Activity 6.1 The demand schedule for coffee beans is shown in Table 1 Price of beans (p) Quantity demanded (kg) 20 10 22 9 Calculate the price elasticity of demand for coffee beans

From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand from: point B to point C, point D to point E, and point G to point H. Classify the elasticity at each point as elastic, inelastic, or unit elastic.

Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?

What is the formula for the income elasticity of demand?

What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.

Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the price of oranges falls by 3. What will happen to the demand for apples?

If the quantity of bread demanded rises 2 percent when the price of bread declines 10 percent, then the price elasticity of demand is a. 0.2. b. 1. c. 2. d. 10. e. cannot be determined.