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Make graph for
1. When good x is normal and y is bad.
2. When good one good is normal and other is neutral.
Note:-
Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.
Answer completely and accurate answer.
Rest assured, you will receive an upvote if the answer is accurate.
Step by step
Solved in 4 steps with 4 images
- If Carmen's Coffee Company wants to increase total revenue and the price elasticity of demand is 0.43, the company should A) increase the price of its coffee. B) decrease the price of its coffee. c)keep the price constant since a price increase or decrease will cause total revenue to fall. d)advertise since this is the only option that will increase total revenue. urgent i will 5 upvotes.A shift in the demand curve is caused by a change in: O a) the price of the item. Ob) the behavior of suppliers. Oc) costs of production. d) one of the determinants of demand. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.Suppose the average age of Stanford Alumni increased at the same time the smaller stadium was built and the income elasticity of ticket sales is .5 Group of answer choices Tickets are an inferior good. If income increases with age, it is more likely the smaller stadium will increase total revenue because any increase in ticket revenue from the increase in prices will be reinforced by an increase in ticket sales from the higher income of Stanford Alumni. If income increases with age, it is less likely the smaller stadium will increase total revenue because any increase in ticket revenue from the increase in prices will be offset by a decrease in ticket sales from the higher income of Stanford Alumni.
- Price elasticity of demand. If the price elasticity of demand for a product measures 0.45, then: Select the correct answer (A) this good has many available substitutes. B this good must be a non-essential good. C this good is a high-priced good. (D) a decrease in price will increase total revenue. E this good is demand price inelastic.Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. What does it mean when a product has an elasticity of supply greater than 1? A. The quantity supplied is highly responsive to price changes.B. The supply of the product is perfectly inelastic.C. The quantity supplied decreases as the price increases.D. The product cannot be easily produced in larger quantities.Danny "Dimes Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.50 each, he sells 100. At a price of $2.00 each, he sells 300, Instructions: Use the midpoint method and round your answer to two decimal places. Do not include a negative sign(-) a. What is the elasticity of demand?
- In the graph, the point shown on the demand curve is the point where the demand has unitary price elasticity. Drag the point to a location on the elastic region of the curve. (Assume that you are using the midpoint formula to determine elasticity.) Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Bob of Bob's Burgers used to charge $2.20 for a certain hamburger and sold 4000 units. When he increased the price by $1, he sold 3000 units. Calculate the hamburger's price elasticity of demand using the technique in the PowerPoints and text. You will use this information again in the next question.Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places.Danny "Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.25 each, he sells 250. At a price of $1.75 each, he sells 300. Instructions: Use the midpoint method and round your answer to two dcimal places. Do not include a negative sign (-). a. What is the elasticity of demand? 4 b. Is demand elastic or inelastic over this price range? Inelastic Elastic c. If demand had the same elasticity for a price decline from $1.75 to $1.25 as it does for the decline from $2.25 to $1.75, would cutting the price from $1.75 to $1.25 increase or decrease Danny's total revenue? OIncrease O Decrease
- In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100g = 50,000. (a) Find the elasticity when p = $67. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. O Demand is elastic. Demand is inelastic. Demand is unitary elastic. (c) How would a price increase affect revenue? Revenue is unaffected by price. An increase in price will result in a decrease in total revenue. O An increase in price will result in an increase in total revenue.Consider the following. Quantity Demanded X = 24 Demand Function p = 700 - 3x Find the price elasticity of demand for the demand function at the indicated x-value. 8.72 Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? O The demand is elastic at this x-value. O The demand is inelastic at this x-value. O The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function. y y y 50 000 25 000 1500 40 000 20 000 30 000 1000 15 000 20 000 10 000 500- 10 000 5000 50 100 150 200 50 100 150 200 50 100 150 200 Use Collections on any device y 800 600 Screenshot saved The screenshot was added to your 400 OneDrive. 200 OneDrive 10:00 DMSuppose a 5% rise in consumer income causes a 20% fall in the quantity of beans demanded. The income elasticity for beans is and they are a(n) -good. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. -4.00 ; inferior a b -2.00 ; inferior -0.25 ; inferior d +0.25 ; normal e +2.00 ; normal f +4.00; normal