f gas prices rose from $3 to $4 a gallon and gasoline consumption decreased by 10% Group of answer choices demand for gasoline is elastic. demand for gasoline is inelastic. total expenditures on gasoline would fa

The demand for commodity X fell from 1000 units to 800 units. When the income of the consumer increased from $5000 to $6000. Calculate the income elasticity of demand for good X. Also determine what type of good is good X ?

If a small change in price creates a large change in demand, then we would say that the demand is Group of answer choices stagnant. Perfectly elastic elastic. Inelastic.

The price elasticity of supply is a measure of the:   Responsiveness of buyers of a good to changes in its price   Effect of changes in supply on the price   Responsiveness of sellers of a good to changes in its price   Relationship between price and profitability   Sensitivity of a good's price to changes in supply

If the price elasticity of demand for gasoline equals 0.3, then qn increase in the price of a gallon of gasoline from $3.70 to $3.90  A) decreases total revenue. B) increases total revenue. C) leads to no change in total revenue. D) makes the demand for gasoline elastic. E) Both answers B and D are correct.

An entrepreneur's most recent venture is selling robots that he builds and programs himself. At a price of $160 each, he sells 660 robots. At a price of $290 each, he sells 340 robots. What is the price elasticity of demand for his robots? Present your elasticity using its absolute value.

With higher fuel costs, airlines raised their average fare from $0.75 to $1.25 per passenger kilometer and the number of passenger kilometers decreased from 5 million a day to 3 million a day. What is the price elasticity of demand for air travel over this price range?

A fall in the price of radishes from $1 to $0.60 per bushel increases the quantity demanded from 19,000 to 21,000 bushels. The price elasticity of demand is   Question 7 options:   1   5   0.2   1.2   .8

The demand and supply for cola in a market is represented by    QD = 15 – 10P   &    QS = 40P – 50 Calculate the point price elasticity of demand at the equilibrium

If the price of new automobiles decreases by 5%, and the quantity of new automobiles demanded increases by 20%, then the price elasticity of demand is equal to: 1.1. 2. 0.25. 3.4. 4.0.75.