Post a New Question

econmics

posted by .

Suppose the price of widgets rises from $7 to $9 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. economics

    Willy’s widgets, a monopoly, faces the following demand schedule (sales of widgets per month): Price
  2. ECONOMICS

    Willy’s widgets, a monopoly, faces the following demand schedule (sales of widgets per month): Price
  3. Econ

    The demand for widgets (QX) is given by the following equation: QX = 425-PX¡V1.5PW¡V1.25PG+0.8PY+0.1 M where QX= number of units of widgets sold per week PX = the price of widgets = 400 PW = the price of woozles = 50 PG = the price …
  4. Econ MC

    Suppose that the equilibrium price in the market for widgets is $5. If a law reduced the maximum legal price for widgets to $4, a. consumer surplus would necessarily increase even if the lower price resulted in a shortage of widgets. …
  5. Economics

    Suppose that the equilibrium quantity in the market for widgets has been 200 per month. Then a tax of $5 per widget is imposed on widgets. The price paid by buyers increases by $2 and the after-tax price received by sellers falls by …
  6. economics

    Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of …
  7. microeconomics

    1. Suppose that an increase in the price of carrots from $1.20 to $1.40 per pound raises the amount of carrots that carrot farmers produce from 1.2 million pounds to 1.6 million pounds. Using the midpoint method, what would be the …
  8. Math

    Mr. Jones makes 3% commission on his sales of widgets. At a different company, Mr. Smith makes 5% commission selling the same widgets at the same price. Mr. Smith sold 500 fewer widgets than Mr. Jones, and they both earned the same …
  9. Math

    Mr. Jones makes 3% commission on his sales of widgets. At a different company, Mr. Smith makes 5% commission selling the same widgets at the same price. Mr. Smith sold 500 fewer widgets than Mr. Jones, and they both earned the same …
  10. Math

    Mr. Jones makes 3% commission on his sales of widgets. At a different company, Mr. Smith makes 5% commission selling the same widgets at the same price. Mr. Smith sold 500 fewer widgets than Mr. Jones, and they both earned the same …

More Similar Questions

Post a New Question