Find the change in units demanded when the price changes

Assignment Help Business Economics
Reference no: EM131240523

The price elasticity of demand for a good is -1.1, and consumers currently purchase 114 units of the good. Find the change in units demanded when the price changes 9 percent. Round your answer to two decimals.

Reference no: EM131240523

Questions Cloud

An attempt to entice citizens to conserve energy : Suppose that, in an attempt to entice citizens to conserve energy, the government enacted regulations requiring that all air conditioners be more efficient in their use of electricity. After this regulation was implemented, government officials were ..
What cross-price elasticity of demand : A 2 percent increase in the price of milk causes a 4 percent reduction in the quantity demanded of chocolate syrup. What is the cross-price elasticity of demand for chocolate syrup with respect to the price of milk? what Cross-price elasticity of dem..
In competitive markets a surplus or shortage will cause : In competitive markets, a surplus or shortage will cause:
Benefited from changes in end-consumer demand : Why is the concept of derived demand so important for companies selling products and services to other organizations? What is an example where an industrial company has benefited from changes in end-consumer demand?
Find the change in units demanded when the price changes : The price elasticity of demand for a good is -1.1, and consumers currently purchase 114 units of the good. Find the change in units demanded when the price changes 9 percent. Round your answer to two decimals.
Which even affects demand and which affects supply : Consider the market for theater movie tickets. Say that the prices of concessions (popcorn, drinks, etc.) have increased, and the price of a Netflix subscription has decreased. Which even affects demand, and which affects supply? What would be the ef..
What happens to the marginal product of labor : As one moves down an isoquant (assume a normal, negatively sloped isoquant), what happens to the marginal product of labor? What happens to the marginal product of capital?
If marginal cost exceeds average total cost in the short run : If marginal cost exceeds average total cost in the short run, then which is likely to be true?
Integration between two established regional groupings : Evaluate the progress and prospects of integration between two established regional groupings (NAFTA, ASEAN, CEFTA, Andean Pact, CIS, APEC, etc.). The written comparison should synthesize the theories of international trade and finance to evaluate th..

Reviews

Write a Review

Business Economics Questions & Answers

  Debating the cause of the price decrease

The market price of hamburgers in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because a new type of grill allows restaurants to..

  Production function exhibits

By using calculus show that the production function exhibits diminishing returns to labor.

  Condition for a firm to engage in price discrimination

Which of the following is not a condition for a firm to engage in price discrimination? (Note: the question and answer choices seem to be worded to make it confusing)

  Discuss in terms of economies of scale and scope

According to Haskel and Sadun(2009), the United Kingdom started regulating the size of grocery stores in the early 1990s, and today the average size of a typical U.K. grocery store is roughly half the size of a typical U.S. store and two-thirds the s..

  What does disposable income consist of

What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes? 4. Does GDP measure the well-being of society? Why or why not? 5. What was GDP in 2008 (sometimes called GSP) ..

  Creating development and management team for a coalition

Given the potential for demographic fault lines in negotiating these changes, what would you advise as a strategy for managing diversity issues for program leaders?

  Financial institutions

Describe each of the following financial institutions. If it is a financial intermediary, describe what type of liabilities it issues and who holds these liabilities, as well as what kinds of assets it holds and who issued these assets. If it is not ..

  Erode the standard of living is inflation

One of the impacts that can erode the standard of living is inflation. The gov't uses the CPI to measure inflation. What is the CPI? How is it calculated? What are the uses of the information?

  Defining project objectives

Defining Project Objectives: The Project Manager should be able to prioritise activities to be able to focus on activities that correlate with project success. It is important to understand how they can prioritise and the psychology that affects such..

  Extreme inequality in the distribution of education

In most developing countries, the empirical studies show that there is extreme inequality in the distribution of education. A small section of the population is very highly educated and the majority of the population has practically no education at a..

  Calculate income elasticity of demand

When Alex's income was $3000, he bought 4 bagels and 12 donuts a month. Now hus income is $5000 and he buys 8 bagels and 6 donuts a month. Calculate Alex's income elasticity of demand for a. Bagel b. Donuts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd