ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Which of the following goods will have the most elastic demand?
Group of answer choices
chewing gum
insulin
a particular brand of paper towels
fancy brand-name clothes
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- The price of DVDs falls from an average of $22 to $16. As a result sales increase from 50,000 units per year to 85,000 units. What's the price of elasticityarrow_forwardFor which goods or services will the demand be relatively more or relatively less elastic? Explain your answers clearly. Cigarettes High priced sports car such as a Porsche Diamonds Tap water Heinz (a specific soup brand) Soup Gasolinearrow_forwardSuppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic and the annual supply curve is likely Flatter or Steeper to be than the daily supply curve.arrow_forward
- What types of things might impact price elasticity?arrow_forwardWhich 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 substitutesarrow_forwardWhich of the following is likely to have the most inelastic price elasticity of supply? Group of answerchoices Almond Butter Peach tree orchards in the long run iPhones Peach tree orchards in the shortrunarrow_forward
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