Suppose the demand schedule for burritos is as follows: Quantity Demanded (Income $30,000) Price Quantity Demanded (Income $90,000) $5 20 25 $6 16 22 $7 12 15 $8 8 10 $9 4 Use the midpoint method to calculate the price elasticity of demand for burritos if the price increases from $7 to $8 for someone with $30,000 of income. 1. Use the midpoint method to calculate the price elasticity of demand for burritos if the price increases from $7 to $8 for someone with $90,000 of income. 2. Is demand for burritos elastic or inelastic for customers earning $30,000? Explain. 3. Is demand for burritos elastic or inelastic for customers earning $90,000? Explain. 4.

Suppose the demand schedule for burritos is as follows: Quantity Demanded (Income $30,000) Price Quantity Demanded (Income $90,000) $5 20 25 $6 16 22 $7 12 15 $8 8 10 $9 4 Use the midpoint method to calculate the price elasticity of demand for burritos if the price increases from $7 to $8 for someone with $30,000 of income. 1. Use the midpoint method to calculate the price elasticity of demand for burritos if the price increases from $7 to $8 for someone with $90,000 of income. 2. Is demand for burritos elastic or inelastic for customers earning $30,000? Explain. 3. Is demand for burritos elastic or inelastic for customers earning $90,000? Explain. 4.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose the demand schedule for burritos is as follows:
Quantity Demanded (Income $30,000)
Price
Quantity Demanded (Income $90,000)
$5
20
25
$6
16
22
$7
12
15
$8
8
10
$9
4
Use the midpoint method to calculate the price elasticity of demand for burritos if the price
increases from $7 to $8 for someone with $30,000 of income.
1.
Use the midpoint method to calculate the price elasticity of demand for burritos if the price
increases from $7 to $8 for someone with $90,000 of income.
2.
Is demand for burritos elastic or inelastic for customers earning $30,000? Explain.
3.
Is demand for burritos elastic or inelastic for customers earning $90,000? Explain.
4.

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