User Account

All Pages

Elastic with respect to its own cost and whether good

Assignment Help Macroeconomics
Reference no: EM1327866

Price Elasticity of Demand explained in this answer

The demand function for Good X is defined as Qx = 75 - 2Px - 1.5Py, where Py is the price of Good Y. Calculate the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.

Please show all work and explain answer.

Reference no: EM1327866

Questions Cloud

Suggest a strategy pepsico to close the gap in this market : Suggest a strategy that may enable PepsiCo to close the gap in this market.
How to use a sorting algorithm : Prompt the user for name and age of a group of people. The group's size is unknown at first , so the program must keep asking the user if they want to enter more data.
Explaining the employment regulation and agency : Discuss what direction you believe this type of law will take in the next 20 years, and how businesses can prepare best to deal with that trend.
Important information of present value and future value : You're scheduled to receive $20,000 in two years. When you receive it, you will spend it for six more years at 8.4% per year. How much will you have in eight years?
Elastic with respect to its own cost and whether good : Elastic with respect to its own cost and whether Good Y is a substitute or a complement with respect to Good X.
Does case or object-oriented design techniques used : consider the alternatives that were considered during the design stage of the project. What were the considerations in choosing the best alternative strategy.
How does the use of contractors increase the complexity : Why and how does the use of contractors increase the complexity of an IT project and Important information about IT
Explain if you ran an ebusiness : Explain If you ran an eBusiness and what would your biggest security nightmare be
Define the strategic plan for your mcdonald''s : Define the strategic plan for your McDonald's

Reviews

Write a Review

Macroeconomics Questions & Answers

  Inflation targeting be a good policy

Why might it be difficult for the Fed to formally adopt inflation targeting?  Would inflation targeting be a good policy for the Fed in the present economic environment

  In using the taylor rule

In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?

  Describe the present economic crisis situation in europe

Describe the present economic crisis situation in Europe.  Why has it been so difficult for the Europeans to find a solution to this problem?   Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..

  Long-term federal government budget problems

Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.

  Derive and compare demand curve

Question based on Derive and compare demand curve,  Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?

  Problem based on utility function

Problem based on  Utility Function - Problem,  Answer and explain the following using a diagram which is completely labeled.

  Laffer curve : tax rate and tax revenue

Question based on Laffer Curve : Tax Rate and Tax Revenue,  Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change?

  Problem - income elasticity of demand

Problem - Income Elasticity of Demand,  Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5

  Positive balance of payment

Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."

  Effect of recession on the investment curve

Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.

  Affect of falling domestic investment on trade surplus and

How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.

  Crises in the banking sector and bank run

Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd