I am to do research on an industry and answer the question is price elasticity of demand considered elastic or inelastic? Are there substitutes available? Is the good a luxury or a necessity? Explain. o What is the price elasticity
97,429 results
Calculus
The consumer demand equation for tissues is given by q = (97 − p)2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $26. (Round your answer to three

econ 1150
Using the data under D1 and D2, calculate the cross elasticity of Lorena’s demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand.) Instructions: Round your answer to two decimal places. If you

economics
Identify three goods each for which your demand is (a) elastic or (b) inelastic. What accounts for the differences in elasticity? Thank you for using the Jiskha Homework Help Forum. Let me help by explaining the difference between elastic and inelastic

Economics
I think I get this but could use some guidance to make sure, I am having problems with 2e). 1)In an article about the financial problems of USA Today, Newsweek, reported that the paper was losing about $20 million a year. A Wall Street analyst said that

Economics: Price Elasticity
Please check my answers whether they are correct or not. If not, please help me why they are wrong. Thank you. Question 1: Point: A (300, 1000) Point B: (200, 1200) According to the midpoint method, the price elasticity of demand for hot dogs between point

economics
suppose the demand curve for a product is given by Q=102P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00. a)suppose P=$1.00, what is the price elasticity of demand?what is the

economics
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $4 and the government wants to reduce smoking by 20 per cent, by how much should it increase the price? Show your calculations. (b) If

Economics 201
Determine the price elasticity of demand for a microwave that experienced a 20% drop in price and a 50% increase in weekly demand quantity. I know I have to use the price elasticity of demand formula, but I keep getting the wrong answer. Can someone please

Math  Limits/Derivatives
If a pricedemand equation is solved for p, then price is expressed as p = g(x) and x becomes the independent variable. In this case, it can be shown that the elasticity of demand is given by E(x) =  [g(x) / xg'(x)]. Use the given pricedemand equation to

Economics
We're looking at the market for cat food. When the price is $10, the quantity sold is 1000 bags. When the price drops 10%, the quantity sold increases 30%. Calculate the price elasticity of demand. (Answer in format X.XX, round to the nearest hundredth.) I

Microeconomics
Consider public policy aimed at smoking a.) Studies indicate that the price elasticity of demand for cigarettes currently costs $2 and the government wants to reduce smoking by 20%, by how much should it increase the price? b.) If the government

MicroeconomicsAlgebra Calculation
Consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes in about 0.4. If a pack of cirarettes currently costs $2 and the government wants to reduce smoking by 20 percent, by how much should the govenment

Managerial Economic
Mr. Smith has the following demand equation for a certain product: Q = 30  2P. a. At price of $7, what is point elasticity? b. Between prices of 5$ and 6$, what is the arc elasticity? c. If the market is mark up of 100 individuals with demand curve

Economics
The price elasticity of demand for senior citizens purchasing coffee from McDonald's is 5 while non senior citizens have a price elasticity of demand equal to 1.25. If is cost McDonald's $0.02 to produce a coffee, the optimal price for a cup of coffee

microeconomics
For each of the following scenarios, decide whether you agree or disagree and explain your answer. a. If the elasticity of demand for cocaine is −.2 and the Drug Enforcement Administration succeeds in reducing supply substantially, causing the street

Economics
Here is a question that my professor posted... "Assume the price elasticity of demand for U.S. Frisbee. frisbees is 0.6. If the company increases the price of each frisbee from $6 to $8, the number of frisbees sold will:" The answer is: Decrease by 17.1

managerial economics
4. The equation for a demand curve has been estimated to be Q = 100 – 10P + 0.5Y where Q is quantity, P is price, and Y is income. Assume that P = 7 and Y = 50. a. Interpret the equation. b. What is price elasticity at P = 7 and arc elasticity at the

