7. Critical analysis Q12 Jill’s Sausage Dog Stand projects the following demand for Jill’s sausage dogs: Price Quantity Purchased ($) (per Day) 4 90 8 70 12 60 Calculate the price elasticity of demand between $4 and $8 to complete the following statements. (Hint: Be sure to take the absolute value of your answer.) The price elasticity of demand between $4 and $8 is________ . This means the demand between the prices of $4 and $8 is(elastic/inelastic)________. Calculate the price elasticity of demand between $8 and $12 to complete the following statements. (Hint: Be sure to take the absolute value of your answer.) The price elasticity of demand between $8 and $12 is_________ . This means the demand between the prices of $8 and $12 is(elastic/inelastic)________ .
7. Critical analysis Q12 Jill’s Sausage Dog Stand projects the following demand for Jill’s sausage dogs: Price Quantity Purchased ($) (per Day) 4 90 8 70 12 60 Calculate the price elasticity of demand between $4 and $8 to complete the following statements. (Hint: Be sure to take the absolute value of your answer.) The price elasticity of demand between $4 and $8 is________ . This means the demand between the prices of $4 and $8 is(elastic/inelastic)________. Calculate the price elasticity of demand between $8 and $12 to complete the following statements. (Hint: Be sure to take the absolute value of your answer.) The price elasticity of demand between $8 and $12 is_________ . This means the demand between the prices of $8 and $12 is(elastic/inelastic)________ .
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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7. Critical analysis Q12
Jill’s Sausage Dog Stand projects the following demand for Jill’s sausage dogs:
|
|
Quantity Purchased
|
|---|---|
|
($)
|
(per Day)
|
| 4 | 90 |
| 8 | 70 |
| 12 | 60 |
Calculate the price elasticity of demand between $4 and $8 to complete the following statements. (Hint: Be sure to take the absolute value of your answer.)
The price elasticity of demand between $4 and $8 is________ . This means the demand between the prices of $4 and $8 is(elastic/inelastic)________.
Calculate the price elasticity of demand between $8 and $12 to complete the following statements. (Hint: Be sure to take the absolute value of your answer.)
The price elasticity of demand between $8 and $12 is_________ . This means the demand between the prices of $8 and $12 is(elastic/inelastic)________ .
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