MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 6, Problem 2IP

(a)

To determine

Explain the given statement.

(b)

To determine

Identify the products other than coffee whose standard size has shrunk.

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Choose a product which you are familiar with.  Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good?  What happens to quantity demanded?  Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity?  If there is more than one determining factor, please explain your reasoning.  [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).
What types of things might impact price elasticity?
Why do these goods have the elasticity that they do? Inelastic Coffee, Elasticity: 0.25 Elastic Avocados, Elasticity: 4.6 Approximately Unitary Elasticity Movies, Elasticity: 0.9
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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License