Math
The demand equation for a product is: q=60/p + ln(65p^3) A) Determine the point of elasticity of demand when p=4, and classify the demand as elastic, inelastic, or of unit elasticity at this price level. B) If the price is lowered by 2% (from $4.00 to

Ecconomics
Price elasticity of demand.Tell whether is elastic,perfectly inelastic,perfectly elastic, inelastic,or unit elastic. And what would happen to total revenue if a firm raised its price in each elasticity range identified.a.Ed=2.5 b.Ed=1.0 c.Ed=~ D. Ed=0.8

Economics help
What is the shortrun effect on the exchange rate of an increase in domestic real GNP, given expectations about future exchange rates? Imagine that the central bank of an economy with unemployment doubles its money supply. In the long run, full employment

microeconomics
Question 8 of 20 5.0/ 5.0 Points Suppose that the percentage change in demand is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand? A. 0 B. 1 C. 2 D. 3

HELP i dont get it
The producer of X is contemplating a price change and has asked for your advice. After some empirical investigation, you conclude that the price elasticity of demand for X is 0.75. Your advice to the producer is to Increase price to raise total revenue.

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 widgets? Is it Elastic,

Economics
3. Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is 3.0. a. Is the charging the optimal price for the product? Demonstrate how you know.

Managerial Economics
Please help with this question: A researched estimated that the price elasticity of demand for automobiles in the U.S. is 1.2, while the income elasticity if demand is 3.0. Next year, U.S. auto makes intend to increase the avg price of autos by 5%, and

Economics
Can someone look at the answer for these? After paying an economist to estimate the price elasticity of demand for socks, sock manufacturers, expecting to increase revenues, decide to reduce the price of socks. The estimate of demand elasticity could have

Economics
You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan. Industry A has 20 firms and a Concentration Ratio (CR) of 20% * What is the name for this type of

economics
4. Consider public policy aimed at smoking. a. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $2 and the government wants to reduce smoking by 20 percent, by how much should it

economics
If the demand for a good has unitary elasticity, or elasticity is −1, it is always true that an increase in its price will lead to more revenues for sellers taken as a whole.

Economics
Suppose a manager is interested in implementing thirddegree price discrimination. The manager knows that the price elasticity of demand for Group 1 is 2 and the price elasticity of demand for Group 2 is 1.2. Based on this information alone we can

english!
Write a short analysis of the use of researching in your future industry – how do they gather or use research ie: types of projects, proposals, etc… can u explain this question to me plz. are they asking me to write a paragraph explaing how do they do

Managerial Economics/Math
This is an MBAlevel Managerial Economics Course. I'm working on some HW and just want to doublecheck my answers. 1. Jimbo's is a new company producing exploding cigars. Jimbo's company has the following demand curve for the cigars: P = 10  2Q Jimbo is

economics
I am writing a paper on the technology industry. Can anyone guide me to some good sites to find information on the following: 1.shifts and price elasticity of supply and demand 2.positive and negative externalities 3.wage inequality 4.monetary and fiscal

Economics  Cournot Model
There is one firm with a marginal cost of 0. It's monopoly price is 10. Another firm enters, also with zero marginal cost. Using the Cournot model, would would the new oligopoly price be? Can this question be answered without more information about the

Microecon
If you are given this function: P=100040Q where P=price and Q=sales..... How do you get the price elasticity of demand at a price that is $500? At what price, if any is the price elasticity of demand equal to one?

