Note :Please Solve d,and e . *1. The figure below shows the demand for pens. The demand curve Do describes thedemand for pens when the price of refillable pencils is $2. The line D: describes thedemand for pensif the price of refillable pencils were to rise to $4. De and D; are straightlines and the drawing is made to scale so, for instance, when P=10 then Q=20,when P-8then Q = 40 and so on.16-Price14412410D₂D₁80 100 120 140Pens per dayParts a)-d) refer to changes in the price of pens, holding the price of pencils constant at$2.a) Calculate the midpoint (arc) elasticity of demand for a rise in the price of pensfrom $2 to 54.b) Calculate the gradient (or slope) of the demand curve for pens. The gradient isconstantalong a straight line and therefore also equal to the derivative of P withrespect to Q (dP/dQ). Now you can calculate dQ/dP in order to solve part c.c) Calculate the point elasticity of demand both at a price of $2 and at a price of $4.d) What happens to total sales revenue for pens as the price for pens changes from $2 to$4?e) Calculate the cross-price elasticity of demand for pens when the price of pens is $2,and the price of refillable pencils increases from $2 to $4 (use the arc elasticityformula). Note, when the price of refillable pencils increases from $2 to $4, thequantity demanded of pens (at price $2) increases from 100 to 120.

Demand is defined as the desire and ability to pay for an individual at various prices at a given…

d) What happens to total sales revenue for pens as the price for pens changes from $2 to $4? e) Calculate the cross-price elasticity of demand for pens when the price of pens is $2, and the price of refillable pencils increases from $2 to $4 (use the arc elasticity formula). Note, when the price of refillable pencils increases from $2 to $4, the quantity demanded of pens (at price $2) increases from 100 to 120.

d) What happens to total sales revenue for pens as the price for pens changes from $2 to $4? e) Calculate the cross-price elasticity of demand for pens when the price of pens is $2, and the price of refillable pencils increases from $2 to $4 (use the arc elasticity formula). Note, when the price of refillable pencils increases from $2 to $4, the quantity demanded of pens (at price $2) increases from 100 to 120.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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