What is the price elasticity of mimis demand curve

Assignment Help Business Economics
Reference no: EM13832036

Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi's demand curve? Use the Midpoint Method to answer this problem.

Reference no: EM13832036

Questions Cloud

Liable for obligations of the continued business : A dissenting opinion in this case argued that Jerry Schuster did carry on his father's business and should be liable for obligations of the continued business. Does that strike you as reasonable? Shouldn't a warranty be valid so long as the business ..
Gasoline taxes are effective means for raising tax revenue : Explain whether increases in gasoline taxes are effective means for raising tax revenue. Circa 1990 Colorado decided that long-haul truckers needed to pay for a larger proportion of the wear and tear on the state's highways and increased the tax on d..
Are managers necessary in organisations : Are managers necessary in organisations? In your response you should consider the functions and skills that managers perform in terms of planning ONLY. Provide examples to support your position.
What is the present value of a three year coupon bond : If the real interest rate is 7% and in?ation is 3%, what is the present value of a three year coupon bond that has a face value of $1,000 and a coupon rate of 5%?
What is the price elasticity of mimis demand curve : Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi's demand curve? Use the Midpoint Method to answer this problem.
When does the square root of n represent a rational number : When does the square root of n represent a rational number
Problem regarding the active listening skills : Listening to a customer is extremely important to resolving a customer complaint. If we do not listen carefully, the solution offered may be inadequate or simply unacceptable. In the following discussion, consider the importance of active listenin..
What are the costs of inflation : What are the costs of inflation? Which of these costs do you think are most important for the U.S. economy? What are your shoe leather costs of going to the bank? How might you measure these costs in dollars? How do you think the shoe leather costs o..
What price will the monopolist charge and call that price P : Let a monopolist face a demand function given by P(q) = 40-q and let the cost function be given by C(q) = 50 + q2. Calculate marginal revenue. What price will the monopolist charge, call that price P*? What is the average cost at the quantity of outp..

Reviews

Write a Review

Business Economics Questions & Answers

  Illustrate monetary policy tools should the federal reserve

Explain your answer thoroughly. Illustrate Monetary Policy Tools should the Federal Reserve use to fight inflation. Describe them thoroughly.

  Produce two goods-tablets and cereal

Suppose the U.S. and Mexico both produce 2 goods, tablets and cereal, using 2 inputs, capital (K) and labor (L). The production of tablets is capital-intensive, and that of cereal is labor-intensive. The U.S. is a capital-abundant country, and Mexico..

  Research and describe the internal and external environments

Research and describe the internal and external environments of 2 real world companies using an environmental scan. Determine what competitive advantages each company has and what strategies each company is using.Hoe does each company create value an..

  Long run price elasticity of demand for gasoline

Suppose the long run price elasticity of demand for gasoline is -.60. Assume that the price of gasoline is currently $4.00 per gallon, the quantity of gasoline is 140 billion per year, and the federal government decides to increase the excise tax on ..

  Illustrate probability first electric toothbrush sold

Illustrate what is probability first two electric toothbrushes sold will be returned to drugstore because y are defective. Explain how all work, formula and answer.

  Menu costs arise from the way inflation

Menu costs arise from the way inflation: Unit-of-account costs arise from the way inflation makes... Shoe-leather costs arise from the way inflation..

  Q consider the following two statements1 if the government

q. consider the following two statements1 if the government raises marginal income tax rates on society and then

  Qthe pbp company acquired a warm n cook heat treating

q.the pbp company acquired a warm n cook heat treating furnace so that it can properly heat treat parts for its high

  Production is concentrated into a few firms

Most members of labor unions work in the public sector, industries that are regulated, or industries in which production is concentrated into a few firms.

  What is a monopolist

What is a monopolist? Is the product unique or there are no close substitutes. Discuss What type(s) of decision does the monopolist make about pricing and the quantity of output to offer in the market? Can the monopolist determine the level of output..

  Q suppose that market demand for golf balls is described by

q. suppose that market demand for golf balls is described by q 90 - 3p where q is measured in kilos of balls. there

  5the benefit of cutting down a forest is 1 million now the

5.the benefit of cutting down a forest is 1 million now. the environmental cost of that harvest is 10year forever.1 at

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