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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd2803e1-fa3c-414e-8108-06be2d5b72bb%2F7c0beabe-f52e-4d37-8929-665e7d3c6013%2Fjj3rwqb_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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