Pop's Com Popcorn shop normally sells 100 bags a day when the price is S6 per bag. On half-price Wednesday, the price is $3 and Pop's sells 150 bags. What is the price elasticity of demand? O 16.67 O 1.667 O 0.6 O 0.5 O 2
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- The Stopdecay Company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decayfigh ter, reduced the price of its electric toothbrush from $35 to $30. As a result, Stopde cays sales declined by 1,500 units per month. What is the arc cross elasticity of demand between Stopdecays toothbrush and Decayfighters toothbrush? What does this indicate about the relationship between the two products? If Stopdecay knows that the arc price elasticity of demand for its toothbrush is 1.5, what price would Stopdecay have to charge to sell the same number of units as it did before the Decayfighter price cut? Assume that Decayfighter holds the price of its toothbrush constant at $30. What is Stopdecays average monthly total revenue from the sale of electric toothbrushes before and after the price change determined in part (b)? Is the result in part (c) necessarily desirable? What other factors would have to be taken into consideration?Describe the general appearance of a demand or a supply curve with infinite elasticity.What would the gasoline price elasticity of supply mean to UPS or FedEx?
- A movie production company faces a linear demand curve for its film, and it seeks to maximize total revenue from the films distribution. At what level should the price be set? Where is demand elastic, inelastic, or unit elastic? Explain.While analyzing the semiconductor industry you notice that when the price of ultrapure water rises 2%, the demand for chip grade silicon declines 8%. From this data what appears to be true? O A Chip grade silicon is a substitute to Ultrapure water with a cross-price elasticity of +4. O B. Chip grade silicon is a complement to Ultrapure water with a cross-price elasticity of +0.25 O C. Chip grade silicon is a complement to Ultrapure water with a cross-price elasticity of-4. O D. Chip grade silicon is a substitute to Ultrapure water with a cross-price elasticity of -0.25Refer to Figure 5.5. Using the midpoint method, if the price of a gardenburger is increased from $6 to $8, the price elasticity of demand equals: %24 81 7--- :- 2 3 4 5 Number of gardenburge rs Figure 5.5 O 0.024. O 1.75. O 2.0 Price 10
- The price elasticity of gasoline supply in the U.S. is 0.6. If the price of gasoline rises by 10%, what is the expected change in the quantity of gasoline supplied in the U.S.? O a 2.0% O b. -3.5% OC. 6.0% O d. 3.5% e. 6.0%Figure 5-6 O 0.40 09.11 O 0.26 2 CO 2,48 9 643 Supply Refer to Figure 5-6. Using the midpoint method, what is the price elasticity of supply between points E and F? 100 200 325 400 450 500QUESTION 3 What will happen to the price elasticity of demand for Ford sport-utility vehicles (SUVS) when the government bans importation of SUV's from Japan? O A. Decrease В. Remain constant O C. Equal unity O D. Increase QUESTION 4
- A Moving to another question will save this response. Question 10 Copy of A shop sells 100 mugs per week at $2 each. When it increases the price to $2.5, the number of mugs sold falls to 50 per week. What is the price elasticity of demand? O 0.5 O 1 O 1.5 O 2Suppose that an increase in the price of carrots from $1.20 to $1.40 per pound raises the amount of carrots that carrot farmers produce from 1.2 million pounds to 1.5 million pounds. Using the midpoint method, what is the coefficient of price elasticity of supply? Select one or more: O a. 0.69 O b. 1.20 O c. 1.44 O d. 1.50 e. 1.67According to the table, using the midpoint method, what is the elasticity of supply from point A to point B? Price Quantity $2.25 125 B $2.45 145 Select one: O a. unit elastic and equal to 1 Ob. inelastic and equal to 0.57. O c. elastic and equal to 1.74 O d. elastic and equal to 2.1