If quantity demanded of a product changed from 100 to 120 units due to change in price from P10 to P15, determine the value of the price elasticity and the type of product a 0.40 and necessity b. 0.40 and normal good   c. -0.40 and necessity   d. -0.40 and normal good

Q: If the percentage change in quantity supplied is 10%, and the percentage change in price is 10%,…

A: An elastic demand is one in which the change in qty. demanded because a price change is large.…

Q: In economics, what is meant by the term 'elasticity'?         A) The ability of a good to stretch…

A: The objective of the question is to understand the economic concept of 'elasticity'.

Q: f the quantity demanded from good Z increases from 13 to 19 units due to the decrease in its price…

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

Q: MacBook computer sells 1.25 million units at $1000 each. Price is reduced to $800. sales increase to…

A: Elasticity of demand measures the change in quantity due to change in price.  The demand is elastic…

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: the price elasticity of demand for a product is -.5. When its price is increased by 2%. Quantity…

A: The price elasticity(Ep) of demand(dd) measures that if there is any variation in the prices(P) of a…

Q: suppose the price is elasticity of demand for a good is -0.6. If it's price rises by 10% then by…

A: # Price elasticity of demand measures the degree of change in quantity demanded due to change in…

Q: Price elasticity of demand of a good is (-)$1 calculate the percentage change in price that will…

A: According to question we are given that  Demand of a good =(-)$1 percentage change =?

Q: Price Quantity Supplied (packs) Quantity demanded (packs) K80 100 500 K90 150 450 Price…

A: Elasticity of demand measures the percentage change in quantity demanded due to some change in the…

Q: What is likely to cause a high price elasticity of demand for a product? Pick a,b,c, or d a. The…

A: The measure that depicts the change in quantity being demanded with respect to change in price level…

Q: Suppose that a product has a price elasticity of demand equal to 0.7. Interpret the value of Ed

A: Given :  Price elasticity of demand of a product is 0.7

Q: The demand function of a certain commodity is X = 30 ― 2P. When the price P changes from 5 to 10,…

A:

Q: 20.Price Elasticity of Demand of a good is (-)1. At a given price, the consumer buys 60 units of the…

A: As we know that when price decreases demand increases so by using the elasticity formula we can find…

Q: The elasticity of demand is 0.31  The price rises by 32% calculate the value of change in quantity…

A: We are given with the values of elasticity of demand as 0.31 and the rise in the price is given as…

Q: A 12 percent increase in the price of tea causes 3 percent increase in the demand for coffee. The…

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

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: The price elasticity of demand is a measure of Select one: a. the shift in the demand curve when…

A: The law of demand establishes the negative relationship between the price of a good and its quantity…

Q: The price elasticity of demand for a product tends to be greater the Select one: A. fewer close…

A: A key idea in economics is the concept of price elasticity of demand which quantifies how responsive…

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: Which is characteristic of a product with elastic demand?  A. The good is regarded by consumers as a…

A: Price elasticity is a tool that measures how responsive the change in quantity demanded is to a…

Q: The price elasticity is 0.11 The % change in quantity is 7 What is the % change in price?

A:

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: The price elasticity of demand of a good is 0.3. The price rise by 60%  Calculate the percentage…

A: # Elasticity of demand is given by the formula:- Ed = % Change taking place in quantity demanded /%…

Q: When the value of income elasticity of demand is greater than zero, the good is called normal good.…

A: Normal goods are those goods which has positive relationship between the quantity demanded of good…

Q: In economics, what is meant by the term 'elasticity'?         A) The ability of a good to stretch…

A: The University of Cambridge, celebrated for its advancements in economic theory, played a pivotal…

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 the price of a doughnut is P15,00 quantity that would be purchased is only 6.  However, if the…

A: Given information is:  Initial price: P15.00 Final price: P12.50 Initial quantity demanded: 6…

Q: If the the elasticity of demand for milk tea is-1.5 and quantity demanded equals 40, 000 predict…

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

Q: Compute the price elasticity of the following points in the demand curve: P QD A 10 20 B15 18

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

Q: a price increase from 25 to 32results in an increase in quantity supplied from 830 units to 940…

A: The price elasticity of supply is the ratio of two variables namely percentage change in quantity…

Q: In economics, what is meant by the term 'elasticity'?         A) The ability of a good to stretch…

A: The objective of the question is to understand the economic concept of 'elasticity'.

Q: The demand of a product Y depends on its own price (P), and the price of another product X (P.). The…

A: Price elasticity of demand is a measurement of the change in consumption of a product in relation to…

Q: The demand for orange at price $10 is 100 and at price the $8 the demand is 150. Find the elasticity…

A: Initial price(P) = $10 Final price(P1)  = $8 Initial quantity(Q) = 100 units Final quantity(Q1) =…

Q: Sissy loves to eat sushi. Usually, Sissy consumed 20 sushi a week. But when the price of sushi…

A: This is usually calculated based on the required amount of  changes associated with other parameter…

Q: QUESTION 9 The demand for addictive goods is a. Inelastic b. elastic c. unit elastic d. difficult to…

A: Elasticity of demand explains the nature of the product and the consumer demand behaviour. It…

Q: When price of taddy is 10 dollars then it demand is 100 taddy. When price of taddy is 12 dollars…

A: Given initial price (P) = $10 Initial quantity (Q) = 100 units Final price (P1) = $12 Final quantity…

Q: A producer raises the price of their good from $33 to $75 and see the quantity demanded decrease…

A: Elasticity refers to the responsiveness of one variable to changes in another variable; given that…

Q: An increase in the number of substitutes to Good E will lead to an increase in the income elasticity…

A: Price elasticity of demand is the ratio of percentage change in quantity demanded and percentage…

Q: c. A 5% decrease in the price of good X increases his demand for good Y by 5%. Compute the…

A: Perfectly inelastic demand refers to the demand with remains the same irrespective of the change in…

Q: Calculate change in price uf elasticity of is-2 and percentage change  in Quantity demanded is 5%

A: To determine the link between quantity demanded and demand determinants, elasticity of demand is…

Q: The price elasticity of supply of a good is 0.8. Its price rises by 50% calculate the percentage…

A: # The price elasticity of supply measures the responsiveness of supply when there is a change in…

Q: The price elasticity of good x is 2.06, the percentage change in price is 10.33, what is the…

A: The Price elasticity of demand is a quantitative statement of the law of demand that is the…