The price elasticity of demand for a good is calculated as 1.36. From this elasticity co-efficient, we can tell that: (2) (1) The good is not a necessity; (2) The good has many close substitutes; (3) Producers can increase total revenue by decreasing the price of the good; (4) Statements 1, 2 and 3 are all correct

Round up the answers to the nearest hundredths. Suppose that business travelers and vacationers have the following demand for airlinetickets from Japan to Philippines.   Price in (US Dollars $) Quantity Demanded for Tickets (Business Travelers) Quantity Demanded for Tickets (Vacationers) 150 2,100 1,000 200 2,000 800 250 1,900 600 300 1,800 400 a. As the price of tickets rises from $200 to $250, what is the price elasticityofdemand for:(i) business travelers? (ii) vacationers? (Use the midpoint method in your calculations.) b. Why might vacationers have a different elasticity from business travelers?    2. The price of milk increases from $2.85 per gallon to $3.15 per gallon and the quantitysupplied rises from 9,000 to 11,000 gallons per month.a. Solve for the percentage changes in price and quantity supplied. Solve forthe price elasticity of supply. b. Determine whether it is price elastic, inelastic, or unit elastic.

Indicate what the two (2) main determinants are that price elasticity of demand depends on.

Please help with following question    Suppose the own price elasticity of demand for good X is -4, its income elasticity is 2, its advertising elasticity is 3, and the cross price elasticity of demand between it and good Y is -6.  Determine how much the consumption of this good will change if: The price of good X increases by 10%. The price of good Y decreases by 5%. Advertising increases by 14%. Income decreases by 8%. thanks

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Consider the following demand schedule for movie tickets.  Suppose the price of a movie ticket falls from $9 to $7. Calculate the price of elasticity of demand and identify the type of elasticity.

1. When the price of butter increases from $1 to $2, the quantity demand of margarine increases from 6 to 8. What is the cross-price elasticity of demand? A) (6-8)/8 (1-2)/2 (8-6)/6 (2-1)/₁ (1-2)/2 (8-6)/ B) D) (2-1)/₁ (6-8)/8

Point on Demand Curve: A B C D E F G H I Price (P): $40 $35 $30 $25 $20 $15 $10 $5 $0 Quantity   Demanded (QD): 0 5 10 15 20 25 30 35 40 b) Calculate the price elasticity of demand between each set of points on the demand curve (i.e., between A and B, B and C, C and D, D and E, etc.)  (c) explain how and why the price elasticity of demand changes as you move along this demand curve. how and why the effect of price changes on total revenue is tied to elasticity.

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Round up the answers to the nearest hundredths. Suppose that business travelers and vacationers have the following demand for airlinetickets from Japan to Philippines.   Price in (US Dollars $) Quantity Demanded for Tickets (Business Travelers) Quantity Demanded for Tickets (Vacationers) 150 2,100 1,000 200 2,000 800 250 1,900 600 300 1,800 400 a. As the price of tickets rises from $200 to $250, what is the price elasticityofdemand for:(i) business travelers? (ii) vacationers?b. Why might vacationers have a different elasticity from business travelers?