What is the point price elasticity of demand in value terms

Reference no: EM13238569

The demand for widgets is found to be Q=100-11P +0.5Y, where P is the price of widgets in dollars, Y is average income in thousands and Q is the quantity of widgets in thousands. Say that P=7 and Y=50. What is the point price elasticity of demand in absolute value terms?

Reference no: EM13238569

Questions Cloud

What is the interest rate you would pay by financing : laboratory equipment sells for $75,000. The manufacturer offices financing at 8% with annual payments for the 4 years for the $50,000 of the cost. The salesman is willing to cut the price by 10% if you pay cash.

Does a movie or book have a higher fixed cost of production : Frequent moviegoers often note that movies are rarely based on original ideas. Most of them are based on a television series, a video game, or, most commonly, a book. Why a. Does a movie or a book have a higher fixed cost of production

What is the point price elasticity of demand in value terms : The demand for widgets is found to be Q=100-11P +0.5Y, where P is the price of widgets in dollars, Y is average income in thousands and Q is the quantity of widgets in thousands. Say that P=7 and Y=50.

What is the minimum coefficient of static friction : A block of mass m1 = 0.57kg is placed on top of another block of mass m2 =0.97kg, What minimum coefficient of static friction between the two blocks will prevent the upper one from slipping

Find what prices should firm charge to the two members : A private golf club has two types of members. Serious golfers each have a demand curve Q = 350 - P, where Q represents the number of rounds played per year and P is price per round. Causal golfers have the demand curve Q = 100 - 10P.

Find the blocks acceleration : A wooden block with mass 0.33kg rests on a horizontal table, connected to a string that hangs vertically over a friction-less pulley on the table's edge, Find the block's acceleration if k =0.18.

How much per unit discount should the store make : Assume that the marginal cost to grocery of selling a bottle of salad dressing to customers who use coupons versus those who don't is identical and equal to $1.50. If the elasticity of demand for coupon users is 5 versus 1.25

Explain temperature of the water after the ice has melted : what is the change in temperature of the water after the ice has completely melted? The enthalpy of fusion of water is 6.02 kJ/mol, and the specific heat capacity of the liquid is 4.184 J/g/K. Assume that the amount of extra water produced by the ..

User Account

All Pages