price elasticity of demand

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
 

Price

 

Quantity Demanded

Item

 

Last Month

 

This Month

 

Last Month

 

This Month

Large Drink

$6.00

 

$5.50

 

150

 

161

Large Popcorn

$7.50

 

$8.00

 

125

 

101

Small Drink

$2.50

 

$2.00

 

75

 

80

Small Popcorn

$5.00

 

$5.25

 

45

 

39

Candy

 

$4.00

 

$3.50

 

57

 

68

Hot Dog

 

$5.00

 

$5.25

 

35

 

36

Movie Ticket

$8.00

 

$9.00

 

428

 

300

Q1: Calculate the price elasticity of demand for small drinks. (Show your work.

Q2: Is the price elasticity of demand for small drinks price elastic, inelastic, or unit (unitary)?

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