What degree of elasticity does chipotle burritos exhibit, Macroeconomics

Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25.

i)    What degree of elasticity does Chipotle burritos exhibit?

ii)    A 1% change in the price of Chipotle burritos would do what to the quantity demanded of Chipotle burritos?

iii)   What would happen if Chipotle lowered its burrito price by 2% to its sales (numeric answer)?

iv)   What happens to Chipotle's total revenue if it were to lower its price by 2%?

 

Posted Date: 4/6/2013 6:00:25 AM | Location : United States







Related Discussions:- What degree of elasticity does chipotle burritos exhibit, Assignment Help, Ask Question on What degree of elasticity does chipotle burritos exhibit, Get Answer, Expert's Help, What degree of elasticity does chipotle burritos exhibit Discussions

Write discussion on What degree of elasticity does chipotle burritos exhibit
Your posts are moderated
Related Questions
the suitability of utilising a policy of tariffs and quotas given the case of perfect competition.

For a single nonprofit provider, describe an output-maximizing model to predict supplier behavior.

Business Cycles  Economic growth is not a continuous process. Superimposed on the long-term trends are short-term fluctuations in the levels of economic activity and\or in grow

Explain whether, the following statements are TRUE, FALSE or UNCERTAIN. Briefly justify your answer. (i) The circular flow shows how real resources and financial payments flow

Note that it's changes in prices during 2008 that matter for the high real interest rate (time period when your deposit is earning interest). This means that you can never know how

What are the Four different measures of GDP Using circular flow model we see that there are 4 equivalent techniques of measuring GDP: Using the definition: market value

2. Use the Quantity Theory of Money to explain inflation (a increase in the overall level of prices). (4 points) If you were a member of the Federal Reserve Board of the Governor

Utility Maximisation: Graphical Presentation  Let consider a two-commodity world, x 1 and x 2 representing good I and good II respectively. p 1 and p 2 are the prices o

working of static and dynamic multiplier in consumption function

Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25. i)    What degree of elasticity does Chipotle burritos exhibit? ii)    A 1% change in