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

What will happen to the price elasticity of demand for Ford sport-utility vehicles (SUVs) when the government bans importation of SUV's from Japan?   A. Decrease    B. Equal unity   C. Increase   D. Remain constant

Which of the following is the formula for the price elasticity of demand for a commodity? Select one: A. percentage change in price percentage change in quantity demanded B. O C. change in price change in quantity demanded percentage change in quantity demanded percentage change in price change in quantity demanded change in price

If the consumers' income increase from $200 to $300, the quantity demanded for product X will increase from 80 to 100 whereas, the quantity demanded for product Y fall from 90 to 63.a.What is income elasticity of demand for product X?b. What kind of product X to these consumers? c. What is income elasticity of demand for product Y ?d.What kind of product Y to these consumers?

12. For which product is the income elasticity of demand most likely to be negative? A. BreadB. GasC. Generic beerD. Milk

4. Graph the supply and demand curves and use the midpoint (averages) formula to calculate the respective price elasticities of supply and demand over the price range given. Then determine over what range of prices supply and demand are elastic, unit elastic, or inelastic. E₁ QS 2400 2200 1900 1500 1000 500 Price $14 12 10 8 6 4 QD ol 500 1000 1500 2000 2500 Ed

12. Define price elasticity. Explain it’s various methods? Short answer plz

28. Suppose that Brock raises its tuition by 30% to pay for higher professor salaries2 An economics professor asks his students, "Due to the tuition increase, how many of you will transfer to another universiy or drop out?" One student out of every 2 says that he or she would transfer or drop out. Based on this information, the price elasticity of demand for education at this university is: (A) 1. (B) Elastic. (C) Inelastic. (D) Zero. 29. The government gives producers a tax of $200 per unit. This increases the price for consumers, from the equilibrium price of $1,300 to Pc=$1,350. What is the price for producers under the tax? (A) $1,550. (B) $1,150. (C) $1,050. (D) $1,450.

9. The table sets out the supply schedule of jeans. a. Calculate the elasticity of supply when the price rises from $125 to $135 a pair. b. Calculate the elasticity of supply when the average price is $125 a pair. C. Is the supply of jeans elastic, inelastic, or unit elastic? Price (dollars per pair) 120 125 130 135 Quantity supplied (millions of pairs per year) 24 28 32 36

15.  Use the graph to answer the question that follows. What is the price elasticity of demand when price increases from $2 to $4? 0.2 0.5 2 3 5