Problems1. The equation for a demand curve is P = 48 – 3Q. What is the elasticity in movingfrom a quantity of 5 to a quantity of 6?2. The equation for a demand curve is P = 2/Q. What is the elasticity of demand asprice falls from 5 to 4? What is the elasticity of demand as the price falls from 9to 8? Would you expect these answers to be the same?3. The equation for a supply curve is 4P = Q. What is the elasticity of supply as pricerises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8?Would you expect these answers to be the same?4. The equation for a supply curve is P = 3Q - 8. What is the elasticity in movingfrom a price of 4 to a price of 7?

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1. The equation for a demand curve is P = 48 - 3Q. What is the elasticity in moving from a quantity of 5 to a quantity of 6?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Problems
1. The equation for a demand curve is P = 48 – 3Q. What is the elasticity in moving
from a quantity of 5 to a quantity of 6?
2. The equation for a demand curve is P = 2/Q. What is the elasticity of demand as
price falls from 5 to 4? What is the elasticity of demand as the price falls from 9
to 8? Would you expect these answers to be the same?
3. The equation for a supply curve is 4P = Q. What is the elasticity of supply as price
rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8?
Would you expect these answers to be the same?
4. The equation for a supply curve is P = 3Q - 8. What is the elasticity in moving
from a price of 4 to a price of 7?

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