The price of petrol increases by 20% and remains at the new higher level. Which of the following statements is likely to be true? The price elasticity of demand will be higher a few years after the price change a The quantity of petrol supplied will decrease The price elasticity of demand for petrol will not be affected by the change in the price of petrol over the long run d. Demand for petrol will increase after people adjust to the new higher price The price elasticity of demand will be lower a few vears after the price change

The price elasticity of demand can be found by: comparing the percentage change in quantity demanded to the percentage change in price. measuring absolute changes in price and quantity demanded. knowing that when price changes, quantity demanded goes in the opposite direction. examining only the slope of the demand curve.

At a price of $150, a cell phone company manufactures 200,000 units. At a price of $250, the company manufactures 400,000 units. What is the price elasticity of supply?

10

The change in quantity supplied is 60% and the change in price is 40%  Calculate the value of elasticity of supply

The Congressional Budget has estimated the following responses over a 10-year period to a 10 percent rise in cigarette prices.           long run price elasticities for cigarettes           Age group                              percent decline in smoking           12-17 years                             5%            18 years                                  4.5%             19-39 years                            4%              40 years and older                 1.5% what is the long-run price elasticity of demand for cigarettes among 40-year olds?

The price elasticity of supply of a good is 0.8. Its price rises by 50% calculate the percentage rise in supply.

If the price of product X increases from $10 to $12, the quantity demanded for gasoline (X) will fall from 100 to 82 and the quantity demanded for product Y also falls from 90 to 63 but the quantity demanded product Z will increase from 50 to 76. a.What is the price elasticity of demand for X?b.What is cross-price elasticity of demand for Ywith respect to price X? What are X and Y?c.What is cross-price elasticity of demand for Zwith respect to price X? What are X and Z?

The elasticity of supply is 0.44 The rise in price is 25% calculate the value of rise in quantity supplied

The price elasticity of supply is 6. This means that a 10 percent increase in price would increase quantity supplied by 60 percent. a S10 increase in price would increase quantity supplied by 60. a 10 percent increase in quantity will occur when price increases by 0.6 percent. a 10 percent increase in quantity will occur when price increases by6 percent.