Question 13 Quantity Demanded Price $0 1,000 $3 800 $6 600 $9 400 $12 200 $15 0 2 pts Use the table above to answer the following question: Using the midpoint method, in which range is demand most inelastic? O $0 to $3 $3 to $6 O $6 to $9 $9 to $12 $12 to $15
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- Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chiefeconomist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. Thedemand curve 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 bethe new price? Please show calculations.6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108What does the price elasticity of demand indicate? How isthe perfectly inelastic demand curve illustrated . Give an example of a good which has perfectly inelastic demand and write down what the elasticity of perfectlyinelastic demand is equal to. What does the income elasticity of demand indicate ? What is the expected sign for income elasticity of demand for an inferior good ?
- In Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per yearWhat are 2 products with different price elasticities of demand, and how do you analyze how firms can use information about price elasticity of demand to their advantage?You have data on Timon's quantity demanded for Bud Light beer and theirincome. According to this data when Timon's income rises by 6% theassociated change in their quantity demanded for Bud Light is 14%. Youdon't know if it is an increase or decrease in quantity demanded. Frompast research you know that Bud Light is an inferior good for Timon. Usethis information to calculate Timon's income elasticity of demand.
- Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demandppart D E 3)Brandon and his family often rent movies from the new internet movie streaming service, Xanadu. The table below shows Brandon’s demand schedule for eight movie rentals that Brandon’s family is interested in watching. Number of Internet movie rentals Willingness to pay each rental 1st $7 2nd $6 3rd $5 4th $4 5th $3 6th $2 7th $1 8th $0 a) If the price of each movie rental from Xanadu is $3, how many movie rentals will Brandon buy, and how much consumer surplus does Brandon receive? Explain your answer, and show your work. (Enter your response here.) b) If the price of each movie rental from Xanadu is $5, how many movie rentals will Brandon buy, and how much consumer surplus does Brandon receive? Explain your answer, and show your work. (Enter your response here.) c) If the Xanadu online service offers as many movie rentals as the customer wants to download, all for a one-time fee of $25.00, how many…Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand
- Refer to the graph shown. Demand is unit elastic when revenue is: Revenue in thousands of dollars 99876SMO 10 A B 246 Multiple Choice $8,000 $10,000. D E 10 8 Quantity F G 12 14 16 Refer to the graph shown. Demand is unit elastic when revenue is: Revenue in 2 4 6 Multiple Choice $8,000 $10,000 D 8 10 Quantity G S 12 14 16 ĆGenovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.en hired as an economic consultant by Google and given the lollwrg derrand wedfor wh st Price of Good X (Millions) Quantity Demanded for XQuantity Demanded ta (Millions) 260 240 5. Y Mllions) 200 220 240 10 15 220 20 200 260 Your advice is needed on the following questions: A) Draw the demand and supply curves for the above market. (4 marks) B) Calculate the price elasticity of demand for software X if the price of soltware X increases tom5 millen to 10 mil p t S whether it is elastic or inelastic.(4 marks) C) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milion lo 10 Mlion hdie between X and Y. (4 marks) D) Draw diagrams for the demand of X. If other things are not constant what will be the impact on the dend D E) Calculate the equilibrium price and quantity demanded and supply of the above market Label the equilm prt be quantity, and the equilibrium price. (4 marks) O Type here to search
