Inicially a slice of pizza coses S9, and a change in the market makes the price of a slice of pizza $5: before the change in the price of a slice of pizza, Jamal consumed 7 cups of seltzer per week and now consumes 17 cups of seltzer per week. Indicate whether the changes are positive or negative and keep 2 decimals. (Use the midpoint formula and averages for all your calculations) What is the percentage change in the price of a slice of pizza? What is the percentage change in che quantity of selczer? What is the Cross Price Plasticity of Demand? % % Jamal purchases 13 packs of beer every month at a price is $3.5. When the price changes to $5, Jamal still purchases 13 packs of beer every month. (Use the midpoint formula and averages for all your calculations) What is the percentage change in the price of packs of beer?

Inicially a slice of pizza coses S9, and a change in the market makes the price of a slice of pizza $5: before the change in the price of a slice of pizza, Jamal consumed 7 cups of seltzer per week and now consumes 17 cups of seltzer per week. Indicate whether the changes are positive or negative and keep 2 decimals. (Use the midpoint formula and averages for all your calculations) What is the percentage change in the price of a slice of pizza? What is the percentage change in che quantity of selczer? What is the Cross Price Plasticity of Demand? % % Jamal purchases 13 packs of beer every month at a price is $3.5. When the price changes to $5, Jamal still purchases 13 packs of beer every month. (Use the midpoint formula and averages for all your calculations) What is the percentage change in the price of packs of beer?

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

Note: The answer should be typed.

Initially a slice of pizza coses 89, and a change in the market makes the price of a slice of pizza $5: before the change in the
price of a slice of pizza, Jamal consumed 7 cups of seltzer per week and now consumes 17 cups of seltzer per week. Indicate
whether the changes are positive or negative and keep 2 decimals. (Use the midpoint formula and averages for all your
calculations)
What is the percentage change in the price of a slice of pizza?
What is the percentage change in the quantity of selczer?
What is the Cross Price Elasticity of Demand?
%
Jamal purchases 13 packs of beer every month at a price is $3.5.
When the price changes to $5, Jamal still purchases 13 packs of beer every month.
(Use the midpoint formula and averages for all your calculations)
What is the percentage change in the price of packs of beer?

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Step 1: Define Cross Elasticity of Demand.

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Step 2: Find the % Change in P of Pizza.

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Step 3: Find the % Change in Q of Seltzer

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Step 4: Find the XEP.

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Step 5: Find the % Change in P of Beer

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