For each of the following pairs of goods, which good would you expect to have more elastic demand? Pairs of Goods More Elastic Demand Shoes in general or light-up shoes      Chicago Symphony recordings or orchestral music recordings in general      Subway rides during the next 6 months or subway rides during the next 5 years      Pens in general or blue ballpoint pens

What factors determine the elasticity of demand for a product, and how does elasticity affect pricing decisions by firms?  Don't use Ai

The price of DVDs falls from an average of $22 to $16. As a result sales increase from 50,000 units per year to 85,000 units. What's the price of elasticity

Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic  and the annual supply curve is likely Flatter or Steeper  to be than the daily supply curve.

If you are a company that wants to maximize total revenue, what should you do if you have an elastic product ?

1. Your younger brother needs $600 to buy a new computer. He has opened a sandwich stand to make the money he needs. Your father is paying for all of the ingredients. He currently is charging $2 per sandwich, but he wants to adjust his price to earn the $600 faster. If you know that the demand for sandwich is elastic, what is your advice to him? Explain.

What is the relationship between the price elasticity of demand and total revenue?

Give typing answer with explanation and conclusion  Which products are most likely to be most price elastic? Multiple Choice   Sugar and eggs   Clothing and auto repair   China and glassware   Electricity and housing

Use the mid-point method to calculate the elasticity.  1. If the price of tacos increases from $2.00 to $3.00 and the Quantity Demanded decreases from 20 to 10, what is the elasticity? 2. If the price of tacos increases from $2.00 to $3.00 and the Quantity Demanded decreases from 20 to 18, what is the elasticity? Explain your work.

How do I calculate total revenue with an increase or decrease in price?  Known factors are price elasticity of demand, income elasticity, and cross-price elasticity.