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- Describe the general appearance of a demand or a supply tune with zero elasticity.The Government places a luxury tax on cars that sell for over $50k. What would happen to the supply of Bentleys?Canned ssalmon is less desireable than other fish as incomes goes up what haapens to the supply demand curve?
- If the original price and quantity demand are $0.50 and 50 respectively, andthere is an increase in price to $0.55, and quantity demanded falls to 10,calculate the price elasticity of demand.When the number of Substitutes are more than that good will have what kind of demand?6. Average real incomes in Dominica last year increased by 4 percent, while taxi ridership went up by 3 percent. What is the income elasticity of demand of taxi transportation? Is it a normal or an inferior good?
- ull Fido ? 4:21 PM 98% D AA ezto.mheducation.com E COnnect cancel print 7. Award: 10.00 points Problem 6-5 (Algo) a. What is the formula for measuring the price elasticity of supply? Es =percentage change in quantity supplied / percentage change in price b. Suppose the price of apples goes up from $22 to $25 a box. In direct response, Goldsboro Farms supplies 1,500 boxes of apples instead of 1,000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro's supply. Instructions: Round your answer to two decimal places. Es = O c. Is its supply elastic, or is it inelastic? Supply is inelastic References Multiple Choice Problem 6-5 (Algo) Leaming Objective: 06-04 Describe price elasticity of supply and how it can be applied.Figure 4-19 The diagram below pertains to the demand for turkey in the United States. ↑price DB O x to y. Oy to x. O DA to DB- O D₂ to DA DA quantity Refer to Figure 4-19. All else equal, the premature deaths of thousands of turkeys would cause a move fromSOLCE FOR D-E ONLYThe Demand curve for a good A is P = - 2Q+200 and the Supply curve is P=Q+10.A. Find the equilibrium Price and Quantity B. What is the level of total expenditure in this market?C. What is the price elasticity of demand at equilibrium? D. If there is a law that prevents you from consuming this good, how much should you be compensated by the government to accept it given the Consumer Surplus (CS)? Calculate.Demand shifts to P = - 2Q+260 due to an increase in the price of another good B from $20 to $25 E. Find the New Equilibrium, and Calculate the new Consumer Surplus and the Cross Price Elasticity of Demand. What type of goods are these?