When the price of Good 1 changed from $7 per unit to $10 per unit, demand for Good 2 changed from 4000 units to 5000 units. Calculate the appropriate elasticity. You will interpret your findings in the next question. Enter only numbers, a decimal point, and/or a negative sign as needed. Round your answer to two decimal places as necessary; if you round on intermediate steps, use four places.

When the price of Good 1 changed from $7 per unit to $10 per unit, demand for Good 2 changed from 4000 units to 5000 units. Calculate the appropriate elasticity. You will interpret your findings in the next question. Enter only numbers, a decimal point, and/or a negative sign as needed. Round your answer to two decimal places as necessary; if you round on intermediate steps, use four places.

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

also with the questions in the picture : good 1 and 2 can be described as what : substitutes, elastic goods, unit elastic goods, inferior goods, complements, normal goods, inelastic goods. More than one answer is right

When the price of Good 1 changed from
$7 per unit to $10 per unit, demand for
Good 2 changed from 4000 units to 5000
units. Calculate the appropriate elasticity.
You will interpret your findings in the next
question.Enter only numbers, a decimal
point, and/or a negative sign as needed.
Round your answer to two decimal places
as necessary; if you round on intermediate
steps, use four places.

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