W b G G + d chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/views/ap. G f Office Editing for Docs, Sheets & Slides Suppose that when you get a better paying job (1) (1).docx W Download Share File Edit Format Tools Help A A B I U List Paragra... Calibri 1) Suppose that when you get a better paying job, and you make $60k now which is a $20k raise from your old job. You purchase less of the breakfast cereal you had been eating before. Previously, you purchased 24 boxes a year, and now you purchase 6boxes hare Alb year a) Calculate the elasticity that you have enough information here to calculate: b) What type of elasticity did you compute? c) What does the number you calculated mean? 2) The price of widgets has gone from 2.00 to 5.00 in six months, while the quantity purchased of watzits has gone from 4.2 million to 3.2 million. a) Calculate the elasticity that you have enough information here to calculate: b) What type of elasticity did you compute? c) What does the number you calculated mean? 3) Billy Joe is calculating an elasticity. When the price was 12 the quantity was 26 and when the price was 10 the quantity was 16 a) Calculate the elasticity that you have enough information here to calculate: b) What type of elasticity did you compute? c) What does the number you calculated mean? 3:20 r
W b G G + d chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/views/ap. G f Office Editing for Docs, Sheets & Slides Suppose that when you get a better paying job (1) (1).docx W Download Share File Edit Format Tools Help A A B I U List Paragra... Calibri 1) Suppose that when you get a better paying job, and you make $60k now which is a $20k raise from your old job. You purchase less of the breakfast cereal you had been eating before. Previously, you purchased 24 boxes a year, and now you purchase 6boxes hare Alb year a) Calculate the elasticity that you have enough information here to calculate: b) What type of elasticity did you compute? c) What does the number you calculated mean? 2) The price of widgets has gone from 2.00 to 5.00 in six months, while the quantity purchased of watzits has gone from 4.2 million to 3.2 million. a) Calculate the elasticity that you have enough information here to calculate: b) What type of elasticity did you compute? c) What does the number you calculated mean? 3) Billy Joe is calculating an elasticity. When the price was 12 the quantity was 26 and when the price was 10 the quantity was 16 a) Calculate the elasticity that you have enough information here to calculate: b) What type of elasticity did you compute? c) What does the number you calculated mean? 3:20 r
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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b
G
G
+
d
chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/views/ap.
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Office Editing for Docs, Sheets & Slides
Suppose that when you get a better paying job (1) (1).docx
W
Download
Share
File
Edit
Format
Tools
Help
A A
B I U
List Paragra...
Calibri
1)
Suppose that when you get a better paying job, and you make $60k now which is a $20k raise
from your old job. You purchase less of the breakfast cereal you had been eating before.
Previously, you purchased 24 boxes a year, and now you purchase 6boxes
hare Alb
year
a)
Calculate the elasticity that you have enough information here to calculate:
b)
What type of elasticity did you compute?
c)
What does the number you calculated mean?
2)
The price of widgets has gone from 2.00 to 5.00 in six months, while the quantity purchased of
watzits has gone from 4.2 million to 3.2 million.
a)
Calculate the elasticity that you have enough information here to calculate:
b)
What type of elasticity did you compute?
c) What does the number you calculated mean?
3)
Billy Joe is calculating an elasticity. When the price was 12 the quantity was 26 and when the
price was 10 the quantity was 16
a)
Calculate the elasticity that you have enough information here to calculate:
b)
What type of elasticity did you compute?
c) What does the number you calculated mean?
3:20
r
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