Grilled cheese sandwiches are $4, and the quantity demanded is 60. When the price falls to $3/sandwich, the quantity demanded rises to 80. What is the price elasticity of grilled cheese sandwiches?Widgets are $3, and the quantity demanded is 200. When the price of widgets rises to $5, the quantity demanded falls to 100. What is the price elasticity of demand for widgets?Coffee is $1 per cup, and the quantity demanded is 500. The price of coffee rises to $1.25 per cup, and the quantity demanded falls to 400. What is the price elasticity of demand for cups of coffee?

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Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 12CQ: Jills Sausage Dog Stand projects the following demand for Jills sausage dogs: a. Calculate the price...

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Grilled cheese sandwiches are $4, and the quantity demanded is 60. When the price falls to $3/sandwich, the quantity demanded rises to 80. What is the price elasticity of grilled cheese sandwiches?
Widgets are $3, and the quantity demanded is 200. When the price of widgets rises to $5, the quantity demanded falls to 100. What is the price elasticity of demand for widgets?
Coffee is $1 per cup, and the quantity demanded is 500. The price of coffee rises to $1.25 per cup, and the quantity demanded falls to 400. What is the price elasticity of demand for cups of coffee?

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