Choose the degree AND the type of elasticity list for each event below: Please use ONLY lower case letters as your answers a perfectly elastic b) elastic d) inelastic e) perfectly inelastic Degree Type price elasticity of demand g) price elasticity of supply h) cross elasticity (substitute) i cross elasticity (complement) income elasticity (normal) k) income elasticity (inferior) Part 1 Egg prices change by 6% causing the demand for toast to change by 11 % (Note decreases in por q will be shown as a negative change increases shown as a positive change) The degree of elasticity is (a) Part 2 Beer prices increase 21 % causing a 22 % increase in the amount offered for sale The degree of elasticity is (ae) The type of elasticity is Part 3 Beet producers sales change by 11% because of a -2 % change in the income of the average o a negative change increases shown as a positive change The degree of elastoty s (ae) The type of elastoty is Part 4 Book prices change by 6% causing bookshop sales to change by 11 % (Note decreas shown ve change shown as

Choose the degree AND the type of elasticity list for each event below: Please use ONLY lower case letters as your answers a perfectly elastic b) elastic d) inelastic e) perfectly inelastic Degree Type price elasticity of demand g) price elasticity of supply h) cross elasticity (substitute) i cross elasticity (complement) income elasticity (normal) k) income elasticity (inferior) Part 1 Egg prices change by 6% causing the demand for toast to change by 11 % (Note decreases in por q will be shown as a negative change increases shown as a positive change) The degree of elasticity is (a) Part 2 Beer prices increase 21 % causing a 22 % increase in the amount offered for sale The degree of elasticity is (ae) The type of elasticity is Part 3 Beet producers sales change by 11% because of a -2 % change in the income of the average o a negative change increases shown as a positive change The degree of elastoty s (ae) The type of elastoty is Part 4 Book prices change by 6% causing bookshop sales to change by 11 % (Note decreas shown ve change shown as

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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