When Apple raised the price of iTunes from $.99 to $1.29, GS Boyz’s “Stanky Legg” sales dropped from 22,686 units to 19,692 units (Glenn Peoples, “iTunes Price Change: Sales Down, Revenue Up in Week 1,” Billboard, April 5, 2009). What was the song’s average arc elasticity of demand? Should Apple raise the price for this download even more? Why or why not?

Use the graph for Yolanda's Frozen Yogurt Stand to answer the questions that follow Use the midpoint formula to calculate the price elasticity of demand for D, between point A and point C and the price elasticity of demand for Dy between point A and point Price elasticity of demand for D- (Enter your response rounded to two decimal places Be sure to include the mus sign (BUID JA AMIN) POL 4.00 3.15- 330 335 300 275 250 225 200 UN 1304 125 1.00 17H 650 she 100 Quanty (on per day) Di

When the price of enchiladas is $1.00, a restaurant sells 1200 enchiladas per day. The restaurant decides to increase the price to $1.10 and ends up selling 1100 enchiladas per day. What do we know about the price elasticity of demand for enchiladas at this restaurant from these numbers? The price elasticity of demand for enchiladas is unit elastic inelastic O perfectly elastic elastic perfectly inelastic

In fall 2006, Pace University in New York raised its annual tuition from $25,000 to $29,200. Freshman enrollment declined from 1,500 in fall 2005 to 1,140 in fall 2006. Assuming that the demand curve for places in the freshmen class at Pace did not shift between 2005 and 2006, use this information to calculate the price elasticity of demand. Use the midpoint formula in your calculation. Source: Karen W. Arenson, "At Universities, Plum Post at Top Is Now Shaky," New York Times, January 9, 2007. The price elasticity of demand for Pace University for the fall of 2006 is (Hint: include the negative sign and enter your response rounded to two decimal places) The demand for places in Pace's freshman class is price Calculate the total revenue generated from Pace's freshman class in 2005 S Calculate the total revenue generated from Pace's freshman class in 2006 The total amount of tuition Pace received from its freshman class in 2006 compared with 2005

Scott has a Hotdog stand in downtown Portland. He wants to increase his total revenue. He knows that, when hotdogs are $1.25, he sells 20 an hour, and when he lowers the price to $1, he sells 35 an hour.   Calculate the price elasticity of demand for Scott's  hotdogs using the midpoint formula. (show the formula and your calculations). Is demand elastic or inelastic? How do you know? Using the price elasticity of demand calculated in section A, explain whether he should raise or lower the price to generate more revenue.

When the price of A increase by 30%, the consumption of the good decreased by 10%, what is the price elastic of demand? Will the total revenue of selling the good increase or decrease when the price of good A increase? When the price of A increase by 10%, the consumption of the good B increases by 20%, what is the cross-price elasticity of demand of B with the change of price of A?

Describe in a paragraph, What is price elasticity?   . How does Moore’s Law relate to this concept?   . What’s special about falling chip prices compared to price drops for products like clothing or food?

QUESTION 5 If at a price of $8, the quantity of movie tickets bought will be 3,300 per day, and at $12, the ticket quantity bought will be 2,700 per day, then the price elasticity of dem movie tickets is approximately: O 0.5 O 0.7 2.5 0.4 O 2.0 O O O

Use the following demand curve for hamburgers: QD = 1,650 – 50PHB +100PHD + 6INC where QD is quantity demanded for hamburgers, PHB is price of a hamburger, PHD is price of a hot dog, and INC is consumer income. Let PHB = 5, PHD = 10, and INC=100. What is income elasticity of demand for of hamburgers?    Note:- Don't use pen or paper and chatgpt

Suppose the cross-price elasticity of café latte to the price of milk is -0.6. If the price ofmilk rises by 20%, what happens to the quantity of lattes demanded? What can you say aboutthe relationship of these two goods?