Change observed for the price of a large pizza

Assignment Help Business Economics
Reference no: EM132319607

The price of a large pizza decreased from $14.00 to $10.00. As a result, the quantity demanded of skateboards increased from 240.00 to 260.00.

  1. Using the midpoint formula, what is the percentage change observed for the price of a large pizza? Give your answer to two decimal places.
  2. Using the midpoint formula, what is the percentage change observed for the quantity demanded of skateboards? Give your answer to two decimal places.
  3. What is the cross-price elasticity of demand between pizzas and skateboards? Give your answer to two decimal places.

Reference no: EM132319607

Questions Cloud

Explain the economic growth and its drivers : Explain the economic growth and its drivers; further provide tangible examples/drivers on how growth can be stimulated using relevant models.
Sustaining technology and disruptive technology : Part 1: What is the difference between sustaining technology and disruptive technology?
Characteristics-consumer surplus-producer surplus : Public goods, merit goods, publicly provided goods, their characteristics, consumer surplus, producer surplus. using diagram
Positive statements and normative statements in economics : 1. In a paragraph, distinguish between positive statements and normative statements in economics.
Change observed for the price of a large pizza : Using the midpoint formula, what is the percentage change observed for the price of a large pizza? Give your answer to two decimal places.
Effort to empower employees : Employers are making more of an effort to empower their employees than was the case 20 years ago?
Please provide an explanation of the conditions : Please provide an explanation of the conditions, requirements, and factors that organizations need to consider when selecting the computer software, hardware
Zero economic profit : How would an economist evaluate a "zero economic profit" situation when compared with alternative "next best" options that might have
What ways is a monopolistic competitor : In what ways is a monopolistic competitor like (i) a monopoly and (ii) a perfect competitor?

Reviews

Write a Review

Business Economics Questions & Answers

  Explain why the mixed strategy is logical nash equilibrium

Explain why the mixed strategy is a logical Nash equilibrium, even though intuitively it seems like the worst thing that two friends could do. Explain what a best-response function is.

  Perfect competition model according to kirzner

What is the problem with the perfect competition model according to Kirzner? Why is this relevant for discussing regulation of the economy?

  Plummeting home prices generated a substantial reduction

Between early 2008 and the beginning of 2009, a gradual stock-market downturn and plummeting home prices generated a substantial reduction in U.S. household wealth that induced most U.S. residents to reduce their planned real spending at any given pr..

  Are competitive pressures present in markets

the incentive of entrepreneurs to develop substitutes for the product supplied by the firms? Are competitive pressures present in markets with high barriers to entry? Discuss

  Calculate the number of tires

Assuming that average income of the target group of customers will not change, calculate the number of tires that the tire manufacturers.

  The-controversy notion of trickle-down economics

Some defenders of the current level of inequality claim that although it’s not inevitable, doing anything about it would be just too costly. They believe that for capitalism to work its wonders, high inequality is an inevitable, even necessary featur..

  Why are farmers paid so little

Why are farmers paid so little? The price of agricultural goods like chickens and coffee has been falling for decades and the share going to farmers has also

  Two-factor model is appropriate to determine return on stock

A researcher has determined that a two-factor model is appropriate to determine the return on a stock. The factors are the percentage change in GNP and an interest rate. GNP is expected to grow by 4.5 percent, and the interest rate is expected to be ..

  Find the monopolists profit maximizing price

A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/10,000, making the marginal revenue MR=1.70-Q/5,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. Variable cost is 0.80Q..

  Identify all nash equilibrium for the road trip game

Consider a group of 10 friends who are considering going on a road trip (is that still a thing you kids do these days, or do you just sit around and look computers?). In determining whether or not to go, each friend considers both how much they would..

  Detect a visual target presented on a screen

You design a task that measures response time to detect a visual target presented on a screen for 500 ms.

  Changing the number of separated from and finding employment

By what policies could frictional unemployment be reduced considering the variables involved in changing the number of separated from and finding employment?

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