A good's demand is given by: P = 468-3Q. At P = 155, the point price elasticity is: Enter as a value (round to two decimal places if necessary).
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- The price elasticity of demand for personal computers is estimated to be 2.2. If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the price and quantity demanded are 6 and 150 units, respectively. What is the price elasticity of demand between the 7 and 6 prices?Calculate the numerical value of cross-price elasticity, exy, in each of the following situations. Do not round your interim calculations before obtaining the final solution (i.e. do not clear your calculator). In each case, express the number to two decimal places and include a negative sign where appropriate (i.e. -1.67, not-1.7 or 1.667) but leave positive values without a plus sign (i.e. 1.67, not +1.67). Identify whether the two products in italics are substitute or complementary products. a. The price Consumer X pays each month for access to the Internet decreases from $50 to $35, causing his quantity demanded of e- magazines he reads on his computer to rise from 4 to 5. The numerical value of cross-price elasticity is The Internet and e-magazines are complementary products. b. The quantity demanded of do-it-yourself hair-cutting sets increases from 5,000 to 15,000 when the average price of a hairstylist's cut rises from $30 to $50 per hour. The numerical value of cross-price…
- Help Calculate the numerical value of cross-price elasticity, exy, in each of the following situations. Do not round your interim calculations before obtaining the final solution (i.e. do not clear your calculator). In each case, express the number to two decimal places and include a negative sign where appropriate (i.e. -1.67, not -1.7 or 1.667) but leave positive values without a plus sign (i.e. 1.67, not +1.67). Identify whether the two products in italics are substitute or complementary products. a. The price Consumer X pays each month for access to the Internet decreases from $40 to $20, causing his quantity demanded of e- magazines he reads on his computer to rise from 3 to 5. The numerical value of cross-price elasticity is The Internet and e-magazines are (Click to select) v products. b. The quantity demanded of do-it-yourself hair-cutting sets increases from 5,000 to 10,000 when the average price of a hairstylist's cut rises from $25 to $40 per hour. The numerical value of…The cross price elasticity between two goods is +0.9, the initial prices of the two goods are P1 = $2 and P2 = $3, the initial quantities of the goods are Q1 = 10,000 and Q2=8000. Calculate the new amount of Q2 demanded if P1 increases to $2.75 Type your numeric answer and submit 21333 XYour research estimates the (own) price elasticity of demand for coffee as0.78 in absolute terms. If quantity demanded of coffee increases by 14%what do you predict will be the percentage change in coffee prices?
- Why should you use the mid-point method to calculate the price elasticity ofdemand?What is the standard price elasticity using the equation to solve problems 1 through 5?A good's demand is given by: P = 540 - 3Q. At P = 189, the point price elasticity is: Enter as a value (ROUND TO TWO DECIMAL PLACES). Previous Next
- Suppose that when income decreases by 4%, the quantity of margarine demanded rises by 1%. Knowingthis, the income elasticity (EI) for margarine is(A) EI = .25(B) EI = -1/4(C) EI = -4(D) EI = -3Cross-price elasticity between robots and drones is - 2.5 when the price of drones drops. Explain what this means in terms of the relationship between the two products. The forecast is that the price of drones will keep dropping - what advice would you have for the robot maker? Why?Calculate change in price uf elasticity of is-2 and percentage change in Quantity demanded is 5%
