The difference is called the range
Answer:
Will increase
Explanation:
Substitutes are the goods which have high elastic demand or positive cross elasticity of demand. An increase in price substantially affects the demand for a substitute good. For example, if tea and coffee are substitutes, an increase in the price of coffee will increase the demand for tea and the overall surplus in the team market.
Increase the quantity demanded by about 25 percent.
<h3>What is the short definition of price elasticity?</h3>
- Price elasticity in business and economics refers to how much people, consumers, or producers alter their demand or the quantity supplied in reaction to changes in price or income.
- It is mostly used to evaluate how consumer demand has changed as a result of a price change for a good or service.
<h3>What are some examples of price elasticity of demand?</h3>
- When a price increase results in a greater percentage reduction in demand, we say a good is price elastic.
- For instance, if price increases 20% and demand declines 50%, the PED equals -2.5. One illustration is Heinz soup. Heinz soup options are plenty today.
learn more about price elasticity of demand here
<u>brainly.com/question/5078326</u>
#SPJ4
Answer:
A) Q=17
B) $80
C) 518
Explanation:
C(Q) = 60 + 12Q + 2Q2
and its MC = 12+ 4Q
a.How much output should the firm produce in the short run?
Put P = MC and solve for Q
P＝MC
80=12+4Q
4Q=68
Divide both sides of the equation by 4
Q=17
b.What price should the firm charge in the short-run? $80
c.What are the firm’s short-run profits?
Hint:
Profit=Total Revenue-Total CostTotal Revenue=$80x17=1360
TotalCost=60+12x17+2(17)2=60+204+578=842
Profit=1360-842=518