Economics
The pricing of pharmaceutical products can be controversial. A recent example is EpiPen produced by Mylan which is used to treat anaphylaxis. The retail price of an EpiPen is $300, while industry sources estimate that it costs around $30 to produce each

Home Economics
The pricing of pharmaceutical products can be controversial. A recent example is EpiPen produced by Mylan which is used to treat anaphylaxis. The retail price of an EpiPen is $300, while industry sources estimate that it costs around $30 to produce each

Economics
The pricing of pharmaceutical products can be controversial. A recent example is EpiPen produced by Mylan which is used to treat anaphylaxis. The retail price of an EpiPen is $300, while industry sources estimate that it costs around $30 to produce each

Managerial ECON
Suppose that during a given year: (1) the price of TV sets increases by 4% in Japan, (2) the dollar depreciates by 5% with respect to the yen, (3) the consumers’ incomes in the U.S. increase by 3%, (4) the price of elasticity of demand for imported TV

Ecoomics
commodity Price Elasticity of demand  Potatoes 0.3 If I know there is a fall in the price of potatoes how do i predict the corresponding direction of change in total spending? Total spending on potatoes is P*Q. Elasticity is (%change in

business
Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of

Statistics
A classic application of instrumental variables regression is estimating the elasticity of demand for a product. In our case, the product of interest is cigaretts. In economics, the elasticity of demand is the ratio of the percentage change in quantity

Managerial Economics/Math
This is an MBAlevel Managerial Economics course. I am working on a homework assignment and have a couple problems that I don't really know how to get started. Here is the first: Altmann, Inc. is a U.S. manufacturer of edible econimics texts. The firm has

ECON
. Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated form these figures? That is, could other things have

Managerial Economics
The coefficient of the price of gasoline in the regression of the quantity demanded of automobiles (in millions of units) on the price of gasoline (in dollars) and other variables is 14. (a) calculate the cross price elasticity of demand between

survey of economics
College Enrollment and Apartment Prices. Consider a college town where the initial equilibrium price of apartments is $400 and the initial equilibrium quantity is 1,000 apartments. The price elasticity of demand for apartments is 1.0 and the

Economics
Assume the demand for beef is given by Qd = 22 + 0.1 Y – 10Pb + 5 Pc And the supply of beef is given by: Qs = 400 + 500Pb – 200 Pf where Qd denotes quantity of beef demanded, Qs denotes quantity supplied, Pb denotes price, of beef, Y denotes per

eco205
I am to do research on an industry and answer the question is price elasticity of demand considered elastic or inelastic? Are there substitutes available? Is the good a luxury or a necessity? Explain. o What is the price elasticity of supply for your

eco 205
This is the assignment I chose Casino's Find at least two sources to help you answer the following questions about the industry you chose. o For what purpose were these sources created? o Who is the intended audience for these sources? What factors helped

Economics
1.calculate the price elasticity of demand when the price was increased from R25 to R40 ? (10) 2.is a price increase the correct decision to raise revenue?substantiate your answer using the price elasticity of demand and income elasticity of demand

economic
Suppose that your firm was accused of illegally conspiring with other sellers to act as a monopolist. In searching for an expert witness, you discover one economist who has calculate the cross elasticity of demand for your industry's product to be+2.05,

Economics
You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan. Industry A has 20 firms and a Concentration Ratio (CR) of 20% * What is the name for this type of

Macroeconomics
You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan. Industry A has 20 firms and a Concentration Ratio (CR) of 20% * What is the name for this type of

Macroeconomics
I need help with my assignment. You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan. Industry A has 20 firms and a Concentration Ratio (CR) of 30%

Economics
Is price increase the correct decision to raise revenue?substainate ur answer using price elasticity of demand and income elasticity concepts

Economic Theory
What is the price elasticity of supply for your chosen industry? I chose the airline industries I am trying to find some good web sites to help me does any one have any idea Google is the place to start. Search on "elasticity", "airlines". I got plenty of

Advanced Microeconomics College Level
Information on the price elasticity of demand is particularly importatn to managerial decision making because: A) the higher the price elasticity of demand for a product is, the more profitable it will be to produce more of it. B) depending on the

microeconomics
Ok, if anyone is able to help me within the next 12 hours or so, that would be wonderful! I think I am going about this problem correctly  I am not looking for someone to solve this problem for me, but for someone to tell me if I am doing it right... You

managerial economics
Explain the relationship between product X, product Y and product Z or the properties of each according to the following statements a. Cross price elasticity between X and Y is 4 b. Cross price elasticity between X and Y is 12 c. Cross price elasticity

Economyst
Posted by economyst on Wednesday, November 26, 2008 at 8:46am in response to Economics. Do a little research, then take a shot. What do you think? My thinking is 40% CR, and smaller frims would thrive, due to less overhead. What is you take ? What is the

economics
What are the shifts and price elasticity of supply and demand of American Auto Industry.

