Use the information in the table to answer parts a and b below. Be sure to show all your steps for work you do by hand. If you use a calculator for computations, show me how you set up the problem. Week #1 Week #2 Week #3 Pvr = $ 3.00 Pvr = $ 5.00 Pvr = $ 5.00 Pm = $ 6.00 Pm = $ 6.00 Pm = $ 6.00 Y = $100.00 Y = $100.00 Y = $ 80.00 Qvr = Qvr = 1 Qvr = Qm = 1 Qm = 2 Qm = Ley: "vr = price of a video rental Y = Raul's weekly income m = price of a movie ticket Qvr = quantity of videos Raul demands in week Qm = quantity of movie tickets Raul demands in week What is Raul's price-elasticity of demand for video rentals? Is Raul's demand for video rentals relatively elastic, relatively helastic, or unitary elastic in the price range given? Draw a graph to illustrate Raul's price-elasticity of demand, using the numbers bove. What is Raul's cross-price elasticity of demand between video rentals and movies? What does the number you get tell pu about the relationship between the two goods? Draw a diagram to illustrate.

Use the information in the table to answer parts a and b below. Be sure to show all your steps for work you do by hand. If you use a calculator for computations, show me how you set up the problem. Week #1 Week #2 Week #3 Pvr = $ 3.00 Pvr = $ 5.00 Pvr = $ 5.00 Pm = $ 6.00 Pm = $ 6.00 Pm = $ 6.00 Y = $100.00 Y = $100.00 Y = $ 80.00 Qvr = Qvr = 1 Qvr = Qm = 1 Qm = 2 Qm = Ley: "vr = price of a video rental Y = Raul's weekly income m = price of a movie ticket Qvr = quantity of videos Raul demands in week Qm = quantity of movie tickets Raul demands in week What is Raul's price-elasticity of demand for video rentals? Is Raul's demand for video rentals relatively elastic, relatively helastic, or unitary elastic in the price range given? Draw a graph to illustrate Raul's price-elasticity of demand, using the numbers bove. What is Raul's cross-price elasticity of demand between video rentals and movies? What does the number you get tell pu about the relationship between the two goods? Draw a diagram to illustrate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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