Can someone please help me answer number 4-8 (8) The price of product Y is raise

Question

Can someone please help me answer number 4-8

(8) The price of product Y is raised from 559 to 567 per unit and as a result, sales decrease from 430 to 395 units per month. The demand for product Y in the relevant interval is: (a) Elastic. (b) Inelastic. (c) Completely inclastic (d) Perfectly elastic. (e) Unitary elastic. (9) Paul Paulson advocates raising the minimum wage from $$.25 to $7 per hour and he asserts that this will have no effect on employment. This means that he thinks that the demand for the type of labor which is affected by the minimum wage is: (a) Elastic. (b) Inelastic. (c) Completely inelastic (d) Perfectly elastic (e) Unitary elastic. XYZ Corp. is contemplating a 30% increase in the price of the XL-33 screw and they believe that revenues from the sale of this product will rise by exactly 30%,They must think that the demand for the XL-33 screw is (10) (a) Elastic (b) Inelastic. (c) Completely inelastic (d) Perfectly elastic (e) Unitary elastic. (11) Consider the demand schedule below. It gives information about the demand for cups of java at a Startrekk Coffee franchise in Trenton, NJ: Price Quantity $2.80 $2.00 5,000 8,000 The (absolute value of the) coefficient of are price elasticity of demand is: (a) 1.38 (b) 0.86 (c) 0.57 (d) 0.46 (e) 1.15

Explanation / Answer

4) ans is D. Both equilibrium price and quantity will increase.

5)ans is D. Demand in America for unskilled will decrease amd both wage and equilibrium quantity of labor will increase.

6)ans is B. Supply will increase, due to which qty will rise and price will fall.

7)ans is B. Shortage of distance from Q1 to Q3

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---