Suppose price elasticity of demand is greater than 1. Which of the following example is correct? (a) If I increase price of oranges by 1%, sales of oranges increase by more than 1%. (b) If I increase price of oranges by 1%, sales of oranges decline by less than 1%. (c) If I increase price of oranges by 1%, sales of oranges increase by less than 1%. (d) If I increase price of oranges by 1%, sales of oranges decline by more than 1%. Consider the following table: Table 2.7 Market Size and Average Winning Percentage in the National Basketball Association: 2004-05 to 2015-16 Variable Market size Coefficient -0.0021 t-Statistic -0.67 (a) Market size impacts average winning percentage negatively and it is statistically sig. nificant. (b) Market size impacts average winning percentage negatively but it is statistically in- significant. (c) Average winning percentage is positively correlated with market size and statistically significant. (d) Market size impacts average winning percentage positively but it is statistically in- significant. p-Value 0.51

23) Suppose the price elasticity of demand for a product is 1.8. If a supplier wants to increase revenue, they shoud (increase or decrease price- SELECT ONE) increase 24) Goods that are considered luxuries tend to be more (price elastic or price inelastic- SELECT ONE)price elastic 25) When the price is increased and total revenues increase, the elasticity of demand is (price elastic or price inelastic- SELECT ONE)price inelastic

M10

5) A certain product has an (own) price elasticity that is elastic, and there is a decrease inthe revenue received. What change in the quantity demanded of a product is necessary to meet theconditions of each situation when there is a 15% increase in the price of that product? Be specific (andsuggest a number).

(a)    Due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 ercent.                                                                                         Is the price elasticity of demand for video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible).  Is the price elasticity of supply of video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible).          (b)   Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more productive with better training, state whether the average fixed cost, average variable cost, average total cost, and marginal cost will rise or fall?      (c)    After one month of operation, OU Café determined to shorten its business hours and close on weekends. What costs, fixed or variable, should OU Café have considered when it made the de

B. Calculate the price elasticity of demand for large drinks. (Show your work) Last month= $6.00 with 150 quantity This month= $5.50 with 161 quantity Elasticity of demand = Q2-Q1 161/150 divided by (Q1+02) 150+161=311 divided by 2 = 155.5

I need answer typing clear urjent no chat gpt i will give 10 upvotes

6) Your income rises from $2,000a year to $10,000 and your purchases of beer change from 10 to 40. What number below most closely approximates your income elasticity over this range? A) 1 B) 1.25 C) 0.75 D) 0.25

2. Suppose you have an elasticity of - 2 and the CMg of $ 15.45 per unit. Determine the pricing. CMg (marginal cost)

None