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Q2: The price of milk has increased from $2 to $2.2 and quantity decreases from 10 to 8 gallons. Find
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- A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.The price of insulin injection kits, used by diabetic patients, increases from $45 to $52, but the equilibrium quantity remains the same. Is it possible? Explain why or why not. Use graphThe effects of a decrease in quantity demanded on price for apple phone
- what are Factors affecting the demand of gasoline026. As a result of increasse in price by 20%, the quantity demanded decreases by 40%. Comment on PED.Step 1 Analyze gasoline price hike statistics in the following scenario. In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline. Step 2 Calculate the price elasticity of gasoline Be sure to show all work. Calculate the price elasticity of demand for gasoline. Calculate the elasticity of supply using the information provided. Calculate the changes in consumer and producer surplus. Because there is no viable substitute for gasoline at this time, what can you say about the cross-elasticity and income elasticity of supply and demand for gasoline? Is the demand for gasoline elastic, inelastic, perfectly elastic or inelastic, or unit elastic? Use the following as a guide for your calculation To show…
- Choose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded? Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).Draw a supply and demand curve for cheeseburgers. Cattle farmers created a supplement to give to their cows that make them grow twice as large, what happens to the supply or demand of cheeseburgers? Why?A loss of purchasing power due to a price increase and a decrease in the amount of one good purchased due to a decrease in price of another good to show two different effects. What are they?
- Find out the factors that affect the demand of this product OLIVE OILExplain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price Equilibrium quantity Price ($ per track) Quantity (number of tracks) Supply Demand
