Instructions: Enter your answers as a whole number. a. At a price of $350 per night, what is the quantity demanded of home rentals? 30 rentals b. At a price of $450 per night, what is the quantity demanded of home rentals? 20 rentals c. Using the midpoint formula, an increase in price from $350 to $450 per night represents a 28,6% Ⓒ25% 20% O 22.2% increase in price. d. Using the midpoint formula, an increase in price from $350 to $450 per night represents a O 66.7% Ⓒ100% O 150% Ⓒ 200% e. At a price of $450, the price elasticity of demand for nightly rentals (with the midpoint formula) is (rounded to two decimals) O-1.20. O-4.00. O-25. O-43. decrease in quantity demanded.

Instructions: Enter your answers as a whole number. a. At a price of $350 per night, what is the quantity demanded of home rentals? 30 rentals b. At a price of $450 per night, what is the quantity demanded of home rentals? 20 rentals c. Using the midpoint formula, an increase in price from $350 to $450 per night represents a 28,6% Ⓒ25% 20% O 22.2% increase in price. d. Using the midpoint formula, an increase in price from $350 to $450 per night represents a O 66.7% Ⓒ100% O 150% Ⓒ 200% e. At a price of $450, the price elasticity of demand for nightly rentals (with the midpoint formula) is (rounded to two decimals) O-1.20. O-4.00. O-25. O-43. decrease in quantity demanded.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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