Suppose the demand equation is: Q = 80 - 1.25p. What is the price elasticity of demand if the price is $40 per unit and output is 30 units? The price elasticity of demand is . (Enter a numeric response using a real number rounded to two decimal places.)

The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decayfigh ter, reduced the price of its electric toothbrush from $35 to $30. As a result, Stopde cays sales declined by 1,500 units per month. What is the arc cross elasticity of demand between Stopdecays toothbrush and Decayfighters toothbrush? What does this indicate about the relationship between the two products? If Stopdecay knows that the arc price elasticity of demand for its toothbrush is 1.5, what price would Stopdecay have to charge to sell the same number of units as it did before the Decayfighter price cut? Assume that Decayfighter holds the price of its toothbrush constant at $30. What is Stopdecays average monthly total revenue from the sale of electric toothbrushes before and after the price change determined in part (b)? Is the result in part (c) necessarily desirable? What other factors would have to be taken into consideration?

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When the price of mustard oil increased from 70 taka per litre to 90 taka per litre thequantity demanded in the market fell from 47,000 litres to 40,000 litres. Using the pointelasticity method, calculate the price elasticity of demand of mustard oil. What type ofdemand does mustard oil have?

ll SMART LTE VPN 7:28 AM © 44% a docs.google.com Refer to the graph below. Between the two points indicated on this demand curve, * Price PF |10% Po 10% Q, Qo Quantity Changes in price and quantity are identical. the value of elasticity equals one. the elasticity value is the same as the value of the slope of the line. PO All of the above. 2

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Need number 4  and 5 answered  Elasticity: What is elasticity? Elasticity refers to the concept that provide information about the sensitivity or responsiveness of one variable to another. What is Price Elasticity of Demand? Price elasticity of demand is the responsiveness of consumers in term of quantity demanded with respect to the price change. It explains that how much quantity demanded changes with the change in the price by 1percent. What is the formula that we will use to calculate it? The formula to calculate price elasticity of demand would be: =Percentage change in quantity demanded/percentage change in price After calculating the Coefficient of Price Elasticity of Demand, what are the rules we use to characterize that price range? (i.e., What importance does the number one play?) What is the total revenue test?

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Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand

The following graph shows the demand for a good. PRICE (Dollars per unit) 210 135- 105‒‒‒ 30- 0 Region Between Y and Z Between W and X Between X and Y True I I O False Z 4 I I 14 18 X QUANTITY (Units) For each of the regions listed in the following table, use the miaponke method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Elastic Inelastic Unit Elastic O O O O O O 28 O O O W Demand True or False: The slope of the demand curve is not equal to the value of the price elasticity of demand. ?