MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 6, Problem 21QE
To determine

Determine the income elasticity of demand.

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Consider the price elasticity of demand for potatoes vs houses. Which product has a larger price elasticity of demand and why? Please make sure you relate the most appropriate economic concepts and theory.
a) What is the price elasticity of demand? Mention four factors that affect the priceelasticity of demand.b) Explain what we mean by the demand is elastic, inelastic, unit elastic, perfectlyinelastic, perfectly elastic.c) Give THREE examples from your life that can be applied on each case of priceelasticity (elastic, inelastic, perfectly inelastic)d) Are airline tickets more expensive a few months before the flight or one day or severalhours before the plan takes off? Explain your answer.
Netflix raises the price of its service from $11 per month to $14 per month. This causes the number of people subscribing to HCCCtinder – a school-specific dating app – to rise from 2,200 to 2,500. What is the cross-price elasticity of demand? Based upon your answer, are Netflix and HCCCtinder substitutes or compliments?
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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License