Price Quantity Demanded $5 385 $10 365 $15 345 $20 325 $25 305 $30 285 $35 265 $40 245 3. Suppose that the store increases the price of shoes from $25 to $30. Using the mid-point approach, calculate price elasticity of demanded. 4. Suppose that the store increases the price of shoes from $25 to $30. Based on this information, the demand curve would be classified as (select one): inelastic elastic unit elastic
Price Quantity Demanded $5 385 $10 365 $15 345 $20 325 $25 305 $30 285 $35 265 $40 245 3. Suppose that the store increases the price of shoes from $25 to $30. Using the mid-point approach, calculate price elasticity of demanded. 4. Suppose that the store increases the price of shoes from $25 to $30. Based on this information, the demand curve would be classified as (select one): inelastic elastic unit elastic
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Use the following information to answer questions 3 and 4:
Consider the following demand schedule for shoes.
Price |
Quantity Demanded |
$5 |
385 |
$10 |
365 |
$15 |
345 |
$20 |
325 |
$25 |
305 |
$30 |
285 |
$35 |
265 |
$40 |
245 |
3. Suppose that the store increases the price of shoes from $25 to $30. Using the mid-point approach, calculate
4. Suppose that the store increases the price of shoes from $25 to $30. Based on this information, the demand curve would be classified as (select one):
-
inelastic
-
elastic
-
unit elastic
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