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- Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?Given: Market for Flowers Price of Flower/boquet 100 Qd (x) of Flower/boquet 40 Fertilizer (f) for Flower/bag 70 Point Price of Candle Consumer (z) /piece 40 Income (I) (Time) A 10,000 15,000 20,000 330 32 60 90 C 500 20 70 110 1. Own price elasticity of demand (Pn) C A, 2. Income elasticity (ny) A-C; (inferior or normal good?) 3. Cross-price elasticity (nxz) B-C; (substitute or complementary?) 4. Input-price elasticity (nf) ABTime Income (Y) Quantity (Q) 2017 1500 35 2018 2000 25 Calculate income elasticity?
- What is total revenue if price and quantity and $5 and 20 unitsThe figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next MaternitCalculaye cross elasticity of demand exy Before Commodity. Price. Quantity (cent/cup) (units/month) Lemon (Y) 40. 50 Yea (X) 20. 40. After Price. Quantity (Cent/units) (unirs/months) 60. 30 20. 50
- A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.Price increases from Tk10 to 12 and the price elasticity of demand is -0.5. The quantity demanded was 500 units. What will it be now? I need all details. ANswer minimum 3 pageWhich term is used to describe the want satisfying power of a commodity or a service?[A] Demand[B] Want[C] Utility[D] Consumption Please dont use any ai tool. Thank you
- what is elastic. Trying to figure out if coffee is elastic or inelasticThe income elasticity of demand isA) the percentage change in quantity demanded divided by the percentage change in price.B) the percentage change in quantity demanded divided by the percentage change in income.C) the percentage change in income divided by the percentage change quantity demanded.D) the percentage change in price divided by the percentage change in income. Don't use chatgpt, I will 5 upvotesTime Quantity Price 2017 120 20 2018 100 30 Calculate cross-price elasticity?
