Question

What is your elasticity of demand for going to this school? Is it elastic, inelastic, or...

What is your elasticity of demand for going to this school? Is it elastic, inelastic, or unit elastic? Explain your reason. If tuition rose 10%, what would you do?

What is your elasticity of demand for gasoline? is it elastic, inelastic, or unit elastic? explain your reason. If gas prices rose 10%, what would you do?

What is your elasticity of demand for movