Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf.  Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed.  The price elasticity of demand is much more inelastic.  The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts.  What should the new price be? Please enter the new price here: $

The price elasticity of demand for pencils is estimated to be −2.5. If the price of pensils declines by 20 percent, Calculate percentage increase in the quantity of pencils sold?

At price of 20 per unit, the quantity demanded of a commodity is 300 units. If price falls by 10%, it's quantity demanded rises by 60 units. Calculate its price elasticity.

The price elasticity of demand for personal computers is estimated to be −2.5. If the price of personal computers declines by 20 percent, Calculate percentage increase in the quantity of computers sold?

Comment on the Elasticity of demand for a good having high number of substitutes

The quantity of a good demanded rises from 90 units to 110 units when the price falls from $1.20 to $.80 per unit. The price elasticity of demand need to calculate.

Suppose a movie theater determines it can charge different prices to patrons who go to weekday matinees and people who attend evening and weekend shows. The movie theater's goal is to increase total revenue. See Hint The price elasticity of demand for weekend and evening patrons is -0.50, and the price elasticity of demand for matinee moviegoers is -2.80. Based on the price elasticity of demand for each group of people, how should the movie theater adjust its prices? Choose one: O A. Raise the price for matinee moviegoers, and keep the price the same for weekend and evening patrons. O B. Lower the price for matinee moviegoers, and raise the price for weekend and evening patrons. O C. Lower the price for matinee moviegoers, and keep the price the same for weekend and evening patrons. O D. Raise the price for matinee moviegoers, and lower the price for weekend and evening patrons.

Someone tells you the "absolute value" of the cross price elasticity of two substitutes like Coke and Pepsi is 2.40. Based on this information, what percent change in the price of Coke will cause the quantity demanded of Pepsi to increase by 3%.

Along a demand curve, when the price rises from $11 to $13, the quantity demanded falls from 490 to 470. Using the mid-point formula, the elasticity coefficient will be [blank].

The Concept of Elasticity Explain the general concept of elasticity and how it can be applied to improve the decisions made about a product.(+- ¼ page)