1 if the price of a good increases from 20 to 25 and the, Ask an Expert

Economics

1. If the price of a good increases from $20 to $25 and the quantity demanded of a good decreases from 100 to 90, what is the elasticity of demand? Is the demand elastic, unit elastic, or inelastic? Use the midpoint method. Round to the nearest hundredth.

2. In the market for beer, the elasticity of demand is – 0.8 and the elasticity of supply is + 2.4. Suppose the supply of beer increases by 4%. What is the effect on price?

3. If the elasticity of demand is -1.5 and the percent change in price is -10%, what is the percent change in quantity demanded?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91708863

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