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Consider the demand and supply for illicit drugs. Assume you have been appointed by the government to recommend on an optimal policy to tackle the problem. You are told that the
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- Suppose that legalizing the use of heroin would decrease its price by 79 percent. If the price elasticity of demand for heroin is -2.50, what would be the percentage increase in the quantity of heroin demanded from legalizing heroin? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for heroin is -0.43. What would be the percentage increase in the quantity of heroin demanded from legalizing heroin? percent (enter your response rounded to two decimal places). The higher the absolute value of the price elasticity of demand for heroin, the the increase in heroin use that would result from legalization.Suppose that legalizing the use of heroin would decrease its price by 79 percent. If the price elasticity of demand for heroin is -2.50, what would be the percentage increase in the quantity of heroin demanded from legalizing heroin? percent. (Enter a numeric response using a real number rounded to two decimal places.) Suppose instead that the price elasticity of demand for heroin is -0.43. What would be the percentage increase in the quantity of heroin demanded from legalizing heroin? percent (enter your response rounded to two decimal places).Suppose that you observe that when the price of a particular vaccine falls by 4%, the quantity purchased____ by 2%. This implies that this vaccine is price in demand and that the price elasticity of demand is equal to ______ falls; elastic; 2 falls; inelastic; 0.5 rises; elastic; 2 rises; inelastic; 0.5
- Keep in mind the formula for elasticity of demand used in this course is E =- dp. Hint: Start off by solving for q in terms of p using a natural logarithm. Once you have an expression for q you can differentiate it with respect to p to get dq/dp. Plug your dq/dp into the formula for E, replace all the p's with 600e 0.29 and you've got your elasticity (it should simplify down nicely). You can maximize revenue by finding the quantity that gives you unit elasticity, i.e., E = 1. For the following demand function, find a. E, and b. the values of q (if any) at which total revenue is maximized. p= 600 e -0.2q a. Find the elasticity of demand (E) in terms of q. E(q) = b. Find the values of q (if any) at which total revenue maximized. Select the correct choice below, and if necessary, fill in the answer box within your choice. O A. Revenue is maximized at q= (Type an integer or a simplified fraction.) O B. No values of q maximize revenue.Taxicab fares in most cities are regulated. Several years ago, taxicab drivers in Boston obtained permission to raise their fares 10 percent, and the anticipated revenues would increase by about 10 percent as a result. They were disappointed, however, when the commissioner granted the 10% increase, revenues only increase about 5%. What can you infer about the elasticity of demand for taxi cab rides? What were taxicab drivers assuming about the elasticity of demand?Estimates of price elasticity typically range between -0.1 and -.75 with hospital services at the lower end and elective services at the upper end. What do these estimates mean?
- In a study, by economist Paul Gertler and Jacques van der Gaag, it was found that the price elasticity of demand for hospital services in Peru was 0.67 among poor households and 0.29 among wealthy households. What will be the impact on poor and wealthy households of a government decision to increase the price of hospital services by 10%.Consider the public policy initiatives aimed at curbing smoking in Australia. a) Studies indicate that the price elasticity of demand for cigarettes is about -0.20. If a packet of cigarettes currently costs $25 and the Australian Government wants to reduce smoking by 15%, by how much should it increase the price? b) If the Australian Government permanently increases the price of cigarettes, will the policy have a larger effect on smoking 1 year from now or 5 years from now? c) Studies also find that teenagers have a higher price elasticity than do adults. Why might this be the case?Your friend is a talented artist. She has no other employment options, she finds painting effortless, and the cost of materials is low enough that it can be safely ignored. Based on your analysis of market data, you estimate that elasticity of demand for her paintings is given in the displayed table. If your friend wants to maximize her income, what price do you advise her to charge for her paintings? Include a brief explanation. (If you think you can only determine a price range, as opposed to a precise price, give a price range.)
- Higher average incomes increase the demand for preventive dental visits. Explain why this will lead the quantity supplied of dental visits to increase, but supply will not increase.If the price elasticity of demand for used cars priced between $4,000 and $6,000 is -0.75 (using the mid-point method), what will be the percent change in quantity demanded when the price of a used car falls from $6,000 to $4,000? Instructions: Round your answer to the nearest whole number. ___percent. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The effect of health insurance drug coverage on prescription drug spending depends on the elasticity of demand for prescription drugs with respect to price. True or false.