Determine price elasticity of demand when sales raises

When a $9.98 sale on regular $19.95 watch fobs increases a store's sales from 30 to 300 weekly, the price elasticity of the demand faced through the store is approximately: (w) 2.46. (x) 1.23. (y) 4.92. (z) 0.62.

Can someone explain/help me with best solution about problem of Economics...

View Complete Question

Related Questions in Microeconomics

Q : Lower rates of return by financial

Financial assets will create lower rates of return to prospective investors while: (w) they become more liquid. (x) their prices go up. (y) interest rates increase. (z) default risks decrease. Hey

Q : Problem on equilibrium price Refer to

Refer to the following data. Equilibrium price will be: A) $4. B) $3. C) $2. D) $1. Give the answer of above questaion

Q : Demand when oligopolistic firm

When an oligopolistic firm increases its price, in that case the demand this faces will be: (1) more elastic if the other firms in the industry raise their prices. (2) less elastic when no other firms in the industry raise their prices. (3) more elast

Q : Opponents of the current welfare system

Opponents of the current welfare system who desire the welfare system scaled down tend to argue which this: (1) has constantly experienced funding cuts for the past decade. (2) cannot succeed in helping poor people within a market economy. (3) stimula

Q : Elucidate the merits of mixed economy

Elucidate the merits of mixed economy system?

Q : London Olympics-how will the economy be

‘Describe the influence of London Olympics on economy?’

Q : Movement according to economist Assume

Assume that you purchased a ton of gold in Belgium for $450 per ounce and instantly sold all of it in Chile for $480 per ounce. Economists label your movement as: (i) Arbitrage. (ii) Scalping. (iii) Screening. (iv) Speculation. (v) Signaling.

Q : Problem of Moral Hazard by an individual

The problem of moral hazard is finest explained by the behavior of an individual who: (1) Dates two distinct people on the sly. (2) Doesn’t lock up her car since theft is covered by the insurance. (3) Steals to support the serious drug habit. (4) Understates the

Q : Equilibrium price in setting minimum

Setting a minimum price floor above the equilibrium price will: (w) raise the equilibrium price. (x) create excess demand at the minimum price. (y) create excess supply at the minimum price. (z) clear the market at the minimum price.<

Q : Absolute Poverty of Income A family

A family whose income leaves this hovering at the brink of survival and that gives only a razor’s edge existence is experiencing: (w) relative poverty. (x) economic shock. (y) financial destitution. (z) absolute poverty.

Discover Q & A

Leading Solution Library

Avail More Than 1430829 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1958459
Asked

3,689

Active Tutors

1430829

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment