This Expert Q&A includes sub-parts. Please use 5 and 5 for point A for both mark
ID: 2494893 • Letter: T
Question
This Expert Q&A includes sub-parts.
Please use 5 and 5 for point A for both markets. Ratio is 1:1.
37) What is the price elasticity of Shell Gasoline when the producers expect price of gasoline to decrease tomorrow, thereby leading to 2 gallons?
A) Eps = 0.66
B) Epd = 0.1.52
C) Eps = 1.52
D) Epd = 0.66
38) Referring to the point you left off on in question 37, what is the price elasticity of Honda when consumers prefer Honda vehicles by 3?
A) Eps = 1.00
B) Epd = 0.1.87
C) Eps = 1.87
D) Epd = 1.00
39) Referring to the point you left off on in question 38, what is the price elasticity of Ferrari when a recession hits and the wage decreases from $10.00 per hour to $8.00 per hour leading to one less vehicle?
A) Eps = 1.00
B) Epd = 0.38
C) Eps = 0.38
D) Epd = 1.00
40) Referring to the point you left off on in question 39, what is the price elasticity of Shell gasoline Ferrari when a recession hits and the wage decreases from $10.00 per hour to $8.00 per hour leading to one less gallon?
A) Eps = 1.00
B) Epd = 0.38
C) Eps = 0.38
D) Epd = 1.00
41) Referring to the point you left off on in question 40, what is the income elasticity of Honda?
A) Ei = -1.83
B) Ei = 0.55
C) Ei = -0.55
D) Ei = 1.83
42) Referring to the point you left off on in question 40, what is the income elasticity of Brand X gasoline?
A) Ei = -0.82
B) Ei = 1.22
C) Ei = -1.22
D) Ei = 0.82
43) Referring to the point you left off on in question 41, what is the relationship between income and Honda?
A) Substitutes
B) Normal
C) Complements
D) Inferior
44) Referring to the point you left off on in question 42, what is the relationship between income and Brand X gasoline?
A) Substitutes
B) Normal
C) Complements
D) Inferior
45) Referring to the point you left off on in question 39, what is the price elasticity when the price of Honda decreases by $1,000 for consumers?
A) Eps = 1.10
B) Epd = 0.92
C) Eps = 0.92
D) Epd = 1.10
46) FReferring to the point you left off on in question 45, what is the cross-price elasticity with respect to Ferrari?
A) Exy = -2.42
B) Exy = 0.41
C) Exy = -0.41
D) Exy = 2.42
47) Referring to the point you left off on in question 45, what is the cross-price elasticity with respect to Shell gasoline?
A) Exy = -1.25
B) Exy = 0.80
C) Exy = -0.80
D) Exy = 1.25
48) Referring to the point you left off on in question 45, what is the cross-price elasticity with respect to Brand X gasoline?
A) Exy = -1.25
B) Exy = 0.80
C) Exy = -0.80
D) Exy = 1.25
49) Referring to the point you left off on in question 45, what is the relationship between Honda and Ferrari?
A) Substitutes
B) Normal
C) Complements
D) Inferior
50) Referring to the point you left off on in question 45, what is the relationship between Honda and Shell gasoline?
A) Substitutes
B) Normal
C) Complements
D) Inferior
Explanation / Answer
37 C) Eps = 0.66
38 d) Epd = 1.00
39 EPS = 1
40. Eps = 0.38
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