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- After calculating the coefficient of price elasticity of demand. What are the rules we used to characterize the price range?Fred gathered data on the price and quantity demanded of chocolate over the course of a week. He found the price elasticity of demand for chocolate to be 0.3. If fred gathered data over the course of a year, he would find the price elasticity of demand to be Response area 0.3. Is it Greater than, less than, or equal to?The price elasticity of demand measures
- Mc Donald and KFC are two companies that provide fried chicken in Mauritius and they are considered to be a substitute to one another. Analyse the market for both products when there is a rise in the price of Mc Donald.Estimate the price elasticity of demand and supply on equilibrium price and quantity.What is required to establish a balanced scorecard to measure purchasing and supplyperformance?
- In calculating elasticity, we use the midpoint method for calculating the percentage change because it results in the price elasticity of supply a smaller percentage change if the price rises than if it falls the same percentage change regardless of whether the price increases or decreases, because we are focusing on the magnitude. the price elasticity of demandJulie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. The table below shows a portion of her survey results.The US Dept of Agriculture estimates that the elasticity of demand for cigarettes is 0.3 for adult smokers and 2.5 for teens. Also the income elasticity of demand for cigarettes is 0.5. A. Suppose the federal government imposes a tax on cigarettes that raises the price by 15 percent. What effect will this have on cigarette consumption by adults? B. Suppose that it was estimated this year there were 2 million teen smokers. What would be the predicted number of teen smokers under the policy in (A.).
