The subway fare in your town has just been increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 30 percent. What is the price elasticity of demand for subway rides?

According to what you've learned about the price elasticity of demand, do you think that education in community colleges has an elastic or inelastic demand? Why? Explain your answer

what would a 10% increase in the price of movie tickets mean for the quantity of demanded of a movie theater the price of elasticity was the man of 0.1?

The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases the price to $63, what should be the quantity sold? Will revenue increase? Why.

If you know that your consumers have an income elasticity of +2.5, and you expect incomes to go up by 2% next year, what can you expect will happen to demand for your product?

Elasticity of demand tells us:                       How much price responds to a shift in demand     How people react to a change in demand.     How much quantity demanded changes when price changes.     How much price changes in response to a change in demand.

Which of the following could be the price elasticity of demand for a good for which an increase in price would increase revenue?

What is the formula for the price elasticity of demand? The percentage change in the A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity demanded divided by the percentage change in price. C) quantity demanded divided by the percentage change in income. D) quantity supplied divided by the percentage change in price.

The price of DVDs falls from an average of $22 to $16. As a result sales increase from 50,000 units per year to 85,000 units. What's the price of elasticity

Just based on general information you possess, do you think the demand for computers is likely to be elastic or inelastic? The demand for six-packs of Seven-Up?