Suppose that your demand schedule for CD is as follows: Price Quantity demand (income =$10 000) Quantity demand (income =$12 000) $8 40 50 10 32 45 12 24 30 14 16 20 16 8 12 Calculate your price elasticity of demand as the price of CD increases from $8 to $10 if i) your income is $10 000 and ii) your income is $12 000. Calculate your income elasticity of demand as your income increase from $10 000 to 12 000 if i) the price is $12 and ii) the price is $16
Suppose that your demand schedule for CD is as follows: Price Quantity demand (income =$10 000) Quantity demand (income =$12 000) $8 40 50 10 32 45 12 24 30 14 16 20 16 8 12 Calculate your price elasticity of demand as the price of CD increases from $8 to $10 if i) your income is $10 000 and ii) your income is $12 000. Calculate your income elasticity of demand as your income increase from $10 000 to 12 000 if i) the price is $12 and ii) the price is $16
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose that your
|
Quantity demand (income =$10 000) |
Quantity demand (income =$12 000) |
$8 |
40 |
50 |
10 |
32 |
45 |
12 |
24 |
30 |
14 |
16 |
20 |
16 |
8 |
12 |
- Calculate your
price elasticity of demand as the price of CD increases from $8 to $10 if i) your income is $10 000 and ii) your income is $12 000. -
Calculate your income elasticity of demand as your income increase from $10 000 to 12 000 if i) the price is $12 and ii) the price is $16.
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