If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate

Question:

If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue was when price was $50 and $43.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

See More Books

Question Posted: Feb 29, 2024 07:01 AM

See More Questions

If price were increased from $40 to $42 and quantity demanded fell from 50 to 45, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue...
If prices were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue was...
If price lowered from $10 to $8 and quantity demanded rose from 50 to 51, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic and find out how much total revenue was...
why is teamwork so important especially in healthcare? explain
Caesar Corporation has the following information for its portfolio of trading securities at the end of the past 4 years: Date .......................... Portfolio Cost ............................
1. Evaluate the conduct of Peter Lewiston against the EEOCs definition of sexual harassment. 2. Should the intent or motive behind Lewistons conduct be considered when deciding sexual harassment...
The changing age distribution of the United States. The distribution of the ages of a nations population has a strong influence on economic and social conditions. Table 11.5 shows the age...
Winter Lips produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip balm was in process on May 31, and Winter Lips started production on...
[ The following information applies to the questions displayed below. ] Leach Incorporated experienced the following events for the first two years of its operations: Year 1 : Issued $ 1 0 , 0 0 0 of...
Draw a demand curve, D 1 . Then draw a second demand curve, D 2 , that is less elastic. Quantity Price ($)
If price were increased from $40 to $42 and quantity demanded fell from 50 to 45, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue...
A hydrogen atom has orbital angular momentum 3.65 10 -34 J s. a. What letter (s, p, d, or f) describes the electron? b. What is the atoms minimum possible energy? Explain.
Companies that invest heavily in eco-friendly initiatives, such as transitioning to renewable energy sources or implementing carbon offset programs, may initially face increased operational costs....
Answer each question individually please. 14-13 What are the advantages and drawbacks of universities using social media to communicate with various stakeholdersstudents, potential students, alumni,...
act as a consultant hired by the operations director of the Barry Computer Company provide a financial analysis and comparison to the industry. You will conduct a financial ratio analysis to gain a...
Building a sense of community is not just a moral thing to do, but also a pragmatic one. In today's competitive and ever-evolving business environment, the organizations that can attract the most...
Watch https://youtu.be/U3MtvvNjUR4 What do you think of Dr. Saint's ideas about barriers to change? What do you think about social learning? Could this tool be used to make real change? How can the...
A healthy cereal should be low in both calories and sodium. Data for 77 cereals were examined and judged acceptable for inference. The 77 cereals had between 50 and 160 calories per serving and...
A certain Christmas tree ornament is a silver sphere having a diameter of 8.50 cm. Determine an object location for which the size of the reflected image is three-fourths the size of the object. Use...
Consider the following possible schemes for taxing a monopoly: i. A proportional tax on profits ii. A tax on each unit produced iii. A proportional tax on the gap between price and marginal cost a....
Bruce runs the only bar in town. An individual consumers demand for bar drinks is Q = 8 P. The associated marginal revenue curve for this consumer is MR = 8 2Q. The bars marginal cost is $2 per...
Because of the huge fixed cost of running pipes to everyones home, natural gas is a natural monopoly. Suppose demand is Q = 100 P and marginal revenue is MR = 100 2Q. Suppose marginal cost is $20,...
When credit terms for a sale are 2/15, n/40, the customer saves by paying early. What percent (rounded) would this savings amount to on an annual basis
An industrial robot that is depreciated by the MACRS method has B = $60,000 and a 5-year depreciable life. If the depreciation charge in year 3 is $8,640, the salvage value that was used in the...
What determines a firm's beta? Should firm management make changes to its beta? Be sure to consider the implications for the firm's investors using CAPM.

If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate

Question:

Step by Step Answer:

ANSWER To calculate the price elasticity of demand PED well ...View the full answer

Microeconomics

Students also viewed these Business questions