Which of the following conditions would result in a higher price elasticity of demand? a longer period of time all of these the good makes up a large portion of one's budget more substitutes

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

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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.

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.

Assume that you work in a movie theater and you want to increase revenue at the theater after the pandemic. The pandemic has caused people to find many activities that are alternatives to going to the movie theater. Fill in the blanks below with the words that best complete the sentences: Because consumers have found more substitutes for going to the movie theater, price elasticity of demand for movie tickets is more likely to be        [ elastic or inelastic ]. Because of this price elasticity of demand, you should                           [increase or decrease]  the price of movie tickets if you want to increase revenue.

As the price of pizza falls by 10%, the quantity of burgers decreases by 15%. Calculate the cross-price elasticity of demand between pizza and    Are pizza and burgers substitutes or complements?

Use the mid-point method to calculate the elasticity.  1. If the price of tacos increases from $2.00 to $3.00 and the Quantity Demanded decreases from 20 to 10, what is the elasticity? 2. If the price of tacos increases from $2.00 to $3.00 and the Quantity Demanded decreases from 20 to 18, what is the elasticity? Explain your work.

Question 5: (a) Define the Income elasticity of demand? Click or tap here to enter text. (b) What is a normal and an inferior good? Click or tap here to enter text. (c) Define the own-price elasticity of demand. Click or tap here to enter text. (d) Define the cross-price elasticity of demand. Click or tap here to enter text.