Using the midpoint formula and the graph below, calculate the following:i. The price elasticity of demand when the price changes from 9 to 15; andii. The price elasticity of supply when the price changes from $4 to $9

The following table shows the demand schedule for a particular good. Price Quantity 020180 $15 $12 $9 020180305 10 $6 15 $3 20 2305 $0 25 Refer to Table. Using the midpoint method, what is the price elasticity of demand when price rises from $9 to

What are the major determinants of price elasticity of demand? Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic:                                (a) bottled water; (b) toothpaste, (c) Crest toothpaste, (d) ketchup, (e) diamond bracelets, (f) Microsoft’s Windows operating system.

Consider the following demand schedule for movie tickets.  Suppose the price of a movie ticket falls from $9 to $7. Calculate the price of elasticity of demand and identify the type of elasticity.

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Suppose that the price elasticity of demand for a packet of cigar is -0.85 and the price elasticity of supply is 1.5 at market equilibrium. As a result of an increase on sales tax, the new equilibrium price rises by 15%. (a) What is the percentage change in quantity demanded of cigar? Show your calculation.

Based on the schedule given calculate the price elasticity of demand (using the midpoint method) when the price of pencil rises from $4.50 to $5.50, when average income is $20,000. * Quantity demanded (average income is $20,000) 2,400 1,600 800 Quantity demanded (average income is $30,000) 3,600 2,800 2,400 1,800 Pencil price $4.50 $5.50 $6.50 $7.50 400 Your answer

A 2% increase in the price of milk causes a 4% reduction in the quantity demanded of chocolate syrup.   What is the cross-price elasticity of demand for milk with respect to the price of chocolate syrup?    Are the two goods complements or substitutes? How do you know?

A rise in the price of a muffin from $2 to $3 results in a fall in the quantity demanded of muffins from 200 million to 160 million a day. Moreover, at today's price of a donut of $1.50, the quantity demanded of donuts increases from 70 million to 100 million a day.  Calculate the price elasticity of demand for muffins (show calculations) Is the demand for muffins elastic or inelastic? Calculate the cross elasticity of demand for donuts with respect to the price of a muffin. (show calculations) Based on the above calculation how would you characterize the relationship between muffins and donuts? Why would the business owner want to know this? Only typed solution

For the demand schedule shown below, what is the price elasticity of demand? Price Quantity Demanded $74 2,500 $80 1,800