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 large popcorn (show work) Q2: Is the price elasticity of demand for large popcorn price elastic, inelastic, or unit (unitary)? Q3:
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 large popcorn (show work) Q2: Is the price elasticity of demand for large popcorn price elastic, inelastic, or unit (unitary)? Q3:
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 4E
Related questions
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
Q2: Is the price elasticity of demand for large popcorn price elastic, inelastic, or unit (unitary)?
Q3:
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