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Suppose the price elasticity of demand for bread is 0.20 If the price of bread falls by 10 percent the quantity demanded will increase by?
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∙ 13y ago
2%.
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∙ 13y ago
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Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by?
25 percent
Suppose the elasticity of demand for cereal is 1. If cereal increases in price by 25 percent how much will the quantity demanded decrease by?
25 percent
Suppose good food's supermarket raises the price of its steak and finds its total revenue from steak sales does not change this is evidence that price elasticity of demand for steak is?
elastic
Short note on Arc Price Elasticity?
Arc elasticityFrom Wikipedia, the free encyclopediaJump to: navigation, searchArc elasticity is the elasticity of one variable with respect to another between two given points.The y arc elasticity of x is defined as:where the percentage change is calculated relative to the midpointThe midpoint arc elasticity formula was advocated by R. G. D. Allen due to the following properties: (1) symmetric with respect to the two prices and two quantities, (2) independent of the units of measurement, and (3) yield a value of unity if the total revenues at two points are equal.[1]Arc elasticity is used when there is not a general function for the relationship of two variables. Therefore, point elasticity may be seen as an estimator of elasticity; this is because point elasticity may be ascertained whenever a function is defined.For comparison, the y point elasticity of x is given by:[edit] Application in economicsThe P arc elasticity of Q is calculated asThe percentage is calculated differently from the normal manner of percent change. This percent change uses the average (or midpoint) of the points, in lieu of the original point as the base.[edit] ExampleSuppose that you know of two points on a demand curve (Q1,P1) and (Q2,P2). (Nothing else might be known about the demand curve.) Then you obtain the arc elasticity (a measure of the price elasticity of demand and an estimate of the elasticity of a differentiable curve at a single point) using the formulaSuppose we measure the demand for hot dogs at a football game. Let's say that after halftime we lower the price, and quantity demanded changes from 80 units to 120 units. The percent change, measured against the average, would be (120-80)/((120+80)/2))=40%.Normally, a percent change is measured against the initial value. In this case, this gives (12-8)/8= 50%. The percent change for the opposite trend, 120 units to 80 units, would be -33.3%. The midpoint formula has the benefit that a movement from A to B is the same as a movement from B to A in absolute value. (In this case, it would be -40%.)Suppose that the change in the price of hot dogs was from $3 to $1. The percent change in price measured against the midpoint would be -100%, so the price elasticity of demand is (40%/-100%) or -40%. It is common to use the absolute value of price elasticity, since for a normal (decreasing) demand curve they are always negative. Thus the demand of the football fans for hot dogs has 40% elasticity, and is therefore inelastic.
Can two goods be inferior?
No,two goods cannot be inferior at the same time.We know that the demand for the inferior goods decreases with increase in income. suppose the income increases, to compensate this increase and to satisfy the new budget line and with the assumption that the consumer is rational,the amount of any one of the good must increase so as to leave the consumer with a bundle on his new budget line .If both the goods are inferior then the amount demanded of both these goods would decrease thus violating the axiom of revealed preferences. even if they are one of the good would be relatively more inferior to the other.
Suppose the price elasticity of demand for textbooks is 2 and the price of textbooks increases by 10 by how much does the quantity demanded fall?
The quantity demanded would fall by 20%. This is determined by multiplying the price increase (10%) by the price elasticity of demand (2), which gives 20%.
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by?
25 percent
Suppose the elasticity of demand for cereal is 1. If cereal increases in price by 25 percent how much will the quantity demanded decrease by?
25 percent
When a acceleration unifromly from rest which quantity increase with timeaccelerationvelocity or disstance traveled?
suppose that 5he acceleration of acar increase with time could we use v=v0+at
Suppose that video game cartridges are a normal good If the income of video game players increases you predict that in the market for videotapes?
both equilibrium price and quantity will increase
How do you increase buffer capacity?
Increase the concentration of salt and acid or base. If you are not suppose to increase concentration use more volume of buffer.
How do you dispose of black powder?
I suppose it depends on the quantity. I've flushed a few lbs in the toilet before.
Suppose good food's supermarket raises the price of its steak and finds its total revenue from steak sales does not change this is evidence that price elasticity of demand for steak is?
elastic
Short note on Arc Price Elasticity?
Arc elasticityFrom Wikipedia, the free encyclopediaJump to: navigation, searchArc elasticity is the elasticity of one variable with respect to another between two given points.The y arc elasticity of x is defined as:where the percentage change is calculated relative to the midpointThe midpoint arc elasticity formula was advocated by R. G. D. Allen due to the following properties: (1) symmetric with respect to the two prices and two quantities, (2) independent of the units of measurement, and (3) yield a value of unity if the total revenues at two points are equal.[1]Arc elasticity is used when there is not a general function for the relationship of two variables. Therefore, point elasticity may be seen as an estimator of elasticity; this is because point elasticity may be ascertained whenever a function is defined.For comparison, the y point elasticity of x is given by:[edit] Application in economicsThe P arc elasticity of Q is calculated asThe percentage is calculated differently from the normal manner of percent change. This percent change uses the average (or midpoint) of the points, in lieu of the original point as the base.[edit] ExampleSuppose that you know of two points on a demand curve (Q1,P1) and (Q2,P2). (Nothing else might be known about the demand curve.) Then you obtain the arc elasticity (a measure of the price elasticity of demand and an estimate of the elasticity of a differentiable curve at a single point) using the formulaSuppose we measure the demand for hot dogs at a football game. Let's say that after halftime we lower the price, and quantity demanded changes from 80 units to 120 units. The percent change, measured against the average, would be (120-80)/((120+80)/2))=40%.Normally, a percent change is measured against the initial value. In this case, this gives (12-8)/8= 50%. The percent change for the opposite trend, 120 units to 80 units, would be -33.3%. The midpoint formula has the benefit that a movement from A to B is the same as a movement from B to A in absolute value. (In this case, it would be -40%.)Suppose that the change in the price of hot dogs was from $3 to $1. The percent change in price measured against the midpoint would be -100%, so the price elasticity of demand is (40%/-100%) or -40%. It is common to use the absolute value of price elasticity, since for a normal (decreasing) demand curve they are always negative. Thus the demand of the football fans for hot dogs has 40% elasticity, and is therefore inelastic.
What number after 35 percent increase is 124.2?
Suppose the number is x. Then after a 35% increase it would be 1.35xSo 1.35x = 124.2therefore, x = 124.2/1.35 = 0.92
Suppose the y-values increase as the x-values increase. how does this indicate in a graph?
The curve representing the graph of y against x goes down as you move to the right.
Why aren't all acids poisonous?
Anything - in sufficient quantity - will poison us.I suppose some acids are weak enough to be digestible without noticeable harm.
