Instructions: After interacting on your own with the model above press the "Reset" button. Use the Demand Slider in the "Settings" to have your demand curve match the equation listed. Use the absolute value for your answer (no minus sign). Round your answer to one decimal place at the end of your calculations. At the initial demand curve (Demand: P=$6.00-0.100(Qd)} a. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $4.00 (P2)? b. What describes this price change? Price elastic Instructions: Use the Demand Slider in the "Settings" to have your demand curve match the more elastic demand curve (Demand: P-$4.80-0.060(Qd)). Use the absolute value for your answer (no minus sign). Round your answer to one decimal place at the end of your calculations. c. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $4.00 (P2)?

Instructions: After interacting on your own with the model above press the "Reset" button. Use the Demand Slider in the "Settings" to have your demand curve match the equation listed. Use the absolute value for your answer (no minus sign). Round your answer to one decimal place at the end of your calculations. At the initial demand curve (Demand: P=$6.00-0.100(Qd)} a. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $4.00 (P2)? b. What describes this price change? Price elastic Instructions: Use the Demand Slider in the "Settings" to have your demand curve match the more elastic demand curve (Demand: P-$4.80-0.060(Qd)). Use the absolute value for your answer (no minus sign). Round your answer to one decimal place at the end of your calculations. c. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $4.00 (P2)?

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

100%

Assignment 7 Nunber 1

phs-Elasticity and Revenue
Saved
He
Use the interactive above to calculate the following problems:
Instructions: After interacting on your own with the model above press the "Reset" button. Use the Demand Slider in the "Settings" to
have your demand curve match the equation listed. Use the absolute value for your answer (no minus sign). Round your
answer to one decimal place at the end of your calculations.
At the initial demand curve (Demand: P=$6.00-0.100(Qd)}
a. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $4.00 (P2)?
b. What describes this price change? Price elastic
Instructions: Use the Demand Slider in the "Settings" to have your demand curve match the more elastic demand curve (Demand:
P-$4.80-0.060(Qd)). Use the absolute value for your answer (no minus sign). Round your answer to one decimal place at the end of
your calculations.
c. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $4.00 (P2)?
d. What describes this price change? Price elastic
Instructions: Use the Demand Slider in the "Settings" to have your demand curve match the more elastic demand curve (Demand:
P=$6.75-0.125(Qd)}. Use the absolute value for your answer (no minus sign). Round your answer to one decimal place at the end of
your calculations.
e. Using the midpoint method, what is the price elasticity of demand when the price changes from $3.00 (P1) to $1.00 (P2)?
f. What describes this price change? Price inelastic

($) Price
($) Expenditure
9.
100
8.
P, 90
80
6.
70
5.
60
50
P,
2 40
30
2
20
es
10
TR
0 10 20 30 40 50 60 70 80 90
10 20 30 40 50 60 70 80 90
Quantity (per week)
Quantity (per week)
SETTINGS
Reset
囲 DATA
Demand
Demand: P = $4.37 0.046(Qd)
More
More
Inelastic
Elastic
($) Price
$3.00
Q1
29.8
Low
High
P2
$3.84
Q2
11.5
($) Price
3.84

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