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DI Question 1 5 pts D Question 3 5 pts According to our text, a proper formula for price elasticity of demand is; If a product is inclastic, it means that: the percentage change in the price of the product divided by the percentage change in the income of the buver if the price changes, then the percentage change in the quantity purchased changes less than the The percentage change in the price of the product divided by the percentage change in the quantity percentage change in the price demanded of a product The percentage charge in the quantity demanded of product A divided by the percentage change in the C All of the listed choices are correct price of the product D buyers are not very responsive to a price change The percentage change in the quantity demanded of a arocket divided by the percentage charge in the price of the prochit Let's say that buyers' incomes have tripled (300%% increase) in the past 30 years, and that In economics we calculate percentage change of a variable a little different than the way it is purchases of cars has increased by 400% during this time. What is the income elasticity of calculated in everyday life. For example, if I go to the grocery store and buy 9 apples this week demand for cars based on this data? and 11 apples next week, the percentage change (according to the economic formula] is: 700% 2 divided by 9, or 22.2%% 100% 2 divided by 11, or 18.2%6 1.33 1 divided by 10, or 10% 75 2 divided by 10, or 20% What is the cross price elasticity of demand for Apple iPhones if as a result of a 20% decrease in if a business can price discriminate among various economic groups, it will charge a _ price the price of Android phones (a substitute product), the sales of Apple iPhones decreases from 2.1 for buyers with_ price elasticity of demand, and a _ .. price for buyers with _ million to 1.9 million? price elasticity of demand. 05 higher: high: lower: high 02 higher: low, lower; low . 0. 2 (minus 0.2) lower: high: higher; low 2 lower: low, higher; high Of the following businesses, whose product has the lowest price elasticity of demand? A business will find that if its product is unit elastic and it raises it price, then: Business V which sells a life saving vaccine that has no competitors its revenue will decrease Business J which sells jewelry in a mall that has 5 other jewelry stores the change in its revenue is indeterminate Business B which sells beauty products via Amazon and competes with 35 other beauty product companies its revenue will remain unchanged Business G which sells gasoline along with one other gas station at the intersection of a main highway its revenue will increase Let's say that a business observes the following: What is the price elasticity of demand of Netflix subscriptions if Netflix finds the folipwing: At a price of $12 per month, it has 40 million subscribers. 1. it increases the price of its product from $4.50 to $5.50. At a price of $8 per month, it has 48 million subscribers, 2. revenue increases from $14,400 to $15,400 as a result of the price increase. What is this company's price elasticity of demand for this product. 2198 299 D.50 34 1.50 67