--%>
Assignment Help - homework help

Example of perfectly price inelastic

A candy factory now produced 5.2 million packages of gummy worms as well as sold them for $1.27 each this annum. Last year this sold 4.7 million packages of gummy worms sold for $1.36 each. That firm’s gummy worms have demand which is: (1) perfectly price elastic. (2) unitarily price elastic. (3) relatively price inelastic. (4) relatively price elastic. (5) perfectly price inelastic.

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

   Related Questions in Microeconomics

  • Q : Definitions of Poverty by Researchers

    Some researchers have attempted to define poverty: (1) as the lowest 20% of the income distribution. (2) through estimates of the fundamental needs for families having various characteristics. (3) by estimating the costs of the minimum caloric intake

    		•
  • Q : Marginal cost of capital What do you

    What do you mean by the marginal cost of capital?

    		•
  • Q : Properties of indifference curves

    Properties of indifference curves: The 3 properties of indifference curves are as shown below:A) Slopes downward from left to right: To consume more of onegood the consumer should give up li

    		•
  • Q : Operating in state-Right-to-Work Laws

    When it is illegal to necessitate union membership as a condition of employment for firm, then the firm: (1) Needs all the employees to sign the yellow dog contracts. (2) Can’t sign an agency shop agreement with the union. (3) Can need settlement before workers

    		•
  • Q : Cross-elasticity of demand Interpret

    Interpret the following Cross-Price Elasticities of Demand (XED) and explain the relationship between these goods. (3 marks total, 1.5 marks per part) XED= + 0.64 and XED= -2.6

    		•
  • Q : Problem on cross-price elasticity Kathy

    Kathy purchases two goods, t-shirts and caps.  Her demand for t-shirts is: Qt = 44 – 3Pt - Pc + .04IThe price of caps is Pc = $2. And her income is I = $300.a. Graph a demand curve for Kathy’s t-shirts.

    		•
  • Q : Importance of Store of Value function

    Importance of Store of Value function of money: People save a portion of their earnings for utilization in future. But in what form? Money fulfills this requirement of the people. Money as a store of value signifies that money is an asset and can be s

    		•
  • Q : Profit-maximizing price The

    The profit-maximizing price for “Silver Screen Classic” of Nostalgia DVDs is: (i) $6 per copy. (ii) $10 per copy. (iii) $12 per copy. (iv) $16 per copy. (v) $20 per copy.

    Q : Official unemployement Provide the

    Provide the solution of this question. To be officially unemployed a person must: A) be in the labor force. B) be 21 years of age or older. C) have just lost a job. D) be waiting to be called back from a layoff.

    		•
  • Q : Relationship between MPP and TPP If MPP

    If MPP is zero, what can you state regarding TPP? Answer: TPP is at its maximum.

    		•