The table below shows the weekly demand for machine screws at the local hardware store. Demand for Machine Screws Price (dollars per pack) $5.00 4.50 4.00 3.50 Quantity (packs of 100 screws) 25 85 145 3.00 2.50 205 265 2.00 325 385 445 505 1.50 1.00 0.50 0.00 565 Instructions: Round your answers to 2 decimal places. If you are entering a negative number include a minus sign. a. Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws? b. Using the starting point method, what is the price elasticity of demand from a price of $2.50 to a price of $2.00 per pack of 100 screws? c. Using the starting point method, what is the price elasticity of demand from a price of $1.00 to a price of $0.50 per pack of 100 screws?

The table below shows the weekly demand for machine screws at the local hardware store. Demand for Machine Screws Price (dollars per pack) $5.00 4.50 4.00 3.50 Quantity (packs of 100 screws) 25 85 145 3.00 2.50 205 265 2.00 325 385 445 505 1.50 1.00 0.50 0.00 565 Instructions: Round your answers to 2 decimal places. If you are entering a negative number include a minus sign. a. Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws? b. Using the starting point method, what is the price elasticity of demand from a price of $2.50 to a price of $2.00 per pack of 100 screws? c. Using the starting point method, what is the price elasticity of demand from a price of $1.00 to a price of $0.50 per pack of 100 screws?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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