Demand for this good elastic-inelastic-unitary elastic

Assignment Help Business Economics
Reference no: EM131004621

Suppose that you increase production from 100 to 101 units of a good. After doing so, your TR remains unchanged. Is the price elasticity of demand for this good elastic, inelastic, unitary elastic?

Reference no: EM131004621

Questions Cloud

Ceteris paribus is latin-example of ordinal measure : Ceteris Paribus is latin for. An example of ordinal measure would be. Which slope(s) may a supply curve not have? The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example of what theory?
Countries that choose to pursue a fixed exchange rate : Countries that choose to pursue a fixed exchange rate have less or more flexibility to pursue monetary policies in line with domestic goals. A decrease in U.S. exports to Mexico will cause the supply of pesos in the foreign exchange market to increas..
Write the equation for the demand curve : The weekly demand and supply functions for seats on flights between Syracuse and Boston have been estimated as follows: Qd = 1600 - 2.5 Price + .040 Income - 4 Weather + 1.20 Pa ( where Pa is the price of alternative means of travel ) Qs = -50 + 4.25..
Reduce the quantity transacted on the market by two units : The demand for a product is given by P = 350 − 2Q and the supply is P = 30 + 4Q. What is the increase in the tax rate needed to reduce the quantity transacted on the market by two units? How about if we want to reduce quantity by 5 units?
Demand for this good elastic-inelastic-unitary elastic : Suppose that you increase production from 100 to 101 units of a good. After doing so, your TR remains unchanged. Is the price elasticity of demand for this good elastic, inelastic, unitary elastic?
About transfer of producer surplus or about deadweight loss : Many people wish to live in the beautiful town of Beachfront by the sea, but they don’t like the rents. In its current market equilibrium, Beachfront has 20,000 rental apartments at an equilibrium price of $3,000 per month. If you were renting an apa..
Consumer surplus and producer surplus before the price floor : The table below shows information on demand and supply for boxes of 1 dozen water glasses. The lobbyists for the water glass producers persuade the government to establish a price floor of $48 per box. Sketch a diagram of the market for water glasses..
The demand curve for product : The demand curve for product X is given by QD x = 220 − PX + 3PY + 0.001I where PY is the price of a related good Y, and I is income. The supply curve for good X is given by QS X = 10 + 3PX. What is the marginal effect of an increase in PY on the equ..
Shift the supply for tea : Which of the following will NOT shift the supply for tea?

Reviews

Write a Review

Business Economics Questions & Answers

  About a lingering recession

In 1992, thirst Bush administration was worried about a lingering recession. The administration announced that households would receive a reduction in their taxes for the year 1992. However, this was not accompanied by a reduction in tax rates, and t..

  What is the equilibrium output and price level

What is the equilibrium output and price level? If aggregate demand shifts right, what is equilibrium output? If aggregate demand shifts left, what is equilibrium output?

  Testing new restoration and maintenance resurfacing project

The DOT is testing a new restoration & maintenance resurfacing project. The annual cost of the new equipment is $120,000/year and material cost is $4/mile. Alternatively, the traditional process requires equipment that cost $150,000 today with a 15 y..

  Draw and carefully explain how consumer surplus

Draw the domestic market for airplanes. Show the effect of the economy opening up to trade, with the world price below the equilibrium price in autarky. Draw and carefully explain how consumer surplus, producer surplus and total surplus are affected ..

  What is the maximum amount of good

Suppose that the price of good X is $10, the price of good Y is $20, and our income is $100. a. What is the maximum amount of good X you can buy? What about good Y? b. Write down your budget constraint and solve it for Y. c. Sketch a graph of your bu..

  Information technology was primarily concerned

In the 1970s, information technology was primarily concerned with _______, while today information technology is the focus.

  Demand schedule-demand curve-supply schedule

Explain the following concepts: demand schedule, demand curve, supply schedule, supply curve. Then, list the determinants of demand and explain how a change in each determinant affects the demand curve. Do the same for the supply.

  Limitations of the theoretical framework

Summarize in words the predictions and limitations of the theoretical framework developed for the first exam: that is the predictions for the effect of capital accumulation.

  Give an example from your workplace or personal experience

Give an example from your workplace or personal experience of the law of diminishing marginal productivity. How might managers use the concept of diminishing marginal productivity to improve efficiency?

  Velocity of circulation of a monetary aggregate

Why would you expect the velocity of circulation of a monetary aggregate such as M1 or M2 to rise during periods of high interest rates and to decline during periods of low interest rates?

  Explain how price supply and demand are equal

Using graphing function on TI-83/84 Explain how price supply and demand are equal. At this price, explain how many tickets will be supplied and sold.

  Would you recommend they hire another employee

Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?

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