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ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 898-15x, where q is the quantity of cookies sold when the price per cookie, in cents, is x. Use this infor a) Find the elasticity b) At what price is the elasticity of demand equal to 1 ?arrow_forwardThe demand function for a certain make of ink-jet cartridge is the following where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. p= -0.02x² -0.2x+6 Compute the elasticity of demand when x = 11. (Round your answer to two decimal places.) 0.22 Determine whether the demand is inelastic, unitary, or elastic when x = 11. elastic inelastic O unitaryarrow_forwardIf the quantity sold of a product rose from 4 units to 10 units as a result of a price decrease from $12 to $10 then the elasticity coefficient is:arrow_forward
- What would the elasticity be if the demand function were Q = 150 -2P (USE P = 100)?arrow_forwardUsing data on automobile purchases, P. McCarty (REStat 1996) estimated the following elasticities for compact cars sold in the United States. Own elasticity of demand Income Elasticity Cross Price* - 0.87 1.70 .82 * Responsiveness of demand for compact cars to changes in the price of other types of car models, such as luxury cars. а) What is the percent change in quantity demanded for compact cars given a 2 percent decrease in the price of compact cars? b) What is the percent change in demand for compact cars given a 2 percent decrease in the price of other car models? c) What is the percent change in demand for compact cars given a 2 percent decrease in income? d) Is demand for compact cars elastic or inelastic? Explain briefly. e) Would a decrease in the price of compact cars generate more or less revenue from the sale of compact cars? f) Are compact cars a normal or inferior good? Explain briefly. 5.arrow_forwardIf the price of Pepsi-Cola increases from 40 cents to 50 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the value of the price elasticity of demand for Pepsi-Cola is:arrow_forward
- If the price of new automobiles decreases by 5%, and the quantity of new automobiles demanded increases by 20%, then the price elasticity of demand is equal to: 1.1. 2. 0.25. 3.4. 4.0.75.arrow_forwardWhen the price of a product increases by 20 percent, the quantity demanded decreases by 40 percent. The price-elasticity of demand coefficient for this product is:arrow_forwardThe demand for organic chewing gum is given by q = D(x) = 30 - 5 x a) Find the elasticity of demand as a function of x b) Find the value of x for which E(x) = 1arrow_forward
- If the price rises from £4 to £5 and the quantity demanded falls from 100 to 75 then the price elasticity of demand is:arrow_forwardThe demand for Widgets (QX) is a function of the price of widgets (PX), the price of woozles (PY), and per capita income (1): QX = 1950 - 10 PX + 5 PY-0.11 Currently, PX = 25, PY = 10, and 1 = 15,000. (a) Calculate the elasticity of demand for widgets with respect to its own I price, the price of woozles, and income. (b) Over what range of prices is the demand for widgets elastic? (c) If the cost per widget is 10 and the manufacturer behaves as a monopolist, how many widgets will be sold and at what price: (d) By how much must the price of widgets change if there is a 1% decrease in per capita income and the goal is to keep QX constant.arrow_forward
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