Economics
Hi, The demand for inflatable garden gnomes is given by P = 300 – 2Q, while the supply of is P= 100 + Q/2. How many garden gnomes are traded in equilibrium? I found the answer to be Q = 80. The related question was the one I had difficulty with: Suppose

Managerial Economic
The equation for a demand curve has been estimate to be Q = 100  10P + 0.5Y, where Q is quantity, P is price, and Y is income. Assume that p = 7 Y = 50. a. Interpret the equation b.At a price of 7, what is price elasticity? c. At an income level of 50,

economics(micro)
hi ppl ! i have an assinment im stuck on, this particular question i cant do so if anyone can help plzzz do Q: in response to increasing thefts by drug addicts, the government passes legislation increasing both the penalty and probability of punishment for

brief calculus
I have everything right but the last question asking how many cases per week The consumer demand equation for tissues is given by q = (97 − p)^2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price

calc
I have everything right but the last question asking how many cases per week The consumer demand equation for tissues is given by q = (97 − p)2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price

economics
Write a 1,750 to 2,450word paper in APA format that provides an economic profile of the airline industry. I need to discussShifts and price elasticity of supply and demand o Positive and negative externalities o Wage inequality o Monetary and fiscal

Economics
d. Use the midpoint method to calculate the price elasticity of demand from $25 to $30. Explain whether demand is price elastic or price inelastic and interpret the value of this elasticity. (4 marks)

Managerial Economics/Math
I wanted to post this as a new question to make sure you saw it. Thanks! :) Posted by klynn on Wednesday, October 3, 2007 at 11:29am. This is an MBAlevel Managerial Economics Course. I'm working on some HW and just want to doublecheck my answers. 1.

economics
Best Answer  Chosen by Voters Simply put, the higher the CR the more monopolistic an industry is (or in this case oligopolistic). The 4 firm concentration ratio is usually the standard measure of this. In the example w/ 30% CR you can assume there are

ECON Firm
Suppose you have an industry with 20 firms and the CR is 30%. How would you describe this industry?Suppose the demand for product rises and pushes up the price for the good. What long run adjustments would you expect following this change in demand? What

Economics
The demand function for two commodities A and B in a market are given as follows. QA=962PA3PB, QB=3025PA+0.32Y. Where PA and PB are prices of commodity A and B respectively, and Y is consumers average money income, given PA=#2, PB=#4, and Y=#1000.

Economics
Could you please check this Directions: Match each item with the correct statement. Here are the words: supply elasticity law of supply price system technology price ceiling supply inelastic supply curve shortage market supply taxes 1. principle that

Economics
How is elasticity of supply related to elasticity of demand? Is this correct? I know that the terms supply and demand refer to the behavior of people as they interact with one another in markets. Buyers determine demand and sellers determine supply. Just

Economics
The Own price elasticity of demand for good X is 2, its income elasticity is 3, its advertising elasticity is 4, and the crossprice elasticity of demand between it and good Y is 6. Determine how much the consumption of this good will change if : the

Economics
What is the computing? in terms of math Industry structure is often measured by computing the FourFirm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 20%. How would you describe this industry? Suppose the demand for the

