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inelastic
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elastic
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insignificant
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- 86°F Haze For each of the regions listed in the following table, use the midpoint meth d to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between Y and Z O O Between W and X O Between X and Y O True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. True False Search L Grade It Now Save & Continue) Is the demand for tooth pick elastic or inelastic? Why? (the answer is from determinants of demand elasticity).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?
- Suppose that quantity demand rises by 10% as a result of a 5% decrease in price. The price elasticity of demand for this good is Give typed solution onlyFor a change in the price of coffee from $2 per 8 oz cup to $1 per 8 oz cup, the ELASTICITY OF SUPPLY would be: [Elasticity]The demand curve for a good is horizontal when it is:* a perfectly inelastic good. a unitary elastic good. a perfectly elastic good. an inferior good. Which of the following factors would NOT affect the own price elasticity of a good?* time price of an input available substitutes expenditure share We would expect demand for jeans to be:* more elastic than the demand for clothing. less elastic than the demand for clothing. the same as the demand for clothing. neither more elastic, less elastic, nor the same elasticity as that of the demand for clothing.
- Find out if these products fall “most” under elastic or inelastic demand/supply. -Elasticity Demand of Green Tea. -Elasticity Supply of Green Tea -Elasticity Demand of Cereal -Elasticity Supply of Cereal -Elasticity Demand of Milk -Elasticity Supply of Milk"Suppose the price for tennis shirts increases by 10%, demand decreases by 20%. For tennis shirts, the price elasticity of demand is:" -2 -1 -0.5 -0.333 0If milk has a price of demand equal to 2, then the demand for milk is said to be ___ a. perfectly elastic b elastic c. unit elastic d. inelastic e. perfectly inelastic
- In a small town in Florida a food supplement sold for $2.00 a bottle in May. In total, 2000 bottles were sold. In June, nothing else changed but the price of the supplement which was increased to $2.20. A total of 1900 bottles were sold. What is the arc elasticity of demand?If the price elasticity of demand of for gasoline is 2, then a 15% decrease in quantity demanded is caused by % increase in the price of good?If the cross-price elasticity of demand between lettuce and salad dressing is negative, then when the price of lettuce rises, the demand for salad dressing will_________.
