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Suppose that a store decreases the price of laundry detergent from $4 to $3.9. As a result, quantity demanded increases from 210 to 270.

Using the **mid-point elasticity approach**, calculate price elasticity of demand.

Your answer should be expressed in absolute value terms.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Suppose that a store decreases the price of laundry detergent from $4 to $3.7. As a result, quantity demanded increases from 210 to 240.

Based on this information classify the demand curve.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Consider the following demand schedule for bags.

Price | Quantity Demanded |
---|---|

$6 | 396 |

$12 | 390 |

$18 | 384 |

$24 | 378 |

$30 | 372 |

$36 | 366 |

$42 | 360 |

$48 | 354 |

Suppose that the store increases the price of bags from $42 to $48.

Using the **mid-point approach**, calculate the percentage change in quantity demanded.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Consider the following demand schedule for books.

Price | Quantity Demanded |
---|---|

$5 | 388 |

$10 | 368 |

$15 | 348 |

$20 | 328 |

$25 | 308 |

$30 | 288 |

$35 | 268 |

$40 | 248 |

Suppose that the store increases the price of books from $15 to $20.

Using the **mid-point approach**, calculate price elasticity of demanded.

Hint

Enter DNE for Does Not Exist, oo for Infinity

Consider the following demand schedule for shoes.

Price | Quantity Demanded |
---|---|

$8 | 365 |

$16 | 325 |

$24 | 285 |

$32 | 245 |

$40 | 205 |

$48 | 165 |

$56 | 125 |

$64 | 85 |

Suppose that the store increases the price of shoes from $8 to $16.

Based on this information classify the demand curve.

Hint

Box 1: Select the best answer