Suppose a restaurant earns $4,000 per week in revenues from hamburger sales (X) and $2,000 per week from soda sales (Y). If the own price elasticity for burgers is Eox.Px cross-price elasticity of demand between sodas and hamburgers is Eoy.Px = -4.0, what would happen to the firm's total revenues if it reduced the price of hamburgers by 1 percent? = -1.5 and the X,

can you answer both questions? i will like your answer

Q1

Each scenario gives some information about price elasticity of demand. For each, calculate the missing data, and determine if the price change under consideration will increase, decrease, or not change the firm's total revenue. Honest Abe's Used Cars estimates the price elasticity of demand for their cars to be -4.1. Last month, Abe tried a new marketing scheme which decreased the number of cars sold by 87%. Abe must have his prices by -27.87 Abe's total revenue by increased and total revenue to increased. At Webs-R-Us, a website design company, the new manager has decided to increase the price of Webs-R-Us services by 15%. She estimates that Webs-R-Us has a price elasticity of demand at -0.30. The manager expects the number of websites designed to decrease increase. %. e %

Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied decreases from 260 to 180. Using the mid-point elasticity approach, calculate price elasticity of supply

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With an elastic demand curve, an increase in the price leads to a decrease in quantity demanded that is proportionately larger. Thus, total revenue decreases” Explain this statement using proper graphs

The demand curve for original Iguanawoman comics is given by q = (403-p)^2/100      (0 ≤ p ≤ 403), where q is the number of copies the publisher can sell per week if it sets the price at $p. (a) Find the price elasticity of demand when the price is set at $39 per copy. (Round your answer to two decimal places.)   (b) Find the price at which the publisher should sell the books to maximize weekly revenue. (Round your answer to the nearest cent.) $ (c) What, to the nearest $1, is the maximum weekly revenue the publisher can realize from sales of Iguanawoman comics? $

You've estimated the market demand curve for the spice market as P=184 - 2Q. What is elasticity of demand for spice at P=49 in absolute terms? Enter a number only.

You work in the marketing department of a major telecommunications company. You discover that demand for phone calls during business hours is inelastic, and demand for phone calls during evening hours is elastic. How could your company use this information to increase its total revenue? Fully explain your answer.