What are the units of elasticity if: (a) Price p is in dollars and quantity q is

Question:

What are the units of elasticity if:
(a) Price p is in dollars and quantity q is in tons?
(b) Price p is in yen and quantity q is in liters?
(c) What can you conclude in general?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Applied Calculus

ISBN: 9781119275565

6th Edition

Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale

See More Books

Question Posted: Apr 15, 2023 02:01 AM

See More Questions

In 2009, the United States imported about 3.3 billion barrels of oil. Perhaps it would be better for the United States if it could end the billions of dollars of payments to foreigners by not...
A product has the demand function p = 100 - 0.5q where p is in dollars and q is the number of units. (a) Find the elasticity (q) as a function of q, and graph the function f (q) = (q) (b) Find where...
The demand functions for specialty steel products are given, where p is in dollars and q is the number of units. For both problems: (a) Find the elasticity of demand as a function of the quantity...
a. Consider the effect of population growth on the allocation on the dynamic efficient allocation of a depletable resource across time. Suppose we have two versions of the two-period model, discussed...
What are backward and forward linkages, and how do they contribute to a country's economic development?
It is known that a certain disease affects 10% of a population. In a random sample of 50 patients in the disease group who are exposed to a new treatment, we observe that 12 patients were...
Suppose $Y$ has a half-normal distribution with variance $\sigma^{2}=1$. Let $y_{p}$ be the $p^{t h}$ quantile of $Y$ such that $p=F\left(y_{p} ight)$ and $\Phi$ be the CDF of the standard normal...
Astrid, who is single, is a sales representative for several sporting goods manufacturers. She operates her enterprise as a sole proprietorship. Astrid has one employee, Melvin, who serves as office...
What are the Important parameters of Economic growth of the country?
Town and Country Hardware (T&CH) is a closely owned business founded six years ago by Caleb and Jasmine Wright. T&CH has retail hardware stores located at three lake communities along the Virginia...
The following table shows the total sales, in thousands, since a new game was brought to market.(a) Plot this data and mark on your plot the point of diminishing returns.(b) Predict total possible...
Graph two continuous functions f and g, each of which has exactly five critical points, the points AE in Figure 4.13, and that satisfy the following conditions:(a) f(x) as x and f(x) as x (b)...
Tell which line through the given points is steeper. Line 1: (-4, 2), (-3, 6) Line 2: (1, 6), (3, 8)
Fandy Tjipto has asked Nadia Hadiyanti to marry him, and she has accepted under one condition: Fandy must buy her a new $370,000 Aston Martin DBI. Fandy currently has $55,710 that he may invest. He...
Chen Hsi-Lee hit 40 home runs in the 2019 Taiwanese baseball league. If his home-run output grew at a rate of 9 percent per year, what would it be over the following 5 years?
Determine dryness fraction of steam supplied to a separating and throttling calorimeter. Water separated in separating calorimeter $=$ $0.45 \mathrm{~kg}$ Steam discharged from throttling...
In 20 years you are planning to retire and buy a house in Nevada City, California. The house you are looking at currently costs $150,000 and is expected to increase in value at a rate of 5 percent...
Suppose you have been offered a few investment opportunities in Estonia. What is the present value of each of the following annuities? a. $2,700 a year for 12 years discounted back to the present at...
1. How does redesign of jobs lead to improved performance and job satisfaction? In your answer include a discussion of figure 6.7. 2. How do the examples in this case relate to the job...
For the given transfer function: Vo(s) / Vi(s) = (s^2C^2R^2 + 1) / (s^2C^2R^2 + 4sCR + 1) Assumiing that 1/(CR) = 120 PI so write the matlab code to find the magnitude plot
According to the U.S. Department of Transportation, the median age of automobiles and trucks on the road in the United States is about 8 years. The ages for a random sample of vehicles in the...
For the first 40 Super Bowl games, the winner is listed in file XR14060 according to 1 (American Conference) or 2 (National Conference). At the 0.05 level of significance, can this sequence be...
For the first 40 Super Bowl games, the winning margins are listed in file XR14061. At the 0.10 level of significance, can this sequence be considered as other than random? Identify and interpret the...
What is the output of the following C program when it is run as "a.out 1 2 3"? 4 5 7 MAS698 1 #include 2 9 10 11 12 13 } } #include int yMethod(int a[]) { a-(4,5,6,7,8); return...
Balance Sheet The account balances of Zenith Travel Service for the year ended August 31, 20Y4, are listed below. Fees earned $918,145 Office expense 211,175 Miscellaneous expense 18,365 Wages...
When Sergei's opened, it had to purchase most of its kitchen equipment. The equipment cost $ 4 0 , 0 0 0 new plus $ 5 , 0 0 0 to install. If food processing equipment is in the 1 0 years MACRS class,...

What are the units of elasticity if: (a) Price p is in dollars and quantity q is

Question:

Step by Step Answer:

a We have E pq dqdp dollarstons tonsdollars All the units cancel and so elasticity h...View the full answer

Applied Calculus

Students also viewed these Mathematics questions