If an increase in price Of a gel pen from 60 to 80 results to an increase in the quantity supplied of pens from 1200 to 1800 what is the elasticity of supply

Q: Why do business people need to know the importance of price elasticity of demand for the products…

A: (Q)Why do business people need to know the importance of price elasticity of demand for the products…

Q: A producer supplies 400 units of a good at 10 per unit price last elasticity of supply is 2 how many…

A: At a price of 10, 400 units are supplied. i.e., P0 = 10 and Q0=400 Now the price increase to 11 per…

Q: The price of widgets has gone from 2.00 to 5.00 in six months, while the quantity purchased of…

A: Cross price elasticity measures the %change in demand of a good due to unit % change in price of…

Q: If elasticity of supply is 0.31 and the rise in quantity supplied is 19% Find the value of rise in…

A: The information being given is:- Elasticity of supply = 0.31  Rise in quantity supplied = 19% We…

Q: Suppose that the price of caps increases by 25% and the manufacturers increases his production of…

A: Price elasticity of supply refers to the level by which the producer of a good or provider of a…

Q: Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles per month. They…

A: Elasticity of demand is used to measure the responsiveness of change in the quantity demanded of a…

Q: Explain the types of price elasticity of demand and supply

A: Answer: The elasticity of demand: Elasticity of demand refers to the ratio of percentage change in…

Q: How to tell which number has a greater elasticity of demand, -1.0 or -1.8?

A: Elasticity of demand is an economic measure to the change in the quantity demanded of a product in…

Q: why are price elasticity demand equal percentage change in price

A: Price elasticity of demand means the extent to which the quantity demanded for a product changes due…

Q: If the price elasticity of supply is 2, and a price decrease led to a 16% decrease in quantity…

A: The price elasticity of supply can be representing as follows:

Q: cross-price elasticities

A: Elaticity shows much demand of a good changes due to change in the price of a good.

Q: Yana initially charged $80 for an hour-long massage and averaged 20 clients per week. When she…

A: Price elasticity of demand helps the economist to measure how demand for items or services may…

Q: The price elasticity of demand is 0.8 the percentage change in quantity is 8 what is the percentage…

A: Elaticity of demand = %Change in quantity/%Change in price Given elaticity = 0.8 % Change in…

Q: Calculate the price elasticity of supply for Brenda's Bakery's cheddar bread. When the price changes…

A: The price elasticity of supply (PES) shows the responsiveness of the quantity supplied of a good to…

Q: The Screamin' Jay Hawkins Co. has decided to lower the price of their Nimbus 2001 from $3,900 to…

A: Demand is the total quantity of products and services for which the consumers are ready to pay…

Q: Genovia has experienced exceptional growth in recent years. Its GDP per capita (or Income) has…

A: Given:Initial income=io=$30,000New income=i1=$50,000Initial demand for personal…

Q: Compute for the mid-point elasticity if price increased from 500 to 520 and quantity demanded…

A: Elasticity of demand=(change in quantity/average quantity)/(change in price/average price)Change in…

Q: How do you respond to the price elasticity

A: Economics is a subject that studies and plans the distribution of scarce resources among humans who…

Q: i owned both of the two jerry garcia autographed lilthographs in existence. I sold one on eBay for a…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: How would you describe the elasticity of mable's demand for milk

A: Price elasticity of demand is a measures the quantity of change in demand with respect to the change…

Q: Paracetamol 2021 2022 Quantity Demanded 1000 packets 800 packets Price 4 pounds 5 pounds…

A: Price elasticity of demand measures the responsiveness of change in quantity demand to change in…

Q: Suppose price of a commodity rises by 10% , then supply by a firm increases by 50%  Calculate…

A: # The elasticity of supply is a measure of the change in quantity supplied due to change in price.…

Q: What does it mean of having a elasticity of demand of 1

A: # the value of elasticity of demand varies from zero to infinity. This simply depends upon that our…

Q: Can the elasticity of demand be 0?  If yes, in what situation is this possible

A: # The term elasticity of demand related the quantity demanded and price and explains how quantity…

Q: Given that price rise by 3% and the quantity demanded falls by 10%  Find the value of elasticity of…

A: elasticity of demand show the change in demand due to change in price , so here we calculate the…

Q: If the elasticity of demand changes to -1.2, and price increases by 2%, how much the quantity…

A: elasticity of demand refers change in demand due to change in price , so here we calculate the…

Q: If the elasticity of supply of telescopes is 0.8, at a 7.5% increase in the price of telescopes…

A: Given Information: Elasticity of supply = 0.8 Increase in price = 7.5% Increase in quantity supplied…

Q: if the change in the price is 10percent and the value of elasticity is 0.5 then calculate how much…

A: Given information, Percentage change in price: 10 The value of elasticity: 0.5 To find: percentage…

Q: if the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80 will: (…

A: The objective of the question is to determine the effect of a price cut on the quantity demanded for…

Q: Explain how price elasticity affects potential demand for a product.

A: ANS PED is a measure that gives us an idea about how the quantity (Q) demanded of a commodity change…

Q: The Umezu Corporation produces books. When a book has a price of $25 per unit, it produces 20,000…

A: Price elasticity of supply measures the responsiveness of quantity supplied with respect to change…

Q: What does the elasticity of demand for luxuries tend to be? Ogreater than 1 greater than 0 but less…

A: Elasticity of demand refers to the percentage change in quantity demanded of a commodity with…

Q: The price elasticity of supply is 0.79 for apple pies. If the price of apple pies increases by 6%,…

A: The price elasticity of supply is calculated as the percentage change in quantity supplied divided…

Q: Elasticity of demand of -0.4 means inelastic demand True/False

A: Elasticity of demand = -0.4  Elasticity of demand measures percentage change in the quantity…

Q: When the price of a good rises from $20 per unit to $30 per unit,the revenue of the firm producing…

A: As per the question we are given that  P1= $20 P2=$30 TR1=$100 TR2=$300 we have to find price…

Q: The price elasticity of demand for personal computers is estimated to be −2.5. If the price of…

A: Elasticity = -2.5  Change in price = - 20 %

Q: Alice loves Pepsi and will spend 10 per week on the product no matter the price. What is her price…

A: Because price is not going to affect the demand for pepsi by alice.