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- 16. What are benefits from learning elasticity? know how much quantity supply change due to price changes knowing how much quantity demand change due to price changes making decision on price strategies of that particular products All above are correct O อื่นๆ: 17. how elasticity can be calculated? total change in quantity over the change in price percentage change in quantity over the percentage change in price O percentage change in price over the percentage change in quantity total change in price over the change in quantityIf your customers have the following demand curve, what price would maximize your total revenue? What would total revenue be at that price? Price $20 18 16 14 12 10 8 6 4 2 0 2 O $10; $100 O $0; $100 O $20; $200 O $5; $100 4 6 8 10 12 14 16 18 20 Quantity A Moving to another question will save this response. QuPRICE (Dollars per bippitybop) 200 180 160 140 120 100 80 60 40 20 O 0 1 xe Demand 48 56 64 72 00 QUANTITY (Bippitybops per day) 8 18 24 32 40 Total Revenue Calculate the daily total revenue when the market price is $180, $160, $140, $120, $100, $80, $60, and $40 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph.
- 202 -2021 Bahar A car retail store reduces prices by 15 percent each year until the cars are sold. What will a $190000 car sell for in 7 years? O A. $60709.60 O B. $60909.60 OC. $60609.60 O D. $60809.60 Seçimimi temizle Sonraki sayfa5 What is the unit price of a 32-ounce box of brown sugar that costs $38.4? Multiple Choice $76 800 per pound $38.40 per pound $1.20 per pound $19.20 per ounce $120 per ounceK Figure 4.2.2 The Market for Robotic Rubber Ducks Price $40 $ 50 $ 60 $70 $ 80 $ 90 $100 Quantity Demanded OA 70,450 OB. 70: 350 OC. 50:450 OD. 50, 350 OE 60,400 500 450 400 350 300 250 200 Quantity Supplied 300 350 400 450 500 550 600 Look at Table 4.2.2. Consumers learn that rubber ducks wear out batteries quickly. As a result, demand decreases by 100 rubber ducks at each pnce. The new equum price nubber ducks the new equilibrium quantity is Tine Remaining 00:30-40 Nest
- According to the graph, if price increases from $10 to $15, total revenue will Price $20 15 10 O 1 2 3 4 5 7 8 9 10 Quantit Select one: a. decrease by $10, so demand must be elastic. O b. increase by $20, so demand must be inelastic. c. increase by $5, so demand must be inelastic. d. decrease by $20, so demand must be elastic.4. Suppose there are two firms selling mobile phones along Luthuli Avenue. Firm 1 sells high quality phones. It cost firm 1 Kshs. 10,000 to buy an average phone. Firm 2 sells low quality phones. It costs firm 2 an average of 6,000 to buy its phones. Consumers will on average be willing to pay 14,000 for high quality phones and 10, 000 for low quality phones. The cost of warranty for the high cost seller is 200t while the cost of warranty for the low cost seller is 1200t where t is the warranty year. i) Which firm would want to signal quality of its phone? Explain What t should the high quality seller set to prevent the low quality seller from matching his offer? ii)Which formula will determine merchandise cost? O Merchandise cost + markup O Retail price - markup Retail price cost Retail price + markup
- Price Price 288KHLUSCAND 22 O 18 16 14 20 10 5 FIGURE 4-2 3 (a) D 10 15 20 25 Quantity Diagram 1 10 Quantity Diagram 3 20 a. less than -1. (b) Ob. greater than 1. O c. infinity. D Price Price Quantity Diagram 2 4 Refer to Figure 4-2. In diagram 2, the price elasticity of demand is Quantity Diagram 4 Dif the price elasticity of demand for a product is equal to -0.5, then a 10 percent decrease in price will increase quantity demanded by Multiple Choice O O O O 20%. 0.5%. 5%. 0.05%.1 Given the following bids to buy and to sell a used book. Bids to buy: $16. $16 . $18 . $18 . $18 . $20 . $22 $22 . $23 . $24 Bids to sell $18 . $18 . $18 . $22 . $23 . $23 . $23 . $23 . $24 $24 Which argument makes the most sense and why? A) set price equal to $22 to maximize sales B) set price at $16, so that more people will buy the product C) set price at $24 so that more people will sell the product D) set price at $18 because three people will buy and 3 people will sell And describe a real life example for what happens to quantity demanded of your product if A) the price of a complement rises B) the price of a substitute rises