ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The
a.
-7.54
b.
0.34
c.
2.90
d.
45.54
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- al E G answer 201-R C Use the Chris B Chris B Checko Ticket New T M You Ge ah Search Question 13 0/48 answered Please review the graph below containing a demand curve for hammocks. Between point B and C, using the midpoint formula, the elasticity coefficient is: $140 $120 $100 $80 $60 $40 $20 Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a 0.25 b 4.0 10 C 0.40 d 0.10 Question 14 Time Rema Demand 50 100 150 200 250 300 350 Quantity of Hammocks Demanded 口 ធarrow_forwardIf 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?arrow_forwardA good has a price elasticity of demand of 2.5 this tells us that; A. none of the above B. the price rises by 2.5% when quantity demanded falls by 1% C. Quantity demanded decreases by 2.5% when the price rises by 1% D. the price changes by $ 2.50 when quantity changes by 1 unitarrow_forward
- Question 4 If the semi-elasticity between x and y is -2, what does it mean? A. When x decreases by 2%, y increases by 5% B. When x decreases by 1 unit, y increases by 2% C. When x decreases by 1%, y increases by 2 units OD. When x increases by 1%, y decreases by 2 units E. When x increases by 2%, y decreases by 4% OF. None of the options given are correctarrow_forward. Suppose that Brock raises its tuition by 30% to pay for higher professor salaries.2 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.arrow_forwardI. II. 6) The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Pokhara, Nepal according to the average income of the tourists visiting. Price Quantity Demanded when Quantity Demanded when Income=20,000 Income 30,000 4 5 6 7 3000 2400 1600 800 5000 4200 3000 1800 Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is 4 Nepalese Rupees and the average tourist income increases from 20,000 to 30,000 rupees. Also calculate it when the price is 7 rupees. Also answer the following questions for each cases ● The demand for this product is income elastic / income inelastic. ● Based on this information, T-shirts would be considered as (luxuries / necessities) Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from 5 to 6 rupees and the average tourist income is 20,000. Also calculate it when the average tourist income is 30,000.arrow_forward
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