Price ($) 0 1 2 3 4 5 6 7 8 Quantity 56 48 42 35 28 21 14 7 0 Instructions: Round intermediate calculations and round your answers to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. a. The price elasticity of demand for a price change from $2 to $3 is: -0.45 The slope of the demand curve for a price change from $2 to $3 is: -7.00 b. The price elasticity of demand for a price change from $3 to $5 is: The slope of the demand curve for a price change from $3 to $5 is: -7.00 -1.00✔ c. The price elasticity of demand for a price change from $6 to $7 is: -4.33 The slope of the demand curve for a price change from $6 to $7 is: -700
Price ($) 0 1 2 3 4 5 6 7 8 Quantity 56 48 42 35 28 21 14 7 0 Instructions: Round intermediate calculations and round your answers to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. a. The price elasticity of demand for a price change from $2 to $3 is: -0.45 The slope of the demand curve for a price change from $2 to $3 is: -7.00 b. The price elasticity of demand for a price change from $3 to $5 is: The slope of the demand curve for a price change from $3 to $5 is: -7.00 -1.00✔ c. The price elasticity of demand for a price change from $6 to $7 is: -4.33 The slope of the demand curve for a price change from $6 to $7 is: -700
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Price ($)
0
1
2
3
4
5
6
7
8
Quantity
56
48
42
35
28
21
14
7
0
Instructions: Round intermediate calculations and round your answers to two decimal places. If you are entering a negative number
be sure to include a negative sign (-) in front of that number.
a. The price elasticity of demand for a price change from $2 to $3 is: -0.45 ✔
The slope of the demand curve for a price change from $2 to $3 is:
b. The price elasticity of demand for a price change from $3 to $5 is:
The slope of the demand curve for a price change from $3 to $5 is:
c. The price elasticity of demand for a price change from $6 to $7 is:
-7.00
-1.00 →
-7.00 x
-4.33
The slope of the demand curve for a price change from $6 to $7 is: -700
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