Use the following information about the demand elasticities for apples’s in the US to answer the questions that follow. Own-price elasticity: -0.45 Cross-price elasticity with bananas:  0.15 Cross-price elasticity with eggs: -0.30 Income elasticity: 0.15 Suppose that apple consumption in the US rose by 7.5% due to a change in income.  Which of the following happened?   a. Incomes rose by 100%   b. Incomes rose by 15%   c. Incomes rose by 200%   d. Incomes rose by 50%

Answer the question, using the 3 step approach 4. Explain the cross-price elasticity of demand of I0GO yoghurt when the price of Yop yoghurt reduces?

Which of the following statements about the price elasticity of demand are true? (Check all that apply.) Multiple answers: Multiple answers are accepted for this question Select one or more answers and submit. For keyboard navigation... SHOW MORE a b It can be calculated as the percentage change in quantity demanded divided by the percentage change in price. C It shows the responsiveness of quantity demanded to a change in price. d It shows the percentage change in price caused by a 1 percent change in quantity demanded. It is the inverse of the slope of the demand curve.

In the graph on the right, the demand for hot dog buns has changed because the price of hot dogs has risen from $2.80 to $3.30 per package. Hot dog buns 4.00 The cross-price elasticity of demand between hot dogs and hot dog buns is (Use the midpoint formula and enter your response rounded to wo decimal placet. Be sure to include the minus sign if necessay) 125 300 2.75 2.50- 225 2001.89 6.00d 17.0009,000 000 Quantly packages of buns per wook Price idollan per peckage of buns

i need the answer ASAP     A firm selling ready meals discovers that the price elasticity of its product is -2.5 and the income elasticity of its product is 1.5. Given this information, which of the following statements are true?   A 10% rise in consumer income will lead to a 1.5% rise in sales of its ready meals. b. A 5% rise in the price of its product will lead to a 12.5% fall in sales of its ready meals. c. A 4% fall in the price of its product will lead to a 10% fall in sales of its ready meals. d. A 6% rise in consumer income will lead to a 9.0% rise in sales of its ready meals.

3. Suppose the price elasticity of demand for gasoline is 0.2 in the short run and 0.7 in the long run. If the price of gasoline rises 28 percent, what effect on quantity demanded will this have in the short run? In the long run?

a. Define own price elasticity on-demand with an example b. define cross-price elasticity on-demand with an example

11 BIUA + Arlal I| II1 I I 2 The following questions are about income elasticity of demand. 9) Mr. Leon's income increased by 10%. (His "mommy" gave him a raise in his allowance because he was a "good little boy.") His consumption of Lego's then increased by 25%. Calculate his income elasticity. Does this imply that Lego's are a regular or an inferior product for Mr. Leon? 10) Mr. Mendivil's income increased by 20%. His consumption of pictures of Mr. Leon then decreased by 100%. Calculate the income elasticity of demand for the product. Does this imply that pictures of Mr. Leon are regular or inferior products? 11) Larry the Wild & Crazy Monkey saw a decrease in his income by 25%. With this, his consumption of berries increased by 50%. Calculate his income elasticity of demand. What can we conclude about berries as a consumer good for Larry the Wild & Crazy Monkey? Explain. ip lili 司

1. Suppose the price elasticity of demand for good air travel is -1.5.  Which of the following is a proper interpretation of the price elasticity of demand.   a For every 1% increase in the price, the quantity of air travel purchased will increase 1.5% b For every 1.5% increase in the price, the quantity of air travel purchased will increase 1% c For every 1% increase in the price, the quantity of air travel purchased will decrease 1.5% d For every 1.5% increase in the price, the quantity of air travel purchased will decrease 1% 2. Suppose that Frank's income increased from $4,000/month to $4,500/month and as a result, the quantity of good X he purchased increased from 15 units/month to 16 units/month. In this case, good X is _____.   a an inferior good b a normal good and a necessity c a normal good and a luxury d none of the above

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