9 H 15 12 15 G 18 In order to maximize profits, an airline will offer. demand. O a) higher; elastic Ob) higher; inelastic O c) the lowet; the least O d) lower; inelastic _____prices to customers with
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9 H 15 12 15 G 18 In order to maximize profits, an airline will offer. demand. O a) higher; elastic Ob) higher; inelastic O c) the lowet; the least O d) lower; inelastic _____prices to customers with
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- Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?Why is the supply curve with constant unitary elasticity a straight line?Using the midpoint formula for calculating the elasticity of supply, if the price of a good rose from $95 to $105, what would be the elasticity of supply if the quantity supplied changed from a. 38 to 42? b. 78 to 82? c. 54 to 66?
- What would the gasoline price elasticity of supply mean to UPS or FedEx?The following graph shows the demand for a good. PRICE (Dollars per unit) 70 ++ 35 25 10 0 OO +-+- 1 14 Region Between W and X 6 Between X and Y Between Y and Z O True O False For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. I EL 15 21 Elastic O O QUANTITY (Units) W Inelastic Unit Elastic O O O Demand O True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. (?)The price elasticity of gasoline supply in the U.S. is 0.6. If the price of gasoline rises by 10%, what is the expected change in the quantity of gasoline supplied in the U.S.? O a 2.0% O b. -3.5% OC. 6.0% O d. 3.5% e. 6.0%
- The Lulu Hypermarket sells 0,209 boxes of chicken per month at RO 4 per box. The own price elasticity for chicken is estimated to be O.45 If Lulu Hypernarket decreases the pripc of a box of chicken byS00 Baiza -8 Per (a) How many boxes of chicken will Lulu Hypermarket sell? (b) Lulu Hypermarket's revenue will change by how much? (c) Will the consume: be better off or worse off?When the price elasticity of demand is for the good is inelastic. Select one: O equal to infinity Ogreater than 1 O equal to 1 Obetween 1 and zero equal to zero demandAssume that demand for a service depends upon price and income, where the price elasticity of demand is Ep o=-0.6 and the income elasticity of demand is E1, q=1.2. If price falls by 49 and income rises by 296, the quantity demanded of the service will O A. increase by 69 O B. increase by 4.896 O C. decrease by 9.6% O D. decrease by 2.49
- If a 4 percent rise in the price of honey lowers the total revenue received by the producers of honey by 4 percent, the demand for honey is: Select one: O a. has an elasticity of 2.0 O b. is unit elastic O c. inelastic O d. elasticIf price falls by 1 percent and quantity demanded rises by 2 percent, then the price elasticity of demand O A. Is 0.5 OB. is inelastic over that range OC. is elastic over that range O D. cannot be calculated from this informationQUESTION 7 If price elasticity of demand for a good is 0.45 this means O A. A change in price will result in a larger percentage change in quantity demanded B. An increase in price of 10% will result in a 4.5% decrease in quantity demanded OC. A 10% decrease in price will result in a 4.5% decrease in quantity demanded O D. None of the above is correct
