If the demand for In-N-Out Burger is log(Q) = a – b log(P) and if the demand is elastic what can you say about thevalue of b?

The demand for Woobles is unit elastic. When Woobles are priced at $20.00, 10 units are sold.  If the price is increased to $40, how many units of Woobles will be sold?

What does the price elasticity of supply for a theme park look like?

George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50, he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial actual markup? Was raising the price profitable?

XYZ Co. makes a processor that requires a metal that can be found in a single mine in Peru. Do you expect the price elasticity of supply for this processor to be elastic or inelastic? Explain your answer in approximately 1-4 sentences.

XYZ Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do you expect the price elasticity of supply for this processor to be elastic or inelastic? Explain.

At Betty's Burgers, the hamburgers have a price elasticity of demand equal to −3.05−3.05 . Suppose the number of burgers Betty sells increases by 85.00% By what percentage have Betty's prices changed?

Optimal Price. Last week, Wally's Burgers, Inc. reduced the average price on the 1/2-pound Papa burger by 1%. In response, sales jumped by 2%.A. Calculate the point price elasticity of demand for Papa burgers.B. Calculate the optimal price for Papa burgers if marginal cost is $1 per unit.

A demand function for a product takes the form:Q = 10 – 2PThe own-price elasticity of demand is equal to:A. –2 × (P/Q) and elasticity varies with the P/Q ratioB. –P × (P/Q) and elasticity varies with the P/Q ratioC. –2P × (P/Q) and elasticity varies with the P/Q ratioD. –2 and thus elasticity is constant for all P/Q values Please provide explanation

suppose the price elasticity of demand  for heating oil is 0.2 in short run and 0.7 in long run a. if the price of heating oil rises from rs 1.80 to rs 2.20 per litre, what happens to the quantity of heating oil demanded in the short run? in the long run? use mid point method b. why might this elasticity depend on the time horizon?