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Demand Elasticity Continuum Inelastic Unit Elastic Elastic Less elastic More elastic Demand is elastic when a given change in price causes a relatively large change in the quantity demanded. For example: Demand is inelastic when a Demand is unit elastic when a given change in price causes a relatively smaller change in the quantity demanded. For example: given change in price causes a proportional change in the quantity demanded. For example: Theater tickets Price increase: 15% Quantity demanded decreases: 15% Insulin Price increases: 100% Hamburger Price increase: 20% Quantity demanded decrease: 5% Quantity demanded decrease: 50% 1. Divide the change in quantity demazded by the change in price for each of the three elasticities. Which one equals 1 berween inelastic, unit elastic or elastic? Answer: 2. Why did insulin's quantity demand not decrease more than 5%? Answer:

Demand Elasticity Continuum Inelastic Unit Elastic Elastic Less elastic More elastic Demand is elastic when a given change in price causes a relatively large change in the quantity demanded. For example: Demand is inelastic when a Demand is unit elastic when a given change in price causes a relatively smaller change in the quantity demanded. For example: given change in price causes a proportional change in the quantity demanded. For example: Theater tickets Price increase: 15% Quantity demanded decreases: 15% Insulin Price increases: 100% Hamburger Price increase: 20% Quantity demanded decrease: 5% Quantity demanded decrease: 50% 1. Divide the change in quantity demazded by the change in price for each of the three elasticities. Which one equals 1 berween inelastic, unit elastic or elastic? Answer: 2. Why did insulin's quantity demand not decrease more than 5%? Answer:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Demand Elasticity Continuum Inelastic Unit Elastic Elastic Less elastic More elastic Demand is elastic when a given change in price causes a relatively large change in the quantity demanded. For example: Demand is inelastic when a Demand is unit elastic when a given change in price causes a relatively smaller change in the quantity demanded. For example: given change in price causes a proportional change in the quantity demanded. For example: Theater tickets Price increase: 15% Quantity demanded decreases: 15% Hamburger Price increase: 20% Insulin Price increases: 100% Quantity demanded decrease: 5% Quantity demanded decrease: 50% 1. Divide the change in quantity demaşded by the change in price for each of the three elasticities. Which one equals 1 berween inelastic, unit elastic or elastic? Answer: 2. Why did insulin's quantity demand not decrease more than 5%? Answer: 3. Name something that you consider to be elastic and why? Answer: 4. Name something that you consider to be inelastic and why? Answer:
Transcribed Image Text:Demand Elasticity Continuum Inelastic Unit Elastic Elastic Less elastic More elastic Demand is elastic when a given change in price causes a relatively large change in the quantity demanded. For example: Demand is inelastic when a Demand is unit elastic when a given change in price causes a relatively smaller change in the quantity demanded. For example: given change in price causes a proportional change in the quantity demanded. For example: Theater tickets Price increase: 15% Quantity demanded decreases: 15% Hamburger Price increase: 20% Insulin Price increases: 100% Quantity demanded decrease: 5% Quantity demanded decrease: 50% 1. Divide the change in quantity demaşded by the change in price for each of the three elasticities. Which one equals 1 berween inelastic, unit elastic or elastic? Answer: 2. Why did insulin's quantity demand not decrease more than 5%? Answer: 3. Name something that you consider to be elastic and why? Answer: 4. Name something that you consider to be inelastic and why? Answer:
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