Try another version of this question
Suppose that a store decreases the price of cereal from $4 to $3.9. As a result, quantity demanded increases from 210 to 230.
Using the mid-point elasticity approach, calculate price elasticity of demand.
Your answer should be expressed in absolute value terms.
Suppose that a store decreases the price of laundry detergent from $4 to $3.6. As a result, quantity demanded increases from 180 to 270.
Based on this information, find the price elasticity, which you can use to classify the demand curve as price elastic, unit elastic or inelastic.
Consider the following demand schedule for bags.
| Price | Quantity Demanded |
|---|---|
| $7 | 385 |
| $14 | 364 |
| $21 | 343 |
| $28 | 322 |
| $35 | 301 |
| $42 | 280 |
| $49 | 259 |
| $56 | 238 |
Suppose that the store increases the price of bags from $35 to $42.
Using the mid-point approach, calculate the percentage change in quantity demanded.
Make sure that you include a negative sign if necessary.
Consider the following demand schedule for books.
| Price | Quantity Demanded |
|---|---|
| $10 | 376 |
| $20 | 346 |
| $30 | 316 |
| $40 | 286 |
| $50 | 256 |
| $60 | 226 |
| $70 | 196 |
| $80 | 166 |
Suppose that the store increases the price of books from $60 to $70.
Using the mid-point approach, calculate price elasticity of demanded.
Consider the following demand schedule for shoes.
| Price | Quantity Demanded |
|---|---|
| $4 | 398 |
| $8 | 394 |
| $12 | 390 |
| $16 | 386 |
| $20 | 382 |
| $24 | 378 |
| $28 | 374 |
| $32 | 370 |
Suppose that the store increases the price of shoes from $4 to $8.
Based on this information classify the demand curve.
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
Box 2: Select the best answer
Box 3: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
Box 4: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
Box 5: Select the best answer