Economics
Very confused on how to figure these out. Suppose that the following table shows the weekly visits to an amusement park as a function of the daily admission fee charged: #visits daily fee 200 $50 400 $40 600 $30 800 $20 1000 $10 What is the price

iqra
. The equation for a demand curve has been estimated to be Q = 100  10P + 0.5Y, where Q is quantity, P is price, and Y is income. Assume P = 7 and Y = 50. a. Interpret the equation. b. At a price of 7, what is price elasticity? c. At an income level of

economics
2. The equation for a demand curve has been estimated to be Q = 100  10 P + 0.5 Y, where Q is quantity, P is price, and K is income. Assume P = 7 and Y = 50. a. Interpret the equation. b. At a price of 7, what is price elasticity? c. At an income level of

college
There is a debate about whether sterile needles should be given out in cities with high drug use. Some say that doing so will decrease HIV/AIDS from sharing needles. Others believe it will encourage drug use. As an economist, you must know the following:

Economics
There is a debate about whether sterile needles should be given out in cities with high drug use. Some say that doing so will decrease HIV/AIDS from sharing needles. Others believe it will encourage drug use. As an economist, you must know the following:

Managerial Economics
This is some HW for a Managerial Econ class. I've got what I think are the answers, and I'd just like someone to read over my reasoning & check my answers. Any assistance is appreciated. Thanks! 2.) A recent study of the Madison, Wisconsin market by

History
Can't seem to find the answer to this question. In the aftermath of WWI, the largest manufacturing industry in the state of California was? a. canning industry b. auto industry c. agriculture d. petroleum e. none of the above.

Economics
The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette companies will make fixed annual payments to the government based on their historic market

Business
The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette companies will make fixed annual payments to the government based on their historic market

Economics
A market (or industry) demand curve is described by Q = 50 – 0.5 P The firm’s cost function is TC = 10 + 2 Q a. Find the profitmaximizing quantity and price. b. If the industry is regulated in a way that requires it to set P = AC, how much will be

econmics
The %increase in price= (75)/5x100= 40% The %decrease in quantity=(2515)/25 x 100= 40% Elasticity=40/40=1,unit elasticity.

Managerial Economics
I need assistance with the following question: A researcher estimated that the price elasticity of demand for automobiles in the United States is 1.2, while the income elasticity of demand is 3.0. Next year, U.S. auto makers intend to increase the average

calculus
Elasticity a) Find the elasticity of the demand function q + 2p = 5000 when p = $1000, and q = 3000. b) How would revenue be affected by a price increase?

econmics
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,

Economics
The question is, what is the for Math formula to show rather the demand of apples is Elastic, Inelastic, or Unitary Elastic Thank You Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of

Economics
My assignment is to research how wage inequality is measured and if it is present in your chosen industry. My chosen industry is Coal Mining. My question to you is if you know any sources that might be of help besides Wikipedia? My instructor does not like

economics
Movie attendance dropped 8 percent as tick prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated from these figures? That is, could other things have changed,

managerial econ
Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets. Could price elasticity be somewhat overestimated from these figures? That is, could other things have changed,

MircoEcon
Agree or disagree with this statements and explain: If the demand for a good has unitary elasticity, or elasticity is 1, it is always true that an increase in its price will lead to more revenues for sellers taken as a whole.

economics
suppose a competitive market consists of identical firms with a constant long run marginal cost of $10. Suppose the demand curve is given by q=1000p a)What are the price and quantity consumed in the long run competitive equilibrium? b)Suppose one new firm

demand & Supply
If the demand for butter rises by 4% while the price of margarine rises by 8%, then calculate the cross price elasticity of demand of butter with respect to the price of margarine? The formula for the crossprice elasticity is (%change in Qa)/(%change in

economics
Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of

Microeconomics
If the price elasticity of demand is 2, this means that a __________ increase in price causes a __________ decrease in quantity demanded. A. 15%; 100% B. 15%; 10% C. 20%; 40% D. 30%; 20% answer B 15%, 10%

economics
5. A market contains a group of identical pricetaking firms. Each firm has a marginal cost curve MC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds $20 per unit and will shut down if the