Match the example to the correct pricing concept

Group of answer choices

The price of apples increases 10%. Demand drops 11%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

The price of apples increases 10%. Demand drops 3%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

The price of a Lexus increases 10%. Demand increases 12%%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

The price of apples increases 10%. Demand for pears increases 5%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

Spain's GDP drops 10%. Demand for Lexus cars drops 12%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

The price of gas increases 10%. Demand drops 2%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

The price of a ticket to Portland decreases 10%. Demand increases 12%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

Bus tickets to Portland increase 12%. Amtrack train demand increases 14%

[ Choose ]Income ElasticityReverse Elasticity, Inverse Demand, Cross-Demand, Cross Elasticity, Co-ElasticityInverse Price InelasticityPrice InelasticityCross-price ElasticityPrice Elasticity

The price of a room at the Four Seasons increases 12%. Demand increases 14%

20 S 10 0 22 For each of the following situations, state whether total revenue received by the seller increases, decreases, or does not change. Type your answer in the blank space provided. Your answers should be increase, decrease. or does not change. a) If price elasticity of demand is -2.17 and price decreases, total revenue Decrease bilf price elasticity of demand is -0.85 and price decreases, total revenue decrease c) If price elasticity of demand is -1.63 and price increases, total revenue d) If price elasticity of demand is -0.45 and price increases, total revenue el If price elasticity of demand is -1.00 and price increases, total revenueFill-in Elasticity Formulas Price Elasticity of Demand = %% change in % change in price % change in Q5 Price Elasticity of Supply = % change in Income Elasticity of Demand = to change in Qd % change income Cross - price Elasticity of Demand = * change in Qd of good A % change in price of Wage Elasticity of Labor Supply = % change in change in wage Wage Elasticity of Labor Demand = % change in % change in Interest Rate Elasticity of Savings = % change in quantity of savings % change in Interest Rate Elasticity of Borrowing = % change in % change in Midpoint Method for Calculating Elasticity: X2-X1 = 3 % change in X (X2 +X1)/2 X100 = % change in Y Y2 - Y 1 (Y2+Y1)/2 X100Income and Cross-Price Elasticity Calculation Examples: 1. When the price of Good B rises by 20%, quantity demanded for Good A falls by 10%. a. What is the cross-price elasticity of demand? Show your work! b. Are these goods complements or substitutes? How do you know? 2. When the price of Good D rises by 20%%, quantity demanded for Good C rises by 10%. a. What Is the cross-price elasticity of demand? Show your work! b. Are these goods complements or substitutes? How do you know? 3. When income rises by 30%%, quantity demanded for Good F decreases by 20%. a. Is income elasticity of demand positive or negative? Show your work! b. Is Good F a normal or inferior good? How do you know?For each of the following situations, state whether total revenue received by the seller increases, decreases, or does not change. Your answers should be increase, decrease, or does not change. a) If price elasticity of demand is -2.17 and price decreases, total revenue. b) If price elasticity of demand is -0.85 and price decreases, total revenue. c) If price elasticity of demand is -1.63 and price increases, total revenue. d) If price elasticity of demand is -0.45 and price increases, total revenue. e) If price elasticity of demand is - 1.00 and price increases, total revenue.Use the following demand and supply curves to answer the market equilibrium questions: Demand: P-.0.250+150 Supply: P-0.25Q+25 a] What is the market equilibrium price and quantity? b) if the demand curve shifts outward, what do you expect to happen to the market equilibrium price and quantity? [ You don't need to solve for a precise number, just give the general direction.] c) if the supply curve shifts inward, what do you expect to happen to the market equilibrium price and quantity? [ You don't need to solve for a precise number, just give the general direction.] For the toolbar, press ALT+F10 (PC) or ALT+FN.F10 (Mac]