Question: The following graph shows two known points (X and Y) on a demand curve for oranges. 1.According to the midpoint method, the price elasticity of

The following graph shows two known points (X and Y) on a demand curve for oranges.

10 8 3 Demand 1 10 20 30 40 50 60 70

1.According to the midpoint method, the price elasticity of demand for oranges between point X and point Y is approximately (0.03, 0.05, 0.63, 1.6) , which suggests that the demand for oranges is (elastic, inelastic)between points X and Y.

10 8 3 Demand 1 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of pounds of oranges) PRICE (Dollars per pound)

Step by Step Solution

★★★★★

3.41 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

At point X Price 2 and Quantity 90 thousand At point Y Price 3 and Quant... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

10 20 30 40 50 60 70 Mancom 10 20 30 40 50 60 70 Macom B Ages of group of patients: The youngest participant has: Type of the graph: Ages of group of patients: The oldest participant has: Y/O Y/O ...

Points x and y are on the opposite sides of a ravine. From a third point z the angle between the lines or sight of x and y is 37.7 degrees. If xz is 153 m long and yz is 103 m long, find xy.

Consider two points on a demand curve. At point A, price is $5 and quantity demanded is 10 units. At point B, price is $3 and quantity demanded is 16 units. Using the midpoint method, what is the...

Consumers in Carlandia are willing to purchase up to 100,000 cars each year. Suppose the long-run average cost curve for auto producers in Carlandia looks like that shown in the figure on the right....

A hundred or so boats go fishing every year for three or four weeks off of the Bering Strait for Alaskan king crabs. To catch these king crabs, large pots are baited and left on the sea bottom often...

Use the market represented in Figure 5P-4 to draw the consumer and producer surplus when the market is in equilibrium. What is the value of total surplus at equilibrium? Figure 5P-4: Price ($) 50 45...

Consider the following linear program: Max 2A + 3B s.t. 5A + 5B ¤ 400 Constraint1 -1A + 1B ¤ 10 Constraint 2 1A + 3B ¥ 90 Constraint 3 A, B ¥ 0 Figure shows a graph of the...

Rob Roller has been in charge of inventory policy at Cyclorama, a large retail bicycle shop in Orlando, Florida. He now orders Chrome-Moly frames from Frameco, a local frame supplier. Cyclorama...

Forty students took a statistics examination having a maximum of 50 points. The score distribution is given in the following stem-and-leaf plot: 0 28 1 2245 2 01333358889 3 001356679 4 22444466788 5...

Assume the following information for the demand and supply curves for good Z. a. Draw the corresponding supply and demand curves. b. What are the equilibrium price and quantity traded? c. Would a...

Transactions 2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing...

Imagine that you are an innovation consultant. You are facing the task of helping enhance the STARBUCK Coffe Company innovation activities through open and collaborative innovation.b.Suggest some...

Case- Code Red- Healthcare.gov SETTING THE STAGE .... What is healthcare.gov and what was the issue? THE DASHBOARD .... What did it look like? Why is it important? How healthy was it? The ROLLOUT...

You are the manager of a busy insurance office. Last year's abnormal winter gales led to an exceptionally high level of insurance claims for house damage caused by strong winds, and you had...

Source - https://timesofindia.indiatimes.com/nri/us-canada-news/top-south-african-indian-origin-businessmanarrested-for-gupta-linked-fraud-and-corruption/articleshow/83217574.cms) Question 3 (25...

- Explain customer service (key term of customer service) at a Five-Star Hotel in general. - The situation's current link (why) and Find the problems (how the five-star react in detail and what is...

On January 1, 2021, Legion Company sold $220,000 of 4% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $119,065, priced to yield 12%. Legion...

According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail...

Lungfish primarily oxygenate blood using their gills Question 5 options: True False

You have two roommates who invest in the stock market. a. One roommate says that he buys stock only in companies that everyone believes will experience big increases in profits in the future. How do...

Compare the quantity and price of an oligopoly to those of a monopoly.

There are three industrial firms in Happy Valley. The government wants to reduce pollution to 120 units, so it gives each firm 40 tradable pollution permits. a. Who sells permits and how many do they...

Radial keratotomy is a type of refractive surgery in which radial incisions are made in a myopic (nearsighted) patient's cornea to reduce the person's myopia. Theoretically, the incisions allow the...

In 1990, Business Week magazine compiled financial data on the 1,000 companies that had the biggest impact on the U.S. economy. Data from a sample of the top 500 companies in Business Week's report...

In Problem 9, the first-order interactions between Z and the predictor variables X1, X3, and X4 were not included in the model selection process. Investigate whether this was appropriate, as follows...