3. Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household. P, P2 Demand for: a. Long-distance telephone service $0.25 $0.15 300 min. 400 min. per min. per min. per month 12 qt per month 6. per month b. Orange juice 1.49 1.89 14 qt per qt per qt per month c. Big Macs d. Cooked shrimp 2.89 1.00 3 per week 2 lb 3. 6 per week 1.5 lb per month $9 $12 per lb per Ib per month
3. Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household. P, P2 Demand for: a. Long-distance telephone service $0.25 $0.15 300 min. 400 min. per min. per min. per month 12 qt per month 6. per month b. Orange juice 1.49 1.89 14 qt per qt per qt per month c. Big Macs d. Cooked shrimp 2.89 1.00 3 per week 2 lb 3. 6 per week 1.5 lb per month $9 $12 per lb per Ib per month
Chapter6: Elasticities
Section: Chapter Questions
Problem 6P: Explain why using the midpoint formula for calculating the elasticity of demand gives the same...
Related questions
Question
![3. Using the midpoint formula, calculate elasticity for each of the
following changes in demand by a household.
P1
P2
Q,
Demand for:
a. Long-distance
telephone service
b. Orange juice
$0.25
per min.
S0.15
per min.
300 min.
400 min.
per month
per month
1.89
14 qt
per month
1.49
12 qt
per month
per qt
per qt
c. Big Macs
d. Cooked shrimp
2.89
1.00
3 per week
6 per week
$9
per lb
$12
2 lb
1.5 Ib
per month per month
per lb](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd19abf80-0d4e-4618-b91d-46e249d1e226%2F96438d80-f285-4d44-9453-e6b89cad07a7%2Fqnsau0f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Using the midpoint formula, calculate elasticity for each of the
following changes in demand by a household.
P1
P2
Q,
Demand for:
a. Long-distance
telephone service
b. Orange juice
$0.25
per min.
S0.15
per min.
300 min.
400 min.
per month
per month
1.89
14 qt
per month
1.49
12 qt
per month
per qt
per qt
c. Big Macs
d. Cooked shrimp
2.89
1.00
3 per week
6 per week
$9
per lb
$12
2 lb
1.5 Ib
per month per month
per lb
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Survey Of Economics](https://www.bartleby.com/isbn_cover_images/9781337111522/9781337111522_smallCoverImage.gif)
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Survey Of Economics](https://www.bartleby.com/isbn_cover_images/9781337111522/9781337111522_smallCoverImage.gif)
![Microeconomics: Private and Public Choice (MindTa…](https://www.bartleby.com/isbn_cover_images/9781305506893/9781305506893_smallCoverImage.gif)
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Economics: Private and Public Choice (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781305506725/9781305506725_smallCoverImage.gif)
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax