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Choose the degree AND the type of elasticity list for each event below: Please use ONLY lower case letters as your answers. Degree Type a) perfectly elastic f) price elasticity of demand b) elastic g) price elasticity of supply c) unit elastic h) cross elasticity (substitute) d) inelastic i) cross elasticity (complement) e) perfectly inelastic j) income elasticity (normal) k) income elasticity (inferior) Part 1. Egg prices change by -4 % causing the demand for toast to change by 5%. (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 (f-k): Part 2. Beer prices increase 17 % causing a 18 % increase in the amount offered for sale. The degree of elasticity is (a-e): The type of elasticity is (f-k): Part 3. Beef producers' sales change by 5 % because of a 6 % 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 (f-k): Part 4. Book prices change by -4% causing bookshop sales to change by 5%. (Note: decreases in p or 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 (f-k): Part 5. Soda water prices change 12% causing a -9 % change in juice sales. (Note: decreases in p or q will be shown as a negative change, increases shown as a positive change)

Choose the degree AND the type of elasticity list for each event below: Please use ONLY lower case letters as your answers. Degree Type a) perfectly elastic f) price elasticity of demand b) elastic g) price elasticity of supply c) unit elastic h) cross elasticity (substitute) d) inelastic i) cross elasticity (complement) e) perfectly inelastic j) income elasticity (normal) k) income elasticity (inferior) Part 1. Egg prices change by -4 % causing the demand for toast to change by 5%. (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 (f-k): Part 2. Beer prices increase 17 % causing a 18 % increase in the amount offered for sale. The degree of elasticity is (a-e): The type of elasticity is (f-k): Part 3. Beef producers' sales change by 5 % because of a 6 % 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 (f-k): Part 4. Book prices change by -4% causing bookshop sales to change by 5%. (Note: decreases in p or 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 (f-k): Part 5. Soda water prices change 12% causing a -9 % change in juice sales. (Note: decreases in p or q will be shown as a negative change, increases shown as a positive change)

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 3.6P: (Price Elasticity of Supply) Calculate the price elasticity of supply for each of the following...
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Choose the degree AND the type of elasticity list for each event below: Please use ONLY lower case letters as your answers. Degree Type a) perfectly elastic f) price elasticity of demand b) elastic g) price elasticity of supply c) unit elastic h) cross elasticity (substitute) d) inelastic i) cross elasticity (complement) j) income elasticity (normal) e) perfectly inelastic k) income elasticity (inferior) Part 1. Egg prices change by -4% causing the demand for toast to change by 5%. (Note: decreases in p or 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 (f-k): Part 2. Beer prices increase 17 % causing a 18 % increase in the amount offered for sale. The degree of elasticity is (a-e): The type of elasticity is (f-k): Part 3. Beef producers' sales change by 5 % because of a 6 % 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 (f-k): Part 4. Book prices change by -4% causing bookshop sales to change by 5%. (Note: decreases in p or 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 (f-k): Part 5. Soda water prices change 12% causing a -9 % change in juice sales. (Note: decreases in p or q will be shown as a negative change, increases shown as a positive change)
Transcribed Image Text:Choose the degree AND the type of elasticity list for each event below: Please use ONLY lower case letters as your answers. Degree Type a) perfectly elastic f) price elasticity of demand b) elastic g) price elasticity of supply c) unit elastic h) cross elasticity (substitute) d) inelastic i) cross elasticity (complement) j) income elasticity (normal) e) perfectly inelastic k) income elasticity (inferior) Part 1. Egg prices change by -4% causing the demand for toast to change by 5%. (Note: decreases in p or 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 (f-k): Part 2. Beer prices increase 17 % causing a 18 % increase in the amount offered for sale. The degree of elasticity is (a-e): The type of elasticity is (f-k): Part 3. Beef producers' sales change by 5 % because of a 6 % 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 (f-k): Part 4. Book prices change by -4% causing bookshop sales to change by 5%. (Note: decreases in p or 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 (f-k): Part 5. Soda water prices change 12% causing a -9 % change in juice sales. (Note: decreases in p or q will be shown as a negative change, increases shown as a positive change)
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