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Solved: Visualizing ConceptsDoes the following diagram

Chemistry: The Central Science | 13th Edition | ISBN: 9780321910417 | Authors: Theodore E. Brown; H. Eugene LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward; Matthew E. Stoltzfus ISBN: 9780321910417 77

Solution for problem 2E Chapter 1

Chemistry: The Central Science | 13th Edition

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Chemistry: The Central Science | 13th Edition | ISBN: 9780321910417 | Authors: Theodore E. Brown; H. Eugene LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward; Matthew E. Stoltzfus

Chemistry: The Central Science | 13th Edition

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Problem 2E

Visualizing Concepts

Does the following diagram represent a chemical or physical change? How do you know? [Section]

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CH 6 Slope of demand cure and elasticity of demand Qd= 100-2P: slope=-2 So the elasticity changes along a linear demand curve - elasticiy and slope are different - As a price rises, demand becomes more elasticfj But AT THE SAME PRICE, a steeper slope generally signifies less elastic demand Total revenue and elasticity of demand - Total reanue= price x quantity (TR = PxQ) - If a firm changes price, what happens to it’s total revenue o Depends on elasticity of demand Total revenue and elasticity of demand: summary (IT WAS WRONG) Absolute value of e0 Name How revenue changes with price Total revenue and elasticity of demand: some applications 1. Two of the most common products to offer coupons are breakfast cereals and household cleaners. Why a. These producs have a lot of good substitutes b. These products have very ELASTIC demand c. Drop price  raise revenue 2. What advantage is there to the seller from giving out coupons rather than just lowering prices a. People who use coupons are likely to be more price sensitive (more elastic demand) b. Seller wants to charge a lower price to elastic demanders and a higher price to inelastic demanders 3. Why can you purchase a ticket to fly on the very same flight for less if you buy it a month in advance instead of 3 days before a. Demand a month in advance is relatively elastic b. Demand 3 days before is relatively inelastic c. Airlines want to charge a lower price to elastic demanders and a higher price to inelastic demanders CONCLUSION - If demand for your product is elastic… o You should drop your price (ex have a sale) to increase your total revenue o Raising price will decrease your total revenue - If demand for your product is inelastic… o You can raise your price without losing a bunch of buyers; thus increasing your total revenue o Raising price will increase your total value ELASTICITY OF SUPPLY The law of demand says “price up  quantity down, vice versa” - But by how much does quantity demanded fall or rise - Ex: two different supply curves for the same market… - Equations: o Elasticity of supply: Es = (% change in Qs)/(% change in P) o Supply is ELASTIC if Es >1 o Supply is INEALSTIC if Es<1 o Supply is UNIT ELASTIC if Es=1 o Note: elasticity of supply is ALWAYS POSITIVE o Law of supply positive relationship What determines elasticity of supply - Remember that supply curves reflect COST - Elasticity of supply depends on how fast the costs of supplying rises when quantity rises. Why does the price of roses rise more than the price of chocolate come Valentine’s Day - Roses cost rise faster than chocolates cost when increasing their quantities supplied. - Roses supply curve steeper than chocolates; price goes up when demand shifts up/left Elasticity of supply and time - Supply is always more elastic in the long-run than the short-run o Supplier has more time to adjust and options become less costly o Ex: opening a new factory is less costly over a longer period of time as opposed to getting it done today Perfectly elastic supply - If supply is perfectly elastic, Es=infinity - This would imply that quantity supplied can be expanded without raising per unit costs - What must the supply curve look like (straight horizontal line) Perfect inelastic supply - If supply is perfectly inelastic, Es=0 - This would imply that there are no increase in quantity supplied regarless of the size of the increase price - What must the supply curve look like (straight vertical line)

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Chapter 1, Problem 2E is Solved
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Textbook: Chemistry: The Central Science
Edition: 13
Author: Theodore E. Brown; H. Eugene LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward; Matthew E. Stoltzfus
ISBN: 9780321910417

The answer to “Visualizing ConceptsDoes the following diagram represent a chemical or physical change? How do you know? [Section]” is broken down into a number of easy to follow steps, and 16 words. The full step-by-step solution to problem: 2E from chapter: 1 was answered by , our top Chemistry solution expert on 09/04/17, 09:30PM. Chemistry: The Central Science was written by and is associated to the ISBN: 9780321910417. Since the solution to 2E from 1 chapter was answered, more than 308 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Chemistry: The Central Science, edition: 13. This full solution covers the following key subjects: change, chemical, concepts, diagram, Physical. This expansive textbook survival guide covers 305 chapters, and 6352 solutions.

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Solved: Visualizing ConceptsDoes the following diagram