4. The table sets out the supply schedule of jeans. Calculate the elasticityof supply when:Quantity supplied(millions ofpairs per year)Price(dollarsper pair)12024125281301353236The price rises from $125 to $135 a pair.The average price is $125 a pair.

Given: Q1=28 million Q2=26 million P1=$125 P2=$135 To find: elasticity of supply of jeans

Answered: 4. The table sets out the supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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14. If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a _ in the quantity demanded. a. 6 percent increase b. 6 percent decrease c. 0.6 percent increase d. 0.6 percent decrease
2. Imagine that you run a small bakery. In March the price of a cupcake was $2, and you sold 50 per day. In April you increased the price of cupcakes to $3 and you sold 40 per day. 1. Did your revenue increase or decrease? 2. What was the price elasticity of demand to Cupcakes when price increased from $2 to $3. 3. Do you think demand was elastic or inelastic prior to the change in prices
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Use the following information about the demand elasticities for apples’s in the US to answer the questions that follow.Own-price elasticity: -0.45Cross-price elasticity with bananas: 0.15Cross-price elasticity with eggs: -0.30Income elasticity: 0.15 Suppose that apple consumption in the US rose by 7.5% due to a change in income. Which of the following happened? a. Incomes rose by 100% b. Incomes rose by 15% c. Incomes rose by 200% d. Incomes rose by 50%

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4. The table sets out the supply schedule of jeans. Calculate the elasticity of supply when: Quantity supplied (millions of pairs per year) 24 Price (dollars per pair) 120 125 28 130 135 32 36 The price rises from $125 to $135 a pair. The average price is $125 a pair.