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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Question

Solve all this question compulsory....

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
c) unit elastic
d) inelastic
e) perfectly inelastic
Degree
Туре
f) price elasticity of demand
g) price elasticity of supply
h) cross elasticity (substitute)
i) cross elasticity (complement)
i) 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-e)
The type of elasticity is (1)
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 (tk)
Part 3. Beef producers sales change by 11 % because of a-2 % change in the income of the average consumer (Note decreases in qor y will be shown as
a negative change, increases shown as a positive change)
The degree of elasticity is (a-e)
The type of elasticity is (14)
Part 4 Book prices change by 6 % causing bookshop sales 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 (ae)
The type of elasticity is (4)
Part 5 Soda water prices change 20 % causing a 9 % change in juice sales (Note: decreases in po will be shown as a negative change increases

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Step 5: Analyze the market for books

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