Business, 17.09.2019 00:00 nora45102p45bzz

Label demand as elastic, unit elastic, or inelastic for each scenario. use the midpoint method when applicable to calculate the price elasticity of demand. contain yourself! , a plastic container company, raises the price of its signature lunchbox container from $3.00 to $4.00 . as a result, the quantity sold drops from 20,000 to 15,000. economists working for the united states have determined that the elasticity of demand for gasoline is 0.5 . capital metro decides to increase bus fare rates from $2.00 to $2.21 . consequently, the number of passengers who decide to take the bus in austin drops from an average of 70,000 riders a day to an average of 61,000 riders a day.

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Answer from: Vauzh

Contain Yourself!, a plastic container company, raises the price of its signature Lunchbox container from $3.00 to $4.00 . As a result, the quantity sold drops from 20,000 to 15,000 = unit elasticEconomists working for the United States have determined that the elasticity of demand for gasoline is 0.5 = inelasticCapital Metro decides to increase bus fare rates from $2.00 to $2.21 . Consequently, the number of passengers who decide to take the bus in Austin drops from an average of 70,000 riders a day to an average of 61,000 riders a day = elastic

Explanation:

The demand for unit elasticity is an intermediate situation between an elastic and an inelastic demand curve, in which the price elasticity is equal to one, which means that given variations in the price, the total income does not change (price per quantity). Eslasticity=1Demand is inelastic when the percentage variation of the quantity demanded is less than the percentage variation of the price. Elasticity less than 1Elastic demand is when a small variation in the price causes a more than proportional change in the quantity demanded. Elasticity more than 1

Answer from: Quest

e would be the answer

Answer from: Quest

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.

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Label demand as elastic, unit elastic, or inelastic for each scenario. use the midpoint method when...

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