Question 1 What are likely to be the effects on the DEMAND for leather if there is: a) A rise in the price of leather b) A rise in the price of PVC (plastic) c) A government restriction on the use of leather d) A change in consumers preference in favour of leather pants and skirts e) An improvement in the quality of leather
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- What would the gasoline price elasticity of supply mean to UPS or FedEx?Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from 19,000 per day to 21,000 per day. In this price range, the price-elasticity coefficient (based on the midpoint formula) for candy bars is Multiple Choice 1. 0.2 0.5 Mc Graw Hill P Type here to search 10:31 AM 84°F Sunny 10/2/2021 2.
- 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?(1) The graph below shows the demand curves of two products by Ghana Nuts Company Ltd. Use the information provided on the graph to answer the questions that follow: Price Cedis per gallon 30 B 25 D1 D2 200 225 300 Quantity (gallons per day) (a) Calculate the price elasticity of demand for D, between point A and point C, and the price elasticity of demand for D2 between point A and point B. which of the two demand curve is more elastic? Briefly explain. (b) Suppose Ghana Nut is initially selling 200 gallons per day at a price of C30.00 per gallon, calculate the total revenue for Ghana Nuts Company Ltd. at price C30. If they cut the price to C25.00 per gallon and their demand curve is D1, what will be the change in their revenue? What will be the change in their revenue if demand curve is D2? 2. Suppose quantity demanded of beans increase from 1500 bags to 1800 bags as a result of an increase in the price of rice from GH¢80 to GH¢100. Calculate the cross price elasticity of demand for…The graph below shows the demand for electricity in England during typical days in winter and summer. The pie chart shows how electricity is used in an average English home. Summarise the information by selecting and reporting the main features and make comparisons where relevant. Figure 1 Typical Daily Demand of Electricity 50000 40000 30000 Winter Summer 20000 10000 o hrs 3 6. 12 15 18 21 24 Different hours of a day Figure 2 What the electricity is used for I Heating room, Heating 15% water 15% 1Ovens, Kett les, Washing 52% Machines 18% ILighting, TV, Radio Vacuum cle ane rs, Food m ixers, Electric too ls Units of Eectricity
- The chart below shows how annual electricity for an average Ontario household would vary with the price paid for electricity. Calculate the arc elasticity of demand for electricity for this average houschold. Also, in the final column, calculate the total revenue from sales of clectricity to this household. Price Quantity Demanded Kwh/year Total Revenue $/kwh Elasticity of Demand $0.25 1200 -0.36 $0.20 1300 $0.15 1400 $0.10 1500 $0.05 1600 Hint: The own price elasticity of demand is the percentage change in the quantity demanded divided by the percentage change in the price. What factors do you think influence the elasticity of demand for this household?In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoning1. Alex finds that the demand for their lemonade is given by x = 2/p4 where p is price per cup and x is cups sold. (a) Find the elasticity of demand. (b) What is the elasticity of demand when p = 1? (c) Give an interpretation of the elasticity when p = 1. In particular, if you increase the price by 1%, what happens to the demand?
- What might you infer about the price elasticity of demand for diesel fuel in the short run? In the long run?Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.The graph below shows the dsily demand for entry into the downtown core of a major city by commuter vehicles and shoppers' vehicles if they were required to pay a special traffic fee in order to enter. a. Draw the total demend curve. Plot only three points of the curve. Commuters Shoppers 28 Tools Total demand 20 16 12 12 24 36 48 60 72 84 Number of vehicles per day (tens of thousands) b. Assuming that there is no charge for entry, what is the total number of vehicles entering downtown? (Give your answers in tens of thousands of vehicles.) Quantity of vehicles: c. Suppose that government, in an effort to reduce the number of vehicles by 50 percent, decides to impose a traffic fee (the seme fee for both commuters and shoppers) for entry into the downtown areo. What will be the amount of the fee, and how many of each group will enter downtown? Fee: $ Number of commuter vehicles: Number of shoppers'vehicles: d. Assume that government, alternatively, decides to have a two-fee system but…