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You are an analyst. Your friend started a new business of selling masks. She knows that you have adequate knowledge of economics and business, and hence, asked for your help in making some important business decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found PED in February was 1.9 (absolute value), and PED of Masks in April was 0.8 (absolute value). (a) What type of good mask is in the month of April in terms of elasticity? Inelastic Elastic O Unit elastic Perfectly elastic (b) The market price of the mask in June was 10 taka per unit and revenue earned in June was 150 taka. How many masks were sold in June? Give your answer in 2 decimal places. (c) In 2(b), you found the quantity demanded for masks in June. You received the data for August and observed that the price in August was 29 per unit and the quantity demanded of masks in August is 7. Calculate the Price Elasticity of Demand (PED) for masks from June to August. Submit absolute value and give your answer in 2 decimal places. E.g. If you get PED = -0.253 then submit 0.25

You are an analyst. Your friend started a new business of selling masks. She knows that you have adequate knowledge of economics and business, and hence, asked for your help in making some important business decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found PED in February was 1.9 (absolute value), and PED of Masks in April was 0.8 (absolute value). (a) What type of good mask is in the month of April in terms of elasticity? Inelastic Elastic O Unit elastic Perfectly elastic (b) The market price of the mask in June was 10 taka per unit and revenue earned in June was 150 taka. How many masks were sold in June? Give your answer in 2 decimal places. (c) In 2(b), you found the quantity demanded for masks in June. You received the data for August and observed that the price in August was 29 per unit and the quantity demanded of masks in August is 7. Calculate the Price Elasticity of Demand (PED) for masks from June to August. Submit absolute value and give your answer in 2 decimal places. E.g. If you get PED = -0.253 then submit 0.25

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You are an analyst. Your friend started a new business of selling masks. She knows that you have adequate knowledge of economics and business, and hence, asked for your help in making some important business decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found PED in February was 1.9 (absolute value), and PED of Masks in April was 0.8 (absolute value). (a) What type of good mask is in the month of April in terms of elasticity? O Inelastic Elastic O Unit elastic O Perfectly elastic (b) The market price of the mask in June was 10 taka per unit and revenue earned in June was 150 taka. How many masks were sold in June? Give your answer in 2 decimal places. (c) In 2(b), you found the quantity demanded for masks in June. You received the data for August and observed that the price in August was 29 per unit and the quantity demanded of masks in August is 7. Calculate the Price Elasticity of Demand (PED) for masks from June to August. Submit absolute value and give your answer in 2 decimal places. E.g. If you get PED = -0.253 then submit 0.25
Transcribed Image Text:You are an analyst. Your friend started a new business of selling masks. She knows that you have adequate knowledge of economics and business, and hence, asked for your help in making some important business decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found PED in February was 1.9 (absolute value), and PED of Masks in April was 0.8 (absolute value). (a) What type of good mask is in the month of April in terms of elasticity? O Inelastic Elastic O Unit elastic O Perfectly elastic (b) The market price of the mask in June was 10 taka per unit and revenue earned in June was 150 taka. How many masks were sold in June? Give your answer in 2 decimal places. (c) In 2(b), you found the quantity demanded for masks in June. You received the data for August and observed that the price in August was 29 per unit and the quantity demanded of masks in August is 7. Calculate the Price Elasticity of Demand (PED) for masks from June to August. Submit absolute value and give your answer in 2 decimal places. E.g. If you get PED = -0.253 then submit 0.25
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