Using the midpoint method, compute the elasticity between points W and X.   2. Use the midpoint method and compute the elasticity between points W and X. Select one: a. Demand between W and X is elastic. b. Demand between W and X is inelastic. c. Demand between W and X is unit elastic.   3. Use the midpoint method and compute the elasticity between points X and Y. Select one: a. Demand between X and Y is elastic. b. Demand between X and Y is inelastic. c. Demand between X and

The price elasticity of demand for Craig's chocolate chip cookies is 1.5. Craig wants to increase his total revenue. Would you recommend that Craig raise or lower his price of chocolate chip cookies? Craig should the price of his chocolate chip cookies because the demand for chocolate chip cookies is A. lower; elastic B. lower; unit elastic C. raise; elastic D. raise; inelastic E. lower; inelastic

can u solve point d to i   d. What is the notation used for this limit value? e. Calculate the limit value. f. Find the point elasticity of demand for p = 1 and determine whether demand is (perfectly) inelastic, is (perfectly) elastic or has unit elasticity. g. Use your answer to question f. to approximate the change in demand when the price of 1 is increased by 0.25%. h. What can you derive from your answer to question f. about the change in revenue when the price is slightly increased starting from p=1? i. Find the price level at which the demand has unit elasticity.

Answer the following questions in your own words. Start a new thread while replying. 1. What are the determinants of price elasticity of demand? Explain the determinants. 2. What is the difference between inelastic demand and elastic demand? Provide an example of each from real life. 3. Refer to the graph below: Price 22 20 + 18 +- 16 + 14 B 12 10 + 4 Demand +++ 100 200 300 400 500 600 700 800 900 Buaxtity From the graph above calculate: a. Price elasticity of demand from point A to point B (use the mid-point method). Is it an elastic situation or an inelastic situation? b. Price elasticity of demand from point B to point C (use the mid-point method). Is it an elastic situation or an inelastic situation?

Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -4. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. a. The price of good X decreases by 5 percent. percent b. The price of good Yincreases by 10 percent. percent c. Advertising decreases by 3 percent. percent d. Income increases by 4 percent. 4 percent

Suppose the own price elasticity of demand for good X is −2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is −6. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (−) sign.a. The price of good X decreases by 5 percent. percentb. The price of good Y increases by 10 percent. percentc. Advertising decreases by 2 percent. percentd. Income increases by 3 percent.  percent

For each statement below, tell whether the statement is valid or invalid, and give a short explanation of your answer. Remember that your explanation will be related in some way to elasticity. 1. Coffee and tea should have a positive cross elasticity of demand. 2. Demand for Tide will be more elastic than demand for laundry detergents as a whole. 3. The government will prefer to put excise taxes on jewelry rather than on gasoline.