Try another version of this question Suppose that a store decreases the price of peanut butter from $4 to $3.9. As a result, quantity demanded increases from 220 to 250. 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 cereal from $4.4 to $3.8. As a result, quantity demanded increases from 220 to 260. 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 jeans. Suppose that the store increases the price of jeans from $25 to $30. 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 shoes. Suppose that the store increases the price of shoes from $36 to $42. Using the mid-point approach, calculate price elasticity of demanded. Consider the following demand schedule for bags. Suppose that the store increases the price of bags from $35 to $42. Based on this information classify the demand curve. Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Box 2: Select the best answer Box 3: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Box 4: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Box 5: Select the best answer
Price Quantity Demanded $5 396 $10 391 $15 386 $20 381 $25 376 $30 371 $35 366 $40 361 Price Quantity Demanded $6 384 $12 360 $18 336 $24 312 $30 288 $36 264 $42 240 $48 216 Price Quantity Demanded $7 389 $14 368 $21 347 $28 326 $35 305 $42 284 $49 263 $56 242
Enter DNE for Does Not Exist, oo for Infinity
Enter DNE for Does Not Exist, oo for Infinity
Enter DNE for Does Not Exist, oo for Infinity