Compute the price elasticity of demand

Assignment Help Macroeconomics
Reference no: EM13197433

Suppose that as the price of Y falls from $3.00 to $1.00 the quantity of Y demanded increases from 10 to 18.

Compute the price elasticity of demand. Is the demand elastic or inelastic?

Reference no: EM13197433

Questions Cloud

Estimate the relative error in the calculated surface area : Estimate the relative error in the calculated surface area.
Difference of wacc based on market value : What is the difference of WACC based on market value weights and book weights - Please show formulas.A balance sheet shows a total of noncallable $45 million.
What is the marginal cost per bicycle : What is the marginal cost per bicycle?
What is a 95 percent confidence interval for the mean : Five years ago, an automobile manufacturer started offering an extended warranty to buyers of its sport-utility vehicle. The extended warranty covered defects occurring after the initial three-year warranty expired.
Compute the price elasticity of demand : Suppose that as the price of Y falls from $3.00 to $1.00 the quantity of Y demanded increases from 10 to 18.Compute the price elasticity of demand.
How much money did metropolitan raise : How much money did Metropolitan raise and how much money did the venture capitalists receive?
Write a statement about the confidence level : It randomly samples 100 of its alumni. The mean annual income was $59,000 with a standard deviation of $1,600. Find a 95% confidence interval for the true mean annual income of the nursing school alumni. Write a statement about the confidence leve..
Is supply cahin management for real or is just another fad : 1-is supply cahin management for real or it is just another fad does the answer to this question depend on how company pursues SCM2-what efforts would you make to assure that managers at Med-Tec didnt treat SCM as just another flavour of the month..
How many top three outcomes are there : The "Top Three" at a racetrack consists of picking the correct order of the first three horses in a race. If there are 10 horses in a particular race, how many "Top Three" outcomes are there?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Macroeconomic study questions

Assume that the market labor supply and labor demand equations are given through Qs = 5W and Qd = 30 - 5W. If a minimum wage is set at $4.00 (W = 4),

  Determination of whether goods are intermediate or final

The following outputs considered an intermediate good, a final good, or neither for purposes of calculating GDP in the current year.

  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.

  Is scenario a macroeconomic or microeconomic supply

Explain the changes in the supply and demand creating a supply and demand curve based on the above information. In this graph, be sure to demonstrate how these changes affected the price and quantity levels of supply and demand. Based on this anal..

  Characteristics of pure monopoly & monopolistic competition

List the basic characteristics of pure monopoly, monopolistic and oligopoly competition. Under which of these market classifications does each of following most accurately fit?

  Find the steady state value

In both countries, g=0.02 and δ=0.04. Find the steady state value of y for each country.

  Explain how do markets determine the payments

Explain how do markets determine the payments to the various factors of production. How do markets determine the distribution of income.

  Buy or sell the commodity depending on its cost

This customer can buy or sell the commodity depending on its cost.

  Case study - Grand Wines

At least one-day is lost in supplying customers with products because of the delays in getting orders into the system.

  Does diversification eliminate consumption risk

Consider a world of two countries; Highland (H) and Lowland (L). Each country has an average output of 9 and desires to smooth consumption. All income takes the form of capital income and is fully consumed each period. There are two states of the ..

  Describe how exchange rates supply and demand

Describe how exchange rates are determined using supply and demand. What is the date and source of your exchange rates.

  Determine the four stages of business cycle

Determine the four stages of the Business Cycle and compare and Contrast five internal and external Business Cycle theories.

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