimated the price and cross- price elasticities as well as the effects of the price of gasoline on the demands for small and large cars. Their results were as follows: a. C. New large cars New small cars d. Own price elasticity 1.26 2.30 Cross price elasticity 0.86 1.73 Elasticity with respect to gasoline price Note: The cross-price elasticities show that the demand for new small cars is more responsive to changes in the price of new large cars than the demand for new large cars is to changes in the price of new small cars. Do the cross-price elasticities have the expected sign? Briefly explain. b. If the price of new small cars went up by, say, 5 percent, by what percentage would new small car purchases change? {Note: In your answer to this and all of the remaining parts of this question, please indicate whether the change is an increase or a decrease.}…

Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $14 to $16 is____ if your income is $20,000 and___ if your income is $24,000. If the price of a pizza is $12, your income elasticity of demand is_____ as your income increases from $20,000 to $24,000. However, if the price of a pizza is $16, your income elasticity is______ .