Question7 As the unit price of hamburgers rises from $10 to $12 the quantity demanded of hamburgers falls from 6.000 to 4,000. Calculate the price elasticity of demand of hamburgers using mid- A. point method. Is the demand elastic, unit elastic or inelastic? Assume the price elasticity of demand for hotdogs is elastic and price elasticity of supply B. of hotdogs is inelastic. A new technology has just been developed and the hotdog producers can now produce hotdogs at a lower cost. What impact would the new technology have on the revenue of the hotdog producers? Explain your answer. C. An economy produces two goods, donut and yogurt. Below are the data for 2017, 2018 and 2019. Yogurt Quantity 500 Donut Year Price Quantity Price $5 $8 500 2017 1,000 1,000 $6 $10 1,500 2,000 2018 $9 $12 2019 Use 2017 as the base year, calculate the percentage change in real GDP from 2018 to 2019. Suppose in an economy where consumers buy only the 3 goods in the table below. D. Banana Potato Coffee Year Price Price Price $2 $1 $2 $2 2018 $3 $2 2019 Assume the market basket contains 90 potatoes, 30 coffees and 100 bananas. With 2018 as the base year, use the CPI (consumer price index) method to calculate the inflation rate in 2019.

Question7 As the unit price of hamburgers rises from $10 to $12 the quantity demanded of hamburgers falls from 6.000 to 4,000. Calculate the price elasticity of demand of hamburgers using mid- A. point method. Is the demand elastic, unit elastic or inelastic? Assume the price elasticity of demand for hotdogs is elastic and price elasticity of supply B. of hotdogs is inelastic. A new technology has just been developed and the hotdog producers can now produce hotdogs at a lower cost. What impact would the new technology have on the revenue of the hotdog producers? Explain your answer. C. An economy produces two goods, donut and yogurt. Below are the data for 2017, 2018 and 2019. Yogurt Quantity 500 Donut Year Price Quantity Price $5 $8 500 2017 1,000 1,000 $6 $10 1,500 2,000 2018 $9 $12 2019 Use 2017 as the base year, calculate the percentage change in real GDP from 2018 to 2019. Suppose in an economy where consumers buy only the 3 goods in the table below. D. Banana Potato Coffee Year Price Price Price $2 $1 $2 $2 2018 $3 $2 2019 Assume the market basket contains 90 potatoes, 30 coffees and 100 bananas. With 2018 as the base year, use the CPI (consumer price index) method to calculate the inflation rate in 2019.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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