Absolute value of the price elasticity

Assignment Help Business Economics
Reference no: EM131626425

A local market for claybricks has weekly demand described by P=1.55-.008q and supply described by P=.32+.0012q calculate the equilibrium price.

In response to a prce decrease from 27 to 22 sales qty increases 13200 to 14800 calcuatente absolute value of the price elasticity of demand.

In response to a price increase from 3.75 to 3.99 sales qty decreases 125 to 112. calcualte the aboslute value of th price elastictiy of demand.

Reference no: EM131626425

Questions Cloud

What is the effective tax rate : What is the correctly calculated corporate income tax for the company? What is the effective (average) tax rate?
How much will you owe in taxes to the british government : You are a British investor who bought 500 shares of Acumen Conservative Portfolio fund a year ago for £94.50 (Pound sterling). During the year, you received £3.
What is true about demand : If as price decreases by 8 percent, total revenue increases by 5 percent, what is true about demand?
The media segment the therapeutic alliance : Select an essential characteristic that you believe will be an area of strength for you and one that you believe will be a challenge.
Absolute value of the price elasticity : In response to a prce decrease from 27 to 22 sales qty increases 13200 to 14800 calcuatente absolute value of the price elasticity of demand.
Entity-relationship diagram for the banking database : MN405 - develop skills in managing data in databases and to gain understanding of data model development and implementation
Terms of trade and comparative advantages : Describe in a one to two paragraph short essay the terms of trade and comparative advantages discussed in 1 Kings 5.
Explain each precaution using a specific example : What is meant by the term 'stagflation'? What happens if stagflation occurs within the economy in terms of consumer spending and consumer confidence?
Would taxes be important consideration in investment advice : The Reverend Mark Thomas is the minister of a church in the San Diego area. He is married, has one young child, and earns a "modest income."

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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