User Account

All Pages

What would be the percentage change in apple unit sales

Assignment Help Microeconomics
Reference no: EM131774545

Question: A recent study has determined the following elasticities for apples. Use this elasticity information to answer the questions below.

Price elasticity of demand for apples is -2.5

Cross price elasticity of demand between apples and pears is 1.5I

ncome elasticity of demand for apples is 3.

a. What would be the percentage change in apple unit sales if the price of applesdecreased by 10%?

b. What would be the percentage change in apple unit sales if the price of pears increasedby 5%?

c. What would be the percentage change in apple unit sales if income fell by 5%?

Reference no: EM131774545

Questions Cloud

Find the costs of holding inventory : In reality, it can be difficult to find the costs of holding inventory. Why is this so? How can these difficulties be overcome?
Processes and process types : Group, important to the concepts we are studying this week is processes and process types. One particular business process is called value-added.
Determine the operating income : Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)
Compute the amount of capital loss carry forward : Compute the amount of capital loss carry forward, if any, and indicate the years to which the loss may be carried
What would be the percentage change in apple unit sales : A recent study has determined the following elasticities for apples. Use this elasticity information to answer the questions below.
What are the total product costs : Jasper Corporation incurred the following costs in April: Salespersons' salaries $40,000 Factory maintenance worker $20,000 Factory insurance $12,000
Electronic whiteboard at the nursing station on their unit : Nursing staff asks you to help them determine what information can be posted on an electronic whiteboard at the nursing station on their unit.
Minimize the annual costs on holding and ordering : How many pounds of the special sausage should Gold order each time to minimize the annual costs on holding and ordering?
Pertain to diversity in organizations : pertain to diversity in organizations?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd