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Compute the following word problems and identify what type of elasticity is each. Show your PED of the answers using both point elasticity formula and midpoint formula.

Compute the following word problems and identify what type of elasticity is each. Show your PED of the answers using both point elasticity formula and midpoint formula.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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D. Activity: Solving Time! points) (15 Compute the following word problems and identify what type of elasticity is PED of the each. Show your answers using both point elasticity formula and midpoint formula. 1. Last month, at P14 per (KWH), household used to consume kilowatt hour а 380 KWH. However, price of electricity has risen to P20 per KWH that resulted to decreased consumption of 340 KWH. 2. A fruit vendor used to sell 400 oranges at P12 each. Due to inadequate supply, the price increased to P16 that led to selling 200 oranges. 3. Using the point elastic formula, find the value of Q1 if Q2-10, Р1-30, Р2-40, and PED=1.5
Transcribed Image Text:D. Activity: Solving Time! points) (15 Compute the following word problems and identify what type of elasticity is PED of the each. Show your answers using both point elasticity formula and midpoint formula. 1. Last month, at P14 per (KWH), household used to consume kilowatt hour а 380 KWH. However, price of electricity has risen to P20 per KWH that resulted to decreased consumption of 340 KWH. 2. A fruit vendor used to sell 400 oranges at P12 each. Due to inadequate supply, the price increased to P16 that led to selling 200 oranges. 3. Using the point elastic formula, find the value of Q1 if Q2-10, Р1-30, Р2-40, and PED=1.5
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