7. Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the elasticity statistic for the responsiveness of E to C changing from 2 to 6. a) 1 b)-3
7. Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the elasticity statistic for the responsiveness of E to C changing from 2 to 6. a) 1 b)-3
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text:QUESTION 7
28 C
24
20
16
12
8
4
0
0
4 8
07. Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the elasticity statistic for the responsiveness of E to C changing from 2 to 6.
a) 1
b) - 3
c) - 11
d) 17/3
e) 2/11
f) - 2/21
12
g) - 3/15.5
h) - 3/1.5
16
E
20

Transcribed Image Text:QUESTION 8
24
20
16
12
8
4
P
048
D
12 16 20 24
Q
08. Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the percent change in P going from P=$16 to P=$18.
a) 2/3
b) - 2/3
c) 3/17
d) 17/3
e) 2/11
f) - 2/11
g) 2/17
h) - 2/17
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