Explanation Given information: The elasticity of a good is E = 0.5 . Price of the good is increased by 3 % . Calculation: Let us suppose p is the price of the good with demand quantity q . Δ p denotes the change in price and Δ q represents corresponding change in demand. So, percent change in price will be Δ p p . And corresponding percent change in demand will be Δ q q . If E = 0.5 is the elasticity of demand then, Δ q q = − E Δ p p To determine (b) The effect on the demand quantity.

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 4.6, Problem 1P

To determine

(a)

The effect on the demand quantity.

To determine

(b)

The effect on the demand quantity.

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Chapter 4.5, Problem 17P

Chapter 4.6, Problem 2P

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(a) The effect on the demand quantity.

Solution Summary: The author explains how the elasticity of a good is E=0.5 and the price of the good increases by 3%.