Answer it correctly please.
Transcribed Image Text:if price elasticity of supply is 1.5 and price increases by 3%, quantity supplied will a. increase (correct) b. wrong answer =3%, which one is correct > 3% or < 3% If price elasticity of supply is 1.5 and price increases by 3 percent, quantity supplied will increase 9 by = 3 percent
Q: If the price elasticity of demand for a product is equal to 0.5 then a decrease in price of 10…
A: The price elasticity of demand is the ratio of the percentage change in quantity demanded to the…
Q: If the price elasticity of demand for a product is equal to 0.5 then a decrease in price of 10…
A: Given: Price elasticity of demand, PED=0.5 Change in price is 10% decrease.
Q: If the price elasticity of supply is 0.1, which of the following is correct
A: Price elasticity of supply is a responsiveness that measures a percentage change in quantity of…
Q: The coefficient of price-elasticity of supply for a product is 2 if Select one: A. a 2 percent…
A: The price elasticity of supply tells us the percentage change in quantity supplied of a good due to…
Q: If the price elasticity of demand for a product is 0.5, then a price cut from $3.00 to $270 wil…
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Q: If the percentage increase in price is 15 percent and the value of the price elasticity of demand is…
A: Given information, Percentage change in price: 15 percent Price elasticity of demand: -3 To find:…
Q: Calculate the elasticity of supply if the rise in price is 13% and the rise in quantity supplied is…
A: The formula for the elasticity of supply is Percentage change in quantity supplied/percentage…
Q: If price elasticity of supply is 1.5 and price increases by 3 percent, quantity supplied will…
A: Price elasticity of supply measures the responsiveness of change in quantity supplied to change in…
Q: A firm supplies 500 units of a good at a price of ? 5 per unit. The price elasticity of supply of a…
A: Price elasticity of supply measures the responsiveness to the supply of a good or service after a…
Q: If a 16 percent increase in price for a good results in a 7 percent decrease in quantity demanded…
A: Given: Percentage change in price = 16% Percentage change in quantity demanded = -7% Price…
Q: Unit elastic supply, of course is a _____ ____ _____ increase in supply.
A: Price elasticity of supply measures the responsiveness of supply to changes in price, while other…
Q: If the price elasticity of demand is -2.5, O a 1% decrease in price leads to a 2.5% increase in…
A: The formula for price elasticity of demand: Price elasticity of demand (ep): Given- ep = -2.5
Q: Q2. At a given market price of a good a consumer buys 120 units. When price falls by 50 per cent he…
A: Price elasticity of demand is a measure of the degree of responsiveness of changes in demand caused…
Q: price elasticity of demand is 5.0 if a 10 percent increase in the price results in a ________…
A: Given Information Price elasticity of demand= 5.0 % change in Price = 10% change in Quantity…
Q: Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in…
A: Price Elasticity of Demand:- Price Elasticity of demand can be named as the connection between the…
Q: You have estimated that own price elasticity of demand for unobtainium is 0.2. From 2026 to 2027,…
A: Price Elasticity of demand measures how quantity demanded changes with change in price level.
Q: Calculate the elasticity of supply when percentage rise in demand is 20% and the percentage fall in…
A: # The formula for Ed which is the elasticity of demand is given as:- Ed = % Change in demand / %…
Q: The demand for a good at 10 per unit is 40 units. Price falls by 5. If price elasticity of demand is…
A: Elasticity is an economic concept that describes how changes in any of a good's or service's…
Q: The elasticity of supply is +0.34 Comment on the given value of the elasticity of supply whether…
A: Elasticity of supply is given as:- Es = percent change in quantity supplied / percent change in…
Q: At a price of $10, quantity demanded is 30 units. When the price rises to $11, quantity demanded is…
A: The price elasticity of demand demonstrates the degree of responsiveness Qd (quantity demanded) of a…
Q: A price increase from $52 to $58 results in an increase in quantity supplied from 210 units to 250…
A: The reactivity of a good or service's supply to a change in its market price is measured by its…
Q: If the percentage change in the quantity supplied is 13% and the percentage change in price is 20%…
A: In the question, Elasticity of supply = ? Percentage change in quantity supplied = 13% Percentage…
Q: If the price increases by 10%, what would happen to the quantity demanded when the price elasticity…
A: Price elasticity of demand: - Price elasticity of demand measures the responsiveness of change in…
Q: The price elasticity of demand for math textbooks is -0.2. What percentage price change would have…
A: Formula: Price elasticity of demand = Percentage change in quantity demanded / Percentage change in…
Q: If in response to a 6% increase in price quantity supplied increases by 9% what shall be the degree…
A: The quantity supplied of a good is generally defined as the amount of the good firms are willing and…
Q: Price elasticity of demand for gasoline is -0.5. If the price of gasoline rises by 10% A.…
A: Quantity demanded is the total quantity of products and services that customers demand at a specific…
Q: If the price elasticity of demand for canned soup is estimated at 1.62. What happens to sales…
A: If the price elasticity of demand for canned soup is estimated at 1.62. That means the good is price…
Q: Describe in detail the factors that affects supply and demand elasticity
A: Factors that affects the elasticity of supply: 1)Price of the Good: The elasticity of supply of a…
Q: If a rightward shift of the supply curve leads to a 6 percent decrease in the price and a 5 percent…
A: The price elasticity of demand, also called demand elasticity, is a measure of the magnitude by…
Q: At a price of $150, a cell phone company manufactures 200,000 units. At a price of $250, the company…
A: The price elasticity of supply can be calculated as follows:
Q: If elasticity of supply is 0.31 and the rise in quantity supplied is 19% Find the value of rise in…
A: The information being given is:- Elasticity of supply = 0.31 Rise in quantity supplied = 19% We…
Q: If you know that your product has a close substitute, you will definitely want to know the…
A: Cross elasticity of demand measures the responsiveness of change in demand due to change in the…
Q: The demand for a car wash is x = 600 − 40p, where the current price is $1. Find the price elasticity…
A: Given We know that, Now, And for p = 1, we have X = 600 – 40*1 = 560
Q: Price elasticity of demand for a wheat is unity. A family with 4 individuals demands 40 kg of wheat…
A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…
Q: Calculate the elasticity of supply if rise in price is 30% and the rise in quantity supplied is 37%
A: According to the above given question, the information is as follows:- Rise in price = 30% Rise in…
Q: As the price for some product decreases from $4.00 to $3.00 per unit, quantity demanded increases…
A: here we calculate the price elasticity of demand and choose the correct option so the calculation of…
Q: Elasticity of demand is 0.39 If the rise in price is 16% Find the call in quantity demanded
A: According to the above mentioned question, the values are:- The elasticity of demand = Ed = 0.39 %…
Q: Explain the types of price elasticity of demand and supply
A: Answer: The elasticity of demand: Elasticity of demand refers to the ratio of percentage change in…
Q: Explain the types of price elasticity of demand and supply.
A: The price elasticity of demand measures the effect of change in price on the change in quantity…
Q: Use the price-demand equation below to find E(p), the elasticity of demand. x=f(p) = 3600 -3p E(p) =
A: Elasticity of demand depicts how much there is percentage change in quantity demand with a…
Q: Use the price-demand equation below to find E(p), the elasticity of demand. x= f(p) = 3600 - 3p E(p)…
A: Elasticity of demand depicts how much consumer responds with the change in price.
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