Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline purchased in the United States is 6 million barrels per day. Also suppose that when the price of gas decreases to $3 per gallon, the total amount of gasoline purchased is 8 million barrels per day. Based on these numbers and using the midpoint formula, the percentage change in the quantity demanded is: O 32.9%.

The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=1000//p barreis, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the decrease in demand if p rises to 56 and the increase in demand if p is decreased to 54. The demand D(55)= The decrease in demand =? barrels. The increase in demand =? barrels.

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Q3. Refer to the diagram. Using the midpoint formula, calculate the price elasticity of demand between the prices of $15 and $12. Accordingly, state whether demand is elastic or inelastic between these two points. P$/unit 15 12 D 18 22 Q (units/week) Ep = Damand ie ... Q4. For each case below, answer the bolded questio Classification of the Case Calculations product(s) if requested to do so 1. Suppose that a 2% increase in income in the economy decreases the quantity of gadgets demanded by 1% ar every E,= Gadgets are possible price. Find the income elasticity of demand and dassify the product accordingly (state whether gadgets is a normal, necessity, luxury or an inferior product). 2. A firm finds that its price elasticity of demand is 4.0. Currently, the firm is selling 2000 units per month at $5 per unit. Price must be lowered by= If it wishes to increases its quantity sold by 10%, by how much it must lower its price? 1 Suppose legalization-and subseque nt regulation-of products Xand…

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Yulia's annual demand for home-delivered coffee beans is given by MWTP(Q) = 500 - 5xQ, where Q is measured in kilograms of beans. In order to use the only delivery service available in Odesa, she must pay an annual membership fee, and then she pays 2400 for each kilogram purchased in that period. What is the largest membership fee Yulia is willing to pay? O 29000 O 28000 O 22000 O 21000 O None of the above.

For a certain good, when price rises from $100 to $150, quantity demanded falls from 2,000 to 1,200. The price elasticity of demand here is making the demand for this good in the price range between $100 and $150. 0.8; inelastic O 0.67; inelastic 0.15; inelastic 1.50; elastic O 1.25; elastic

5.(a). Calculate the point advertising elasticity of demand for advertising expenditures (A) = $10000 also with PT = $10000 (which should make QT= 370). Other variables and their values are given at the top, before question #1. The formula is:     (b). Does this elasticity indicate that demand for Toyotas is very responsive to changes in advertising expenditures (thus suggesting that advertising is a very important way to increase sales)? Explain why or why not.

Consider the table below. Assuming the law of demand holds, the cell labeled "?" could be which of the following quantities? Price of a Quantity of movies movie Demanded $15 155 $17 ? O 155 163 157 171 O 143