4. Graph the supply and demand curves and use the midpoint (averages) formula to calculate the respective price elasticities of supply and demand over the price range given. Then determine over what range of prices supply and demand are elastic, unit elastic, or inelastic. E₂ QS 2400 2200 1900 1500 1000 500 Price $14 12 10 8 6 4 QD 이 500 1000 1500 2000 2500 Ed

4. Graph the supply and demand curves and use the midpoint (averages) formula to calculate the respective price elasticities of supply and demand over the price range given. Then determine over what range of prices supply and demand are elastic, unit elastic, or inelastic. E₂ QS 2400 2200 1900 1500 1000 500 Price $14 12 10 8 6 4 QD 이 500 1000 1500 2000 2500 Ed

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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12. Define price elasticity. Explain it’s various methods? Short answer plz
5. The demand equation for a good is given by the equation: О, 3 520 — 20Р, + 0.6Y + 2.9Р, a. Find the price, income and cross price elasticity of demand when P, = 10, Y = Р, 3 21 700 and b. Discuss the effect on demand if there were a 20% increase in price c. Discuss the effect on demand if there were a 50% decrease in income
15. Use the graph to answer the question that follows. What is the price elasticity of demand when price increases from $2 to $4? 0.2 0.5 2 3 5
Question 2 2. The basic formula for price elasticity is: O The percentage change in quantity demanded divided by the percentage change in price. O The percentage change in income divided by the percentage change in price. The percentage change in price divided by the percentage change in quantity demanded. O The change in quantity demanded divided by the change in price. « Previous Next Quiz saved at 8:59pm Submi %23
2. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price? The price of pens rises 5%; the quantity demanded falls 10%. a. The price of a ticket to a Boston Red Sox baseball game rises from $10 to $12 a game. The quantity of tickets sold falls from 160,000 tickets to 144,000. C. The price of an economics textbook declines from $50 to $47.50. Quantity demanded rises from 1,000 to 1,075. d The price of water beds rises from $500 to $600. Quantity demanded falls from 100,000 to 80,000.
If the price of product A increases from $80 to $100,the quantity demanded for product A will decreasefrom 1200 to 1000o What is price elasticity of demand for product A ?If the market price of burger falls from $12 to $10,the quantity demanded for burger will be up from1450 to 2000.o What is price elasticity of demand for burger withrespect toa) original price of burger ?b) new price of burger ?c) midpoint-price of burger ?
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5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explain
In the coffee market, you notice that when the price of a kilo of coffeechanged from $28 to $16 the quantity of coffee supplied changed from 65to 40 kilos, all else held constant. What is (own) price elasticity of supplyfor coffee?
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