Demand for envelopes elastic or inelastic

Assignment Help Business Economics
Reference no: EM13895995

Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's elasticity of demand, using the midpoint formula? For higher revenue, would you recommend higher or lower price to the seller?

Reference no: EM13895995

Questions Cloud

Monetary policy actions affect usbusinesses-households : During the 2008 financial crisis and the subsequent recession, how did major U.S. banks respond to the actions of the Federal Reserve? How did those monetary policy actions affect U.S. businesses and households? 3. How were the actions of the Federal..
What price the total quantity demanded by the two consumers : Suppose consumer 1 has the demand function given by D1(p) = 15−p and consumer 2 has the demand function given by D2(p) = (20 − p)/3. At what price the total quantity demanded by the two consumers is 7?
What is the annual equivalent cost for the truck : The initial cost of a pickup truck is $10323 and will have a salvage value of $3850 after five years. Maintenance is estimated to be a uniform gradient amount of $160 per year, with zero dollar for first year maintenance. The operation cost is estima..
Power comes with concentration of political power : One reason for Anti-Trust laws is that economic concentration of power (Monopoly or oligopoly) comes with concentration of political power.
Demand for envelopes elastic or inelastic : Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's el..
What is transnational leadership : What is transformational leadership? Why is it so important?
Find the cournot equilibrium : Market demand is given by P = 140 -Q. There are two firms, each with unit costs = $20. Firms can choose any quantity. Find the Cournot equilibrium and compare it to the monopoly outcome and to the perfectly competitive outcome. Why aren't the latter ..
How do the gods and goddesses described in the myths : In general, how do the gods and goddesses described in the myths resemble human men and women?

Reviews

Write a Review

Business Economics Questions & Answers

  View of responsibility for unemployment

Explain the relationship between one's beliefs about whether the minimum jobs program presented in the chapter actually solves the unemployment problem and one's normative view of responsibility for unemployment.

  Consider an individual who faces a gamble over two outcomes

Consider an individual who faces a gamble over two outcomes, In the first outcome he maintains the wealth of w1, and in the second outcome he faces a loss of wealth and is left with a final amount of w2.

  Huge government budget deficit may result in trade deficit

Twin deficits occurred in the 1980s reveal that huge government budget deficit may result in trade deficit. However, by the late 1990s, the federal budget deficit had moved into surplus, but the current account deficit widened. Can you explain the ca..

  Describe economics and the economic perspective

Describe economics and Describe the economic perspective, including definitions of scarcity, opportunity cost, purposeful behavior.

  Who were the stakeholders primary also secondary most

Who were the stakeholders primary also secondary most affected by Google's original decision to self-censor in China.

  Rational self-interest play in economic analysis

What role does rational self-interest play in economic analysis?

  Q1 how would keynesian solve a recessionary gap using

q1. how would keynesian solve a recessionary gap using personal tax rates increase or decrease government spending

  What is the p value and you conclusion at an alpha level

A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive office was at least nine years. A survey of companies reported in the Wall Street Journal found a sample mean tenure time of 7.27 years with a standard de..

  Elucidate in terms of both utility and demand theories

Explain why do people routinely stuff themselves at â. all-you-can-eat-buffetsâ. Elucidate in terms of both utility and demand theories.

  Result government increases border patrols to catch illegal

As result government increases border patrols to catch illegal shipments. U.S. Customs agents perform DNA testing on the caviar to conclude

  Write main functions to test and debug function

Write main() functions to test and debug each function, using gets() and puts() for string input and output as follows: To demonstrate strlen(), input your first name using gets() and use printf to print the string followed by the number of character..

  Identify the major participants in the financial system

Analyze the USA financial meltdown that happened in 2008-2009. This crisis was partially caused by the reward systems that were in place for participants in the financial system. Identify the major participants in the financial system.

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