Illustrate what is the price elasticity of demand

Assignment Help Macroeconomics
Reference no: EM1329022

Step-wise answer to Price Elasticity

A problem do to study for....

Suppose the own price elasticity of market demand for retail gasoline is -0.9 and Rothschild Index is 0.6 and a typical gasoline retailer enjoys sales of $1.2 Million annually. What is the price elasticity of demand of a representative gasoline retailer's product?

 

Reference no: EM1329022

Questions Cloud

Describe the firms optimal advertising-to-sales ratio : Describe the firms optimal advertising-to-sales ratio.
Analysis on leadership : Prepare a brief analysis on Leadership. Use at least 4 external resources.
Definition of procurement and contract management : A research paper about the field of project management and how it relates to purchasing and supply management
Role of federal government : What do you think the role of the federal government should be concerning crime control within the United States?
Illustrate what is the price elasticity of demand : Illustrate what is the price elasticity of demand of a representative gasoline retailer's product.
What are lessons learned within supply chain : What are lessons learned within supply chain and What is a lesson learned in relevant supply chain model that takes into consideration new business process, what should a company NOT do
Summarize china''s profile for business : Summarize China's profile for business. Determine how international trade affects how easy it is for China to do business.
Explaination of crime control policies : Explain the goals of the president in creating crime control policies.
Do cultural factors affect waiting lines : What is the major cost trade-off that must be made in managing waiting line situations and Cultural factors affect waiting lines. For example, fast checkout lines (e.g., 10 items or fewer) are uncommon in Japan. Why do you think this is so

Reviews

Write a Review

 

Macroeconomics Questions & Answers

  Concepts of minimum wage thery and monopoly market

Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.

  Interpretation of reduction in government spending

Suppose Congress wishes to reduce the budget deficit by reducing government spending. Use the IS-LM model to illustrate graphically.

  Relationship between the outputs and the unemployment rate

When and why were the inflation and unemployment rates negatively correlated? When and why were the inflation and unemployment rates positively correlated?

  Short run cost and demand data

Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.

  Federal government would help to your organization

Illustrate what would you like to see done by the Federal government which would be of help to your organization

  Determining prices and costs

Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.

  Illustrate the potential problems of economic transition

Illustrate the potential problems of economic transition from a planned economy to a competitive free-market economy.

  Decision of a risk neutral consumer

How much will this consumer be willing to pay for the product if the firm offering the reliable product includes warranty that will protect the consumer? Explain.

  Calculation of total factor productivity growth

Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.

  If the costs of one of the goods rise by some percent

If the costs of one of the goods rise by 5 percent, Illustrate what will happen to the demand for the other product, holding constant the effects of all other factors?

  Explain how does a business describe increase or decrease

Explain how does a business describe whether to increase or decrease the price of the product it sells in order to increase revenue

  Emily makes cartoons whioch she sells to her classmates

Emily makes cartoons whioch she sells to her classmates. Her average product of labor is 5 cartoons every hour if she works for one hour, four per hour

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