Do you agreee that when the price of petrol rises, the demand for cars decreases.

Q: Consider some determinants of the price elasticity of demand: • Number of substitutes Whether the…

A: Elasticity measures the percentage change in quantity due to percentage change in price.  The demand…

Q: Sociology. The elasticity of demand for some products is affected by the personal values of…

A: Given: The elasticity of pork = 0 (Fully inelastic)

Q: i. What can you say about the cross-elasticity of demand between petrol and car markets? XED = 0 1>…

A: Answer -

Q: A decrease in the price of a substitute good would be represented by a movement from

A: Two goods are substitutes if the products could be used for the same purpose by the consumers. That…

Q: 1. What is a Giffen good and what is a Veblen good? What are price and income elasticity of demand…

A: The explanation for Griffin goods and vablen goods is as follows:-

Q: The price p and the quantity x ? p=-(1)/(7)x+160,0<=x<=1120 What quantity x maximizes reve

A: Total revenue determines the amount earned from the quantity produced. The TR helps in determining…

Q: Assume your demand for “Ipek su” water increases from 1 bottle to 3 when “Sirab su” increases the…

A: a) Cross price elasticity is given as EC= % change in quantity of good X/ % change in price of good…

Q: what is elastic. Trying to figure out if coffee is elastic or inelastic

A: Elastic demand: Elastic demand is the proportionate change in demand for the goods and services that…

Q: In_, a change in quantity demanded for one product or service causes a change in simple demand for a…

A: Elasticity is a way to demonstrate the change in the quantity of commodity/services due to the…

Q: Explain and calculate the impact on the quantity demanded of beer if the income elasticity is 1.5…

A: Given income elasticity = 1.5 Increase in income = 10 %

Q: Will the demand for pay TV shows increase in the future

A: The demand for pay TV shows will increase in the future because:

Q: There are two goods, laptops and tablets. The demand for laptops is given by: D₁ = piptyc Where a,…

A: Let's refer to the given demand function for laptops:As per the honor code, we are allowed to answer…

Q: $20 18 16 14 12 10 00 60 4 8 12 17 20 24 30 36 40 44 48 The price elasticity of demand (based on the…

A: Demand elasticity measures how sensitive a good's quantity desired is to variations in its price. It…

Q: would it be elastic or inelastic if a person spent 75cents per day for a candy bar regardless of the…

A: Elasticity is the measurement of the percentage change in consumer demand due to the change in the…

Q: In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was…

A: Answer: Given, Price (P) Quantity (Q) Ghc 3 (P1) 12 bottles (Q1) Ghc 5 (P2) 6 bottles (Q2)…

Q: O'The function that relates the inverse of speed (1/S) to traffic on a highway is 1/S = (1/60) +…

A: The purpose of this question is to calculate the equilibrium traffic volume, Marginal cost is…

Q: If you learn that the cross price elasticity on movies and restaurants is -0.75 then you can…

A: The given two goods movies and restaurants have a negative cross elasticity of demand of -0.75. A…

Q: Suppose the own price elasticity of demand for good X is –3, its income elasticity is -3, its…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: In the 1980s, automaker Porsche advertised its cars with this simple slogan: "Porsche, there is no…

A: The elasticity of demand measures the responsiveness of change in demand to change in price.  Demand…

Q: point A? (Hint: Remember slope is same at all points on the line demand curve. Then figure out what…

A: Price elasticity: Price elasticity reflects the % change in the net quantity demanded for a unitary…

Q: passengers for your car? O Offer to take half the party, or cancel at no charge O Take them all…

A: The quantity of passengers permitted in a vehicle is directed by the quantity of safety belts…

Q: Following an event, the price of chocolate syrup for ice cream is falling. This will result in: A -…

A: This can be described as the concept that provides the graphical representation of the combination…

Q: If the quantity demanded of widgets drops by 10% in response to a 20% decrease in the price of…

A: The cross-price elasticity of demand measures the responsiveness of change in demand of a good to…

Q: Question 10

A: Price elasticity of demand can be calculated as follows:

Q: When the number of Substitutes are more than that good will have what kind of demand?

A: # Substitute goods are those goods which can be used at place of one other. For example pepsi and…

Q: Suppose a college decide to raise the tuition fee from Rs.3, 000 per month to Rs.4, 000 of MBA level…

A: a) Given: Ed=0.2, Q1=500, P1=Rs. 3,000, P2=Rs. 4,000 We know that, Ed=∆Q∆P×PQ; where ∆Q=Q2-Q1 and…

Q: If a 10% decrease in the price of one product thatyou buy causes an 8% increase in quantity…

A: Elasticity shows the responsiveness of quantity demanded due to the change in the price of a…

Q: Q- What happens to the demand curve when there the price of a complement good rises.

A: # First we need to know about what are the complement goods. Complement goods are those goods which…

Q: d) At what price would consumers spend the most on this product? $

A: Expenditure refers to the money spent by the consumers on the purchase of goods and services. The…

Q: If rising incomes cause the demand for beer todecrease, is beer a normal or inferior good?

A:

Q: If two goods are substitute goods, O the price elasticity of demand for both goods will be greater…

A: Substitute Goods: Substitute goods are those goods which can be used in the place of the other good…

Q: What will happen in the market for brewed coffee if the price of coffee beans increase

A: The issue you raised is related to the study of supply and demand in markets, which is a part of the…

Q: 20% and the quantity of demand decreases by 30%, the demand for the goods is inelastic

A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: .If a good or service has a large number of easily available substitutes, it is more ________.…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: What is consumer srplus

A: Consumer surplus is the difference between a consumer's willingness price and the price he/she…