Price Quantity demanded dollars per bushel)(bushels) 2,000 17 4,000 16 6,000 15 8,000 14 10,000 12,000 55) The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is 1.0. 2.0. 2.6. 5.0 O OO

No chatgpt answer

Table 5.6 Quantity Supplied Price 10 $10 20 $20 30 $30 40 $40 50 $50 Refer to Table 5.6. If price decreases from $50 to $30, the price elasticity of supply is: Group of answer choices 10 5 0.5 2 1

2) Calculate the price elasticity of demand for each price: VALUE KIND OF PRICE AMOUNT INCOME ELASTICITY ELASTICITY 7 4 6. 3 8 10 1. 12 14

img' (a If po increases, what happens to the demand and supply of public transportation (shifts left/shifts right/doesn’t change) What happens to the equilibrium quantity and price for public transportation? (increase/decrease)   (b)At a given price p, as oil becomes more expensive (po increases), does the (own) price elasticity of demand for public transportation increase / decrease / stay the same?   (c) Calculate the cross-price elasticity of public transportation demand with respect to the oil price po, at the point p = 1 and po = 2. Are the two goods (public transportation and oil) substitutes or complements, or unrelated?

11.) In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?

PRICE (Dollars per unit) 140 50 20 0 Region Between W and X Between X and Y Between Y and Z W O True O False QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. N O Elastic Inelastic Unit Elastic Demand (S. ? True or False: The value of the price elasticity of demand is equal to the slope of the demand curve.

5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explain

suppose a pharmaceutical company considers increasing the price of insulin tm $125 per vial to $300 per vial. whenthe price was $125, the company sold 100, 000 vials per day. the company knows its price elasticity is .25. calculate thepercentage change in quantity demanded that would result in a price elasticity of .25. show your work

In the figure below, what is the point price elasticity of demand when price is $60? 120 P Price ($) 100- 80 60 40 14 20- es Correct! Demand 0 200 400 600 800 1,000 1,200 Quantity O -0.50 -1.60 -2.00 -0.75 -1.00