A 10 percent increase in the price of automobiles reduces the quantity of automobiles demanded by 8
Question:
A 10 percent increase in the price of automobiles reduces the quantity of automobiles demanded by 8 percent. What is the price elasticity of demand for automobiles?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
The price elastic ity of demand for automobiles is 0 8 Price elastic ity of demand measures how ...View the full answer
Answered By
Isabel Seraspi
I have experience teaching math, science, and English to students of all ages. I have also worked as a tutor in a college setting, helping students with their homework and preparing them for exams.
I believe that tutoring is a great way to help students learn. It allows students to get one-on-one help with their studies, and it gives them the chance to ask questions and get immediate feedback. Tutoring can also be tailored to the individual needs of the student, which is why I believe it is so effective.
I have seen firsthand how tutoring can help students improve their grades and confidence. I have also seen how it can help students who are struggling with a particular subject. I believe that tutoring is a great way to help students learn and succeed in school.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A 20 percent increase in the price of skis induces ski manufacturers to increase production of skis by 10 percent in the short run. In the long run, other things being equal, the 20 percent price...
-
If a 10 percent increase in the price of Cheerios causes a 25 percent reduction in the number of boxes of Cheerios demanded, what is the price elasticity of demand for Cheerios? Is the demand for...
-
A 3 percent increase in the price of milk causes a 6 percent reduction in the quantity demanded of chocolate syrup. What is the cross-price elasticity of demand for chocolate syrup with respect to...
-
Which of these statements is false? A. Assets = Liabilities + Equity B. Assets Liabilities = Equity C. Liabilities Equity = Assets D. Liabilities = Assets Equity
-
In addition to committee reports, which are byproducts to the development of tax legislation, what other report may be of value to the tax researcher analyzing a new provision of the tax law? Why?
-
What rights do customers have under the Consumer Bill of Rights? How can businesses ensure those rights?
-
Shells statement of business principles (Shell 1998: 24): Principle 6, on health, safety and the environment (HSE).Consistent with their commitment to contribute to sustainable development, Shell...
-
Suppose during 2014, Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,303,000, cash used in investing of $43,126,000, and cash used in financing of...
-
What do you know about the monetary policy of our country(India)? According to you what are steps the central bank has taken till now to control and activate the economy in the current pandemic?
-
Design the values of K 1 and K 2 in the system of Figure P7.15 to meet the following specifications: Steady-state error component due to a unit step disturbance is -0.00001; steady-state error...
-
You have decided to study the market for fresh picked cherries. You learn that over the last 10 years, cherry prices have risen, while the quantity of cherries purchased has also risen. This seems...
-
Reconsider the problem of purchasing time on the tennis court in Problem 1.14. Suppose the members of your league give you a specified amount of money to spend on court time. They then want you to...
-
A processing department of Carmine Corporation experienced a high unfavorable materials quantity variance. The plant manager initially commented, The best way to solve this problem is to fire the...
-
Phillips originally looked at the rate of change in money wages rather than inflation, but the Phillips curve has come to be associated with the trade-off between inflation and unemployment. What is...
-
It is time to dispense with any reference in economics textbooks to homo economicus because that merely frames any debate, discussion, and analysis from the wrong perspective and encourages latent...
-
How does climate change in the Pliocene and Pleistocene, and what opportunities does that present?
-
If transaction costs did not exist, the market system would not be needed. Critically examine this comment.
-
Review Geertzs definition of religion. What do you think are the strengths and/or weaknesses of his definition?
-
Let X and Y be random variables with finite means. (a) Show that where g(x) ranges over all functions. (E(Y|X) is sometimes called the regression of Y on X, the "best" predictor of Y conditional on...
-
True & False The basis of an asset must be reduced by the depreciation allowable, 2. Adjusted gross income (AGI) is the basis for a number of phase-outs of deductions. 3. A change to adjusted gross...
-
Consider again the demand and supply functions in In-Text Exercise 2.2 (page 31). At the equilibrium price, what are the elasticities of demand and supply?
-
Last September, the price of gasoline in Chattanooga was $2 a gallon, and consumers bought 1 million gallons. Suppose the elasticity of demand in September at a price of $2 was -0.5, and that the...
-
Suppose the annual demand function for the Honda Accord is Qd = 430 -10 PA + 10 PC-10 PG, where PA and PC are the prices of the Accord and the Toyota Camry respectively (in thousands), and PG is the...
-
Your Boss calls you to his office and asks a couple of questions that are basically not in sequence. What is the scaling technique used to build a distributed Streaming Analytics system such as...
-
Database systems cannot stand alone; they depend on many other systems. Choose an industry from e-commerce, healthcare, or banking and discuss database security for an organization in one of those...
-
Suppose you have this query SELECT Pname, Price, Color FROM PRODUCT WHERE Price < 50 OR Color = Red; Which technique can be used to improve this query ? Q2.With a neat state transition diagram...
Study smarter with the SolutionInn App