QUESTION 1 Quantity demanded Price Elasticity 1 100 $5 ? 2 80 $10 ? 3 60 $15 ? 4 40 $20 ? 5 20 $25 ? 5 10 $30 ? Use the hypothetical demand schedule for movies above and d etermine the price elasticity of demand at each quantity demanded using the point formula. a. Quantity demanded Price Elasticity 1 100 $5 -0.2 2 80 $10 -0.5 3 60 $15 -1.0 4 40 $20 -2.0 5 20 $25 -2.5 5 10 $30 ----- b. Quantity demanded Price Elasticity 1 100 $5 ------ 2 80 $10 -0.2 3 60 $15 -0.5 4 40 $20 -1.0 5 20 $25 -2.0 5 10 $30 -2.5 c. Quantity demanded Price Elasticity 1 100 $5 -0.2 2 80 $10 -0.5 3 60 $15 -1.0 4 40 $20 -2.0 5 20 $25 -2.5 5 10 $30 -3.0 d. Quantity demanded Price Elasticity 1 100 $5 -0.2 2 80 $10 -0.2 3 60 $15 -0.5 4 40 $20 -1.0 5 20 $25 -2.0 5 10 $30 -2.5 e. Quantity demanded Price Elasticity 1 100 $5 1 2 80 $10 -0.2 3 60 $15 -0.5 4 40 $20 -1.0 5 20 $25 -2.0 5 10 $30 -2.5

QUESTION 1 Quantity demanded Price Elasticity 1 100 $5 ? 2 80 $10 ? 3 60 $15 ? 4 40 $20 ? 5 20 $25 ? 5 10 $30 ? Use the hypothetical demand schedule for movies above and d etermine the price elasticity of demand at each quantity demanded using the point formula. a. Quantity demanded Price Elasticity 1 100 $5 -0.2 2 80 $10 -0.5 3 60 $15 -1.0 4 40 $20 -2.0 5 20 $25 -2.5 5 10 $30 ----- b. Quantity demanded Price Elasticity 1 100 $5 ------ 2 80 $10 -0.2 3 60 $15 -0.5 4 40 $20 -1.0 5 20 $25 -2.0 5 10 $30 -2.5 c. Quantity demanded Price Elasticity 1 100 $5 -0.2 2 80 $10 -0.5 3 60 $15 -1.0 4 40 $20 -2.0 5 20 $25 -2.5 5 10 $30 -3.0 d. Quantity demanded Price Elasticity 1 100 $5 -0.2 2 80 $10 -0.2 3 60 $15 -0.5 4 40 $20 -1.0 5 20 $25 -2.0 5 10 $30 -2.5 e. Quantity demanded Price Elasticity 1 100 $5 1 2 80 $10 -0.2 3 60 $15 -0.5 4 40 $20 -1.0 5 20 $25 -2.0 5 10 $30 -2.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

QUESTION 1

	Quantity demanded	Price	Elasticity
1	100	$5	?
2	80	$10	?
3	60	$15	?
4	40	$20	?
5	20	$25	?
5	10	$30	?

Use the hypothetical demand schedule for movies above and d etermine the price elasticity of demand at each quantity demanded using the point formula.

	Quantity demanded	Price	Elasticity
1	100	$5	-0.2
2	80	$10	-0.5
3	60	$15	-1.0
4	40	$20	-2.0
5	20	$25	-2.5
5	10	$30	-----

	Quantity demanded	Price	Elasticity
1	100	$5	------
2	80	$10	-0.2
3	60	$15	-0.5
4	40	$20	-1.0
5	20	$25	-2.0
5	10	$30	-2.5

	Quantity demanded	Price	Elasticity
1	100	$5	-0.2
2	80	$10	-0.5
3	60	$15	-1.0
4	40	$20	-2.0
5	20	$25	-2.5
5	10	$30	-3.0

	Quantity demanded	Price	Elasticity
1	100	$5	-0.2
2	80	$10	-0.2
3	60	$15	-0.5
4	40	$20	-1.0
5	20	$25	-2.0
5	10	$30	-2.5

	Quantity demanded	Price	Elasticity
1	100	$5	1
2	80	$10	-0.2
3	60	$15	-0.5
4	40	$20	-1.0
5	20	$25	-2.0
5	10	$30	-2.5

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