Learning Journal prompt: I. Refer to the Unit 3 Learning Journal Elasticity Tables document to complete the assignment. Calculate the price elasticity of demand from point B to point C. Classify the elasticity for point B to point C as elastic, inelastic, or unitary. Provide an explanation for the elasticity for point B to point C.
Learning Journal prompt: I. Refer to the Unit 3 Learning Journal Elasticity Tables document to complete the assignment. Calculate the price elasticity of demand from point B to point C. Classify the elasticity for point B to point C as elastic, inelastic, or unitary. Provide an explanation for the elasticity for point B to point C.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Learning Journal prompt:
I. Refer to the Unit 3 Learning Journal Elasticity Tables document to complete the assignment.
- Calculate the
price elasticity of demand from point B to point C. - Classify the elasticity for point B to point C as elastic, inelastic, or unitary.
- Provide an explanation for the elasticity for point B to point C.
- Calculate the price elasticity of demand from point D to point E.
- Classify the elasticity for point D to point E as elastic, inelastic, or unitary.
- Provide an explanation for the elasticity for point D to point E.
- Calculate the price elasticity of demand from point G to point H.
- Classify the elasticity for point G to point H as elastic, inelastic, or unitary.
- Provide an explanation for the elasticity for point G to point H.
- Calculate the price elasticity of supply from point K to point L.
- Classify the elasticity for point K to point L as elastic, inelastic, or unitary.
- Provide an explanation for the elasticity for point K to point L.
- Calculate the price elasticity of supply from point N to point P.
- Classify the elasticity for point N to point P as elastic, inelastic, or unitary.
- Provide an explanation for the elasticity for point N to point P.
- Calculate the price elasticity of supply from point Q to point R.
- Classify the elasticity for point Q to point R as elastic, inelastic, or unitary.
- Provide an explanation for the elasticity for point Q to point R.
II. Questions
- What did you like most about the Unit 3 learning journal?
- What did you least like about completing the Unit 3 learning journal?
- What is the most interesting thing have you learned about
Microeconomics since beginning this course?
![Table 1: Demand for athletic shoes
Points
Price
Quantity
A
$10
1,200
в
$20
2,000
$30
3,500
$40
1,800
E
$50
1,700
F
$60
1,500
G
$70
2,200
$80
1,600
$90
1,300
J
$100
1,900
Table 2: Supply for sunglasses
Points
Price
Quantity
K
$4
1,000
L
$8
1,100
M
$16
1,400
N
$32
1,600
$64
3,200
Q
$128
1,000
$256
1,400
zPo R](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fad722af1-18fc-4884-bce5-952628f3189c%2F16f8845d-75c1-4cfe-89b7-de5fdb5d055f%2F7y13cj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Table 1: Demand for athletic shoes
Points
Price
Quantity
A
$10
1,200
в
$20
2,000
$30
3,500
$40
1,800
E
$50
1,700
F
$60
1,500
G
$70
2,200
$80
1,600
$90
1,300
J
$100
1,900
Table 2: Supply for sunglasses
Points
Price
Quantity
K
$4
1,000
L
$8
1,100
M
$16
1,400
N
$32
1,600
$64
3,200
Q
$128
1,000
$256
1,400
zPo R
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