What is the percent change in price of spaghetti between $10 and $12? What is the percent change in quantity of spaghetti when the price changes from $10 to $12? What is the elasticity of demand for spaghetti between the prices of $10 and $12?

Suppose the price elasticity of demand for coke is −3 and the cross-price elasticity of demand between coke and the price of Pepsi is 2.2. If the price of Pepsi decreases by 5%, what would happen to the demand for coke and what would have to happen to the price of coke to exactly offset the fall in the price of Pepsi and leave the quantity demanded of coke unchanged, respectively?

Problem 2: Last week, the price of envelopes was Php 150 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to Php 175 a box, and Julie is now willing to buy 8 boxes. What is Julie's elasticity of demand? Is Julie's demand for envelopes elastic or inelastic?

Which of the following could have caused the price elasticity of demand to change from a value of -0.5 to -0.8?   Question 20 options:   1)  The increase in substitutes good available.   2)  A rise in the price of substitute good.   3)  A rise in demand for the good.   4)  A rise in income.     Next Page

If price elasticity of supply of a good = 1.45 , how do you interpret this? If price elasticity of supply of a good = 0.45 , how do you interpret this? If price elasticity of supply of a good = 1.00 , how do you interpret this?

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

What is the formula for the price elasticity of demand? The percentage change in the A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity demanded divided by the percentage change in price. C) quantity demanded divided by the percentage change in income. D) quantity supplied divided by the percentage change in price.

At Louie’s Steak House, the quantity demanded for the 56 oz. “Grizzler” steak was 25 at a price of $16. When Louie lowered the price of the “Grizzler” to $11, the quantity demanded increased to 70.  Calculate the price elasticity of demand for Louie’s “Grizzler”.

Pick a good whose demand is price elastic. Let's find substitutes and five compliments. Which is easy to come up with the list of substitutes or the list of compliments? Explain.

Let’s assume that in Camarillo the quantity demanded of iPad increases by 18% when income increases by 10%. What is the income elasticity of demand for iPad in Camarillo?