Using the midpoint method, the price elasticity of demand for cashews between the price levels of $15 and $9 per ton is these two points, demand is ▼. Thus, you can conclude that the grower's claim is due to the favorable weather conditions. , meaning that between because total revenue will Confirm your previous conclusion by calculating total revenue in the cashew market before and after the favorable weather conditions. Enter these values in the following table. Total Revenue (Thousands of Dollars) Before Favorable Weather Conditions After Favorable Weather Conditions

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Worldwide annual sales on smart phones over a two year period were approximately q=-5p+3090 million phones at the selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E. E=______ (b) in one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? E=______ The demand is going (up/down) by about _____% per 1% increase in that price level.

Q3. Refer to the diagram. Using the midpoint formula, calculate the price elasticity of demand between the prices of $15 and $12. Accordingly, state whether demand is elastic or inelastic between these two points. P$/unit 15 12 D 18 22 Q (units/week) Ep = Damand ie ... Q4. For each case below, answer the bolded questio Classification of the Case Calculations product(s) if requested to do so 1. Suppose that a 2% increase in income in the economy decreases the quantity of gadgets demanded by 1% ar every E,= Gadgets are possible price. Find the income elasticity of demand and dassify the product accordingly (state whether gadgets is a normal, necessity, luxury or an inferior product). 2. A firm finds that its price elasticity of demand is 4.0. Currently, the firm is selling 2000 units per month at $5 per unit. Price must be lowered by= If it wishes to increases its quantity sold by 10%, by how much it must lower its price? 1 Suppose legalization-and subseque nt regulation-of products Xand…

PRICE (Delars per tor 18 24 M 4 12 24 QUANTITY (Thousands of tons) Supply Demand O Total Revenue (Thousands of Dollars) Demand Supply Several growers are happy with this advancement in technology because now they can sell more crops, which they believe will lead to increases in revenue. Using elasticities, you will be able to determine whether this price change will lead to a rise or fall in total revenue in this market. Using the midpoint method, the price elasticity of demand for pistachios between the price levels of $15 and 59 per ton is 0.33, meaning that between these two points, demand is inelastic. Thus, you can conclude that the grower's claim is incorrect because total revenue will increase due to the technological improvement. Confirm your previous conclusion by calculating total revenue in the pistachio market before and after the technological improvement. Enter these values in the following table. Before Technological Improvement After Technological Improvement

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Numbers 5 adn 6 need to be answered. The function (8.6) needed in 5b has been included in a separate picture. Please show all work. Thank you.

You are helping a friend that owns a local store.  Their costs are per unit, so the only way they can maximize profits are by increasing revenue.   Therefore, you would like to help identify the price that will maximize revenues.  Below is data from a previous period.  Complete the chart.  (For the TR Test, consider that prices are increasing

An electronics company makes communications devices for military contracts.  The company just completed a large contract.  The Army contract was for 6808 devices that were produced by 43 workers in three weeks. Each worker worked 40 hours per week.  What was the prductivity for the ARMY contact in devices per labour hour? (State your answer rounded to two decimal places)

You have demand for 2 products: QA = 200 - 4'PA And Qg = 180 – 2°P8 %3D You anticipate seilling 80 units of each product. You have to mark-up your two products to cover an unexpected increase in overhead costs. Based on the cost-plus pricing procedure we did in class, answer this question plus the next question. What is the percentage value of the mark-up you will put on Product A? Be careful; I am NOT asking you the value of "1 Plus the Mark Up", I am asking you the value of the mark up. Multiple Choice 80% 100% 150% 200%