Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles per month. They just raised the price to $12 but quantity remains the same. Is the firm has elastic, inelastic, or perfectly inelastic demand?

A snowmobile dealer lowers its prices by 16 percent and the quantity demanded increases by 2 percent. Thus the demand for snowmobiles from this dealer is and the dealer's total revenue will A) elastic; increase B) inelastic; increase C) inelastic; decrease D) elastic; decrease

The Total Revenue is decreasing when the demand is inelastic and the price is increased slightly. True O False

Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic  and the annual supply curve is likely Flatter or Steeper  to be than the daily supply curve.