The following table shows two demand schedules for a given style of men's shoe-that is, how many pairs per month will be demanded at various prices at Stromnord, a men's clothing store. Price $ 85 80 75 70 65 D₁ Quantity Demanded 53 60 68 77 87 D₂ Quantity Demanded 13 15 18 22 27

Investigate how demand elasticities are affected by increases in demand. Apply the midpoint formula to calculate the demand elasticities. 2 0 (c) 10 0 20 30 Quantity 10 40 Given the shift in demand, the elasticity between points a' and b'in Figure a = b. The elasticity of demand for D2 between points c and dis 0.56. Given the shift in demand, the elasticity between points c'and d'in Figure b = 20 Quantity 30 D₁ 50 60 40 Instructions: In parts a, b, and c, round your answers to two decimal places. Enter your answers as a positive value (absolute value). a. The elasticity of demand for D₁ between points a and bis 1.80. D₂ (45, 4.5) 50 0 c. The elasticity I demand for D3 between points e and fis 1.00. Given the shift in demand, the elasticity between points e' and f'in Figure c = 0 0 10 20 D₂ 30 Quantity (b) 40 50

Calculate the Elasticity Coefficient for the following scenario. Patty bakes pies, she sells them for $10 each and sells about 55 pies per week. But the price of her ingredients increased so she' s contemplating a price increase. She will raise the price to $12 and she estimates her demand will fall to 50 pies per week. Calculate the elasticity coefficient for Patty's Pies. Are Patty's Pies elastic or inelastic? Should she raise her prices? Or keep them the same? You should be able to show your work.

2) Ernesto is looking to purchase a new vehicle as his income has increased from $2,000 per month to $3,000 per month, so his purchase increases from 0 to 1 vehicle. He see's a new Mercedes Benz that decreased its price from $45,000 to $42,000. What is Ernesto's income elasticity of demand for a Mercedes Benz vehicle?

The diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors Which statement correctly describes the demand for MQ2020? 8,000 Price, P: WTP (5) 6,000 4,800 4,000 3,200 2,000 0 0 40 60 80 100 Quantity, Q: number of consumers per day 120 Select one O a. There are 99 consumers per day who are willing to pay money for MQ2020. O b. If MQ Motors sets the price at $4,800, there will be 60 consumers who are willing to buy MC22020 Oc MQ Motors will need to raise the price up to $8,000 in order to maximise its profit Od. There are 59 consumers who are willing to pay more than $4,800 for MQ2020. Oe. The demand curve shows that points A and C are feasible options for MQ Motors.

Let’s assume that in Camarillo the quantity demanded of iPad increases by 18% when income increases by 10%. What is the income elasticity of demand for iPad in Camarillo?

Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic  and the annual supply curve is likely Flatter or Steeper  to be than the daily supply curve.

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4) Provide a simple definition of the price elasticity of demand and explain why knowing the price elasticity for her product is useful to the firm's manager.

Discuss the level of elasticity of demand for PlayStation products. Is additional information needed for you to determine its elasticity?  PlayStation