What degree of elasticity does chipotle burritos exhibit, Macroeconomics

Assignment Help:

Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25.

i) What degree of elasticity does Chipotle burritos exhibit?

ii) A 1% change in the price of Chipotle burritos would do what to the quantity demanded of Chipotle burritos?

iii) What would happen if Chipotle lowered its burrito price by 2% to its sales (numeric answer)?

iv) What happens to Chipotle's total revenue if it were to lower its price by 2%?

Related Discussions:- What degree of elasticity does chipotle burritos exhibit

Determination of l in the cross model, Determination of L in the cross mode...

Determination of L in the cross model As firms will produce less than Y OPT , they require less labor than L OPT . We can determine exactly how much L they need in order to pro

Problem sets #2, I want to know price and estimate time on this assignment....

I want to know price and estimate time on this assignment.

Explain gdp, You are given the following information about an economy: ...

You are given the following information about an economy: Gross Investment = 40 Govt. purchases of goods & service =

Determine about the interest rates, Determine about the interest rates ...

Determine about the interest rates The interest rate may be fixed or floating. If it is fixed, you will pay the same percentage for the entire duration of the loan. With a floa

Explain the consumer prices index, Consumer Prices Index Two economic ...

Consumer Prices Index Two economic indices learnt at AS are the Consumer Prices Index (CPI) and the Retail Prices Index (RPI). Both are used to calculate the average price lev

Traight-line or soyd depreciation, Some equipment that costs $1000.00 has a...

Some equipment that costs $1000.00 has a 5-year depreciable life and an estimated $50 salvage value at the end of time. Determine whether to use straight-line or SOYD depreciation.

Damaging to the economy, Why do financial crises occur and why are they so ...

Why do financial crises occur and why are they so damaging to the economy?

Appropriate capacity exponent, Estimate the cost of expanding a planned new...

Estimate the cost of expanding a planned new clinic by 20,000ft^2. The appropriate capacity exponent is 0.66, and the budget estimate for 200,000ft^2 was $15 million.

Inflation unemployment trade off under adaptive expectations, Explain how i...

Explain how inflation unemployment trade off is not feasible under adaptive expectations?

Neo-classical thinking on growth, Neo-classical thinking on growth: Neo...

Neo-classical thinking on growth: Neo-classical thinking on growth is owed to the Robert Solow whose exogenous growth models in the of the mid-20th century remained

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages