Answered: Given: Qd = 800 - 4P Qs = 8P - 400…

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Given: Qd = 800 - 4P Qs = 8P - 400 What is the Arc Elasticity where P = 150 and P = 100?

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

Given:

Qd = 800 - 4P

Qs = 8P - 400

What is the Arc Elasticity where P = 150 and P = 100?

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DEPENDENT VARIABLE Qc R- SQUARE P- VALUE ON F 64 0.8093 0.0001 INDEPENDENTVARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 8.20 4.01 2.04 0.0461 PC -3.54 1.64 -2.16 0.0357 M 0.64287 0.19 3.38 0.0014 PA 0.7854 0.38 2.07 0.0439 6. If tax revenue per capita (M) increases by 10, what will happen to the estimated quantity of cement demanded? Q = f( P, M, PR) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and PR = the price of asphalt per yard.
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