Homework answers / question archive / 1)Suppose a 15 % increase in price leads to a 10% reduction in quantity demanded of good X, elasticity of demand would then be? 2)MICHPS 1 - 3 Sep 21 at 2:21am Instructions the answer that best matches your response

1)Suppose a 15 % increase in price leads to a 10% reduction in quantity demanded of good X, elasticity of demand would then be? 2)MICHPS 1 - 3 Sep 21 at 2:21am Instructions the answer that best matches your response

Economics

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1)Suppose a 15 % increase in price leads to a 10% reduction in quantity demanded of good X, elasticity of demand would then be?

2)MICHPS 1 - 3 Sep 21 at 2:21am Instructions the answer that best matches your response. Question 10 2.10 Because of their personalities, some people have a higher level of ethics than others. True o Falso NE • Previous Qui soved at 12 263m Sub earch

3)Assume we have currently 120 units demanded of X at price 5 kwacha per unit. If elasticity of demand (in absolute terms) is 0.5

Calculate the change in total revenue if price is increased to 6 kwacha.

4)Kanye, Jewel, Geddy, and Sheila are trying to form a band. They each have some basic skills on most instruments, so their current plan is for each of them to rotate among vocals, guitar, bass, and drums. After a year of practice and rehearsals the band still sounds awful. Kanye cannot keep a steady beat when on bass or drums, Geddy sounds terrible on everything except the bass, nobody except Jewel can remember all the chords on guitar, and even Sheila's own mother thinks her singing sounds like a dying cow. At their current rate, they expect it will be several years before they are good enough to land their first paid performance. None of them have enough money saved up to last that long. They all know you are taking economics and ask your advice. What would you say to them? Have each member specialize in the role that they are best in to take advantage of benefits from specialization. Continue with the current plan, as economies of scale should eventually kick in. Change the rotation to be random rather than equal to take advantage of heteroskedasticity. Abandon the band, as continued practice is doomed to suffer diminishing marginal returns. Invest their remaining savings in new instruments, as they are at a point where the marginal product of capital exceeds the marginal product of labor.