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- Suppose we know that the price elasticity of demand for organic carrotsis −1.5. If a grocer decreases the price of organic carrots by 12%,what would we expect to happen to the quantity of organic carrotspurchased?(a) Decrease by 18%(b) Decrease by 6%(c) Increase by 6%(d) Increase by 8%(e) Increase by 18%-x 230. If the demand Curve is the form of P= 10e ? where P is the price and x is the demand, what is the Price elasticity of Demand? (a) Kx (b) 는 (c) 5x (d) None(10 points) Spring Assignment Suppose the price of gasoline rises from $1.89 to 2.17 per gallon, and in response the quantity demanded decreases from 20,000 to 18,000 gallons. a) What is the price elasticity of demand? b) What is the change in total revenue? Does this make sense? (Submit on time for bonus marks)
- Question: Explain the concept of supply and demand and how they interact to determine prices and quantities in a market.Please Dont use AI tool.Question#5Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B.Explain how the discount will affect total revenue from each group.Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?(a)Diagrammatically show and explain how oil prices dropped as concerns over fuel demand in the near term in COVID-19 pandemic hit Europe and the United States. (b)Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand. (c)You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross price elasticity of demand for both of the goods is -2.5. If you decide to decrease the price of the printers by 5%, calculate your new total revenues for…
- Microeconomics Assignment 5 Elasticity and its Application [10 points] Johnson & Johnson recently reduced the price of "Generic A" from $100 to $60 in New Jersey area market and enjoyed a resulting increase in sales from 600 to 1800 units per day. Sales of "Generic B" also increased from 300 to 1500 units per day. 1 Calculate the arc-price elasticity of demand for Generic A. You also need to interpret the elasticity. 2 Calculate the arc-cross-price elasticity of demand for Generic B. You also need to interpret the elasticity. 3 Is Generic B a "complement" or a "substitute"?QUESTION ONE The demand function for a product is quadratic in nature. Three points, which lie on the function, are (10, 3800), (30, 1000) and (15, 2800). (i) Determine the equation for the demand function (ii) Compute the quantity demanded at a market price of Ksh 20? (a)(a) Define Price Elasticity of Demand. What are the 3 Types of Price Elasticity of Demand?(b) Calculate the Price Elasticity of Demand from the graph.(c) Depending on the elasticity, what kind of good does the given graph show? Explain
- If you could just answer the last subpart it would be great, thank you so much! (d. An increase in the price of oil and a decrease in G)Dashboard for Online Pricing Online the timing and tailoring of prices to specific models of products is the key to successful pricing in online markets. And “Thanks to the ready availability of data in online markets, a pricing manager can easily approximate the elasticity of demands for the different products it sells online.” Assuming a 10 percent decrease in price increases sales by 25 percent, calculate the price elasticity of demand? If the wholesale price of the online product is $50 and sells at a price comparison site that charges $.50 per click and boasts a conversion rate of 5 percent (an average of 20 clicks are needed to generate a sale). What price should you charge for the product? What is the optimal markup on cost? The authors assert that price sensitivity is affected by (1) product life cycles, and (2) numbers of competitors. In fact, “when the number of competing sellers doubles, a firm’s elasticity of demand is expected to double (and you should be able to…(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of $1 per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 per cent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?