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The following table gives data on the price of rye and the number of bushels of rye sold in 2019 and 2020. Price Quantity Year (Dollars per bushel) (Bushels) 2019 $3.00 9,000,000 2020 $2.00 10,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is | . (Enter your response as an integer. Include a minus sign if necessary.)Suppose the price of salt increases by 10 percent and, as a resu t, the quantity of pepper demanded (holding the price of pepper constant) decreases by 4 percent. The cross-price elasticity of demand between salt and pepper is _ {Enter your response rounded to two decimal places and include a minus Sign if appropriate.) Suppose income increases by 10 percent and, as a result, the quantity of a particular brand of automobile demanded (holding the price for this particular automobile constant) increases by 2 percent. The income elasticity of demand for this brand of car is |. (Enter your response rounded to two decimal places and include a minus sign if appropriate.)Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 8 percent. In response to this change in income, suppose the quantity of steak demanded in Cape Charles (holding the price of steak constant} decreased by 16 percent. What is the income elasticity of demand for steak in Cape Charles? The income elasticity of demand for steak in Cape Charles is . (Enter your response rounded to two decimal places.) Consider the market for a new DVD movie, where the price is initially $22 and 16 + copies are sold per day at a superstore, as indicated in the figure to the right. 30 28- The superstore is considering lowering the price to $18. 26- What is the price elasticity of demand between these two prices (use the Midpoint A Formula)? B The price elasticity of demand is (Enter your response as a real number rounded to two decimal places.) Price (dollars per copy) B 8 12 16 20 24 28 32 36 40 44 48 52 56 60 Quantity (copies per day)In fall 2006, Pace University in New York raised its annual tuition from $24,250 to $29,500. Freshman enrollment declined from 1,500 in fall 2005 to 1,150 in fall 2006. Assuming that the demand curve for places in the freshmen class at Pace did not shift between 2005 and 2006, use this information to calculate the price elasticity of demand. Use the midpoint formula in your calculation. Source: Karen W. Arenson, "At Universities, Plum Post at Top Is Now Shaky," New York Times, January 9, 2007. The price elasticity of demand for Pace University for the fall of 2006 is |. (Hint: include the negative sign and enter your response rounded to two decimal places.)Suppose the demand for a Czech novel translated into English is perfectly inelastic. Assume the initial price of the translated novel is $29.00 and the quantity demanded is 356 copies per year. If the price of the translated novel increases by $2.00. then the quantity demanded will be copies per year. Economists' estimates of price elasticities can dier somewhat, depending on the time period and on the markets in which the price and quantity data used in the estimates were gathered. An article in the New York Times contained the followmg statement from the Centers for Disease Control and Prevention "A 10 percent increase in the price of cigarettes reduces consumption by 3 to 5 percent." Given this information. compute the range of price elasticity of demand for cigarettes. Source: Shaila Dewan, "States Look at Tobacco to Balance the Budget," New York Times, March 20, 2009. According to the article. the price elasticity ofdemand for cigarettes ranges from real numbers rounded to two decimal places.) (the lowest end of the range in absolute value) to . {Enter your responses as Use the graph for Yolanda's Frozen Yogurt Stand to answer the questions that follow. Use the midpoint formula to calculate the price elasticity of demand for D1 between point A and point C and the price elasticity of demand for D2 between point A and point B. Price elasticity of demand for D1 2 (Enter your response rounded to two decimal places. Be sure to include the minus Sign.) Price (dollars per cone) QT'T'T'T'NNNNP'P'P'P'? 20.0 40.0 60.0 Quantity (cones per day) 80.0 100.0 3 The Delaware River Joint Toll Bridge Commission increased the toll on the bridges on Route 22 and Interstate 78 from New Jersey to Pennsylvania from $0.50 to $1.00. Use the information in the table below to answer the questions (assume nothing other than the toll change occurred during the months that would affect customer demand). Source: Garrett Therolf, "Frugal Drivers Flood Free Bridge," (Allentown, Pennsylvania) Morning Call, January 20, 2003. NUMBER OF VEHICLES CROSSING THE BRIDGE Month Toll Route 22 Bridge Interstate 78 Bridge November $0.50 519,337 728,022 December $1.00 433,691 656,257 Using the midpoint formula, for the Route 22 Bridge, the price elasticity of demand is . (Enter your response rounded to two decimal places. Be sure to include the minus sign.)
