MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 6.1, Problem 9Q
To determine

Determine the changes in the total revenue.

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What is the cross price elasticity?
Using the midpoint formula, calculate elasticity for each of the following changes in demand. Demand for: a. Cashews b. Portable hard drive (4 terabytes) c. 6-gauge copper wire d. Toothpaste P₁ $7.50 per pound $80 $0.60 per lineal foot $2.00 per tube P₂ $6.00 per pound $120 $0.45 per lineal foot $2.40 per tube Q₁ 800 pounds per month 75 per year 2,500 lineal feet per week 10 tubes per month Q₂ 1,000 pounds per month 65 per year 5,000 lineal feet per week 9 tubes per month
For which of the following goods is the income elasticity of demand likely highest?   a.  tennis lessons     b.  allergy medication     c.  clothing     d.  cell phone contracts
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