If Nothing Bundt Cakes is a normal good, then which of the following could be the value of price elasticity of demand? ○ -0.9 O +1.5 -1.5 O There is not enough information to tell.

32. Studies indicate that the price elasticity of demand for rice is 0.7. If the price of rice fell from $6 to $2. According to the midpoint method, the quantity demanded of rice will rise by (show your calculations and workouts) a. 70% b. 30% C. 60% d. 20%

Which of these could be a possible cross elasticity of demand measure for two products such as peanut butter and jelly? 0 -0.8 1.8 0.8

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Research has found that the an increase in the price of Coca-Cola would increase quantity demanded for Pepsi.  Is the cross elasticity of demand between the two products positive or negative?  What does this imply about the relationship of Coca-Cola to Pepsi?  In addition, research has found that the an increase in the price of hot dog buns would decrease quantity demanded for hot dogs.  Is the cross elasticity of demand between the two products positive or negative?  What does this imply about the relationship between hot dog buns and hot dogs?  Please explain in detail your logic for both of these relationships.  Also, can you think of another example of products that would behave in similar ways to Coca-Cola/Pepsi and hot dogs/ hot dog buns?

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The accompanying table lists the cross-price elasticities of demand for several goods, where the percent quantity change is measured for the first good of the pair, and the percent price change is measured for the second good.  ( please see image) a. Explain the sign of each of the cross-price elasticities. What does it imply about the relationship between the two goods in question? b. Compare the absolute values of the cross-price elasticities and explain their magnitudes. For example, why is the cross-price elasticity of McDonald’s burgers and Burger King burgers less than the cross-price elasticity of butter and margarine? c. Use the information in the table to calculate how a 10% increase in the price of Pepsi affects the quantity of Coke demanded. d. Use the information in the table to calculate how a 5% decrease in the price of gasoline affects the quantity of SUVs demanded.

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A 15 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demandes ppers the O elasticity of demand for potato chips is 2. cross-price elasticity of demand for soda is-2. O elasticity of demand for potato chips is 15. O elasticity of demand for soda 2.

QUESTION 5 If at a price of $8, the quantity of movie tickets bought will be 3,300 per day, and at $12, the ticket quantity bought will be 2,700 per day, then the price elasticity of dem movie tickets is approximately: O 0.5 O 0.7 2.5 0.4 O 2.0 O O O