Solved: Calculate the percentage changes in the quantity demanded, Microeconomics

+44 141 628 6080
[email protected]

Calculate the percentage changes in the quantity demanded

Problem

The price of a plane ride rises by 10 percent. The price elasticity of demand for plane rides is 0.5 and the price elasticity of demand for train rides is 0.2. The cross elasticity of demand for train rides with respect to the price of a plane ride is 0.4.

Calculate the percentage changes in the quantity demanded of plane rides and train rides.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

View Complete Question

Solution Preview :

Prepared by a verified Expert

Microeconomics: Calculate the percentage changes in the quantity demanded

Reference No:- TGS02115689

Now Priced at $15 (50% Discount)

Recommended (97%)

Rated (4.9/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Microeconomics

Q : Compute the ending balance in accounts receivable

How many days elapse, on average, between the time Dallen must pay its suppliers for inventory purchases and the time Dallen collects cash from its customers.

Q : Explain the effect of the fall in the wheat price on market

Rain falls on wheat parade The price of wheat has fallen from $9 a bushel to $7. Explain the effect of the fall in the wheat price on the market for cereals.

Q : Calculate the us price elasticity of supply of corn

Record U.S. corn crop, up 24%, is forecast The USDA reported. Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?

Q : What percentage change in the price of train ride will leave

Given the rise in the price of a plane ride, what percentage change in the price of a train ride will leave the quantity demanded of train rides unchanged?

Q : Calculate the percentage changes in the quantity demanded

Calculate the percentage changes in the quantity demanded of plane rides and train rides.

Q : How the cancellation of orders change the market for steel

Explain how the cancellation of orders change the market for steel. What happens to the equilibrium price of steel?

Q : Determine the accounting treatment of contingent liabilities

A customer is suing Rayn for allegedly selling a faulty and dangerous product. Rayn's attorneys believe that there is a 40% chance of Rayn's losing the suit.

Q : Discuss technology in the early childhood program

The effective use of computers, technology, in the early childhood program, which can help meet the needs of various learning styles or multiple intelligence.

Q : Compute the amount of income tax expense

Compute the amount of income tax expense to be reported on Oranjestad's income statement for 2009.

1955612

Questions
Asked

3,689

Active Tutors

1420211

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

How sociological models help understand mental illness

Based on the chapter by Allen Furr on the sociology of mental illness, How do sociological models help you understand mental illness differently

Compare critical feminist theory and power-control theory

Compose a paper that compares and contrasts critical feminist theory and power-control theory as forms of gendered criminology. Your paper should:

Examine gender inequality on a global scale

Question: Examine gender inequality on a global scale, considering how factors such as globalization, colonialism

How does the pyramid change

Staying with Nigeria, rewind the year to 1950. Using the +5 year control, fast forward in 5 year increments until you reach 2020.

How are schools important in the struggle for power

Question: How are schools important in the struggle for power and status?

Discussion about idea of the tramp stamp

Jane is doing a study about tattoos. She is interested in studying the idea of the "tramp stamp" (a tattoo in the small of a woman's back).

Symbolic interactionism took off as a theoretical approach

Question: Symbolic interactionism took off as a theoretical approach to the study of deviance during the 1960s