If the price elasticity of demand for bananas

Assignment Help Business Economics
Reference no: EM13896632

When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?

Reference no: EM13896632

Questions Cloud

Interest rate target or money supply growth target : Why do economists disagree about whether an interest rate target or money supply growth target is the best intermediate policy target for the Fed, and why not target both?
Describe each of the economic functions of money : Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.
What price and quantity combination would this firm : Set up a table or a spreadsheet for XYZ's output (Q) price(P), total revenue (TR), marginal revenue (MR), total cost (MC), average cost (AC) total profit (TP) and Marginal profit (MP). Establish a range for Q from 0 to 1,000 in increments of 100 (i.e..
Three constitute the entire demand for chain saws : Jen, Eric, and Kurt are all buyers of chain saws. Jen’s demand function is DJ (p) = 520 − 13p, Eric’s demand function is DE(p) = 40 − p, and Kurt’s demand function is DK(p) = 200 − 5p. Together, these three constitute the entire demand for chain saws..
If the price elasticity of demand for bananas : When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?
What are marginal cost and average total cost : A cubic total cost function is expressed as TC=a+bq+cq^2+dq^3 if a=0 b=400 c=-50 and d=5 then. What are MC (Marginal Cost) and ATC (Average Total Cost) respectively equal to? At what output levels are MC and ATC respectively minimized?
Constitute the entire demand for chain saws : Jen, Eric, and Kurt are all buyers of chain saws. Jen’s demand function is DJ (p) = 520 − 13p, Eric’s demand function is DE(p) = 40 − p, and Kurt’s demand function is DK(p) = 200 − 5p. Together, these three constitute the entire demand for chain saws..
Each loaf of bread so as to make supply equal demand : In a certain kingdom, the demand function for rye bread was q = 381 − 3p and the supply function was q = 5 + 7p, where p is the price in zlotys and q is loaves of bread. The king made it illegal to sell rye bread for a price above 32 zlotys per loaf...
Private practice needs van to carry crew and equipment : A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3581 per year, paid at the beginning of each year, in which case maintenance is provide. What is the most she should pay f..

Reviews

Write a Review

 

Business Economics Questions & Answers

  What is the marginal product of the second employee

What is the marginal product of the second employee. What is the marginal revenue product of the fourth worker.

  Explain why is presidential power conditional

Explain why is presidential power "conditional" - that is, why is affected so substantially by circumstances, the makeup of congress, and popular support.

  Economists attempt to predict the spending patterns

When economists attempt to predict the spending patterns of U.S. households, they will typically view the ____________ as a primary determining factor that influences the individual consumption choices that each will make. The step-by-step process of..

  What was the main criticism of the present texas

Illustrate what was the main criticism of the present Texas constitution behind the Ratliff-Junell proposal for a latest constitution.

  What is the preferred regression method of analysis

Assume that you work for a nation-wide firm that has multiple store per state. When addressing major issues such as determining the factors that contribute to store profitability over time using company "big data" what is the preferred regression met..

  For every dollar it holds in reserves

In the article on China holding $3 trillion in dollars, for every dollar it holds in reserves, it prints

  Evaluate the importance of gold as an international asset

Evaluate the importance of gold as an international asset. Discuss the historical importance of gold as an international reserve asset, including the functions it fulfilled. Finally, discuss whether the United States should return to the gold stan..

  Elucidate what money supply should the fed set

What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant. Elucidate what money supply should the Fed set in year 2009 if it wants to keep the price level stable.

  What circumstance would you be no worse

Under what circumstance would you be no worse off if the company paid you cash instead of providing a car.

  Explain why capital flows cause imbalances in current ac

Explain why capital flows cause imbalances in the current account. Post to the discussion board your 200 word answer focusing on selecting and organizing your most relevant comments in a coherent fashion.

  Determine the demand for and provide of money

Illustrate what are the factors that determine the demand for and provide of money.

  What are agglomeration economies-localization economies

What are agglomeration economies, localization economies, and urbanization economies? How do they affect business costs? Provide examples of each.

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