1. The graph below shows the demand curve of two goods by an individual, use theinformation in the graph to answer the questions that follows;PriceGH¢30.00AGH¢25.00|CD1D22000 25003000Quantity(gallons per day)(a) Calculate the price elasticity of demand for the demand curve, D1, from point Ato point C, and the price elasticity of demand for D2 from point A to point B.which demand curve is more elastic, Di or D2? Briefly explain your answer.(b) Given the expenditure function as e(p.q)=pg where p is the price and q is quantitydemand. Suppose the individual was purchasing 2000 gallons per day at a priceof GH¢30.00 per gallon and the price is cut to GH¢25.00 per gallon. calculate the |change in total expenditure if the demand curve of the individual is D1? What willbe the change in total expenditure if demand is D2?2. Discuss any four factors that would cause an increase in demand of petroleumengineering program in Ghanaian universities.

1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢ 30.00 B GH¢25.00 C D1 D: 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GHe25.00 per gallon. calculate the change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2?

1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢ 30.00 B GH¢25.00 C D1 D: 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GHe25.00 per gallon. calculate the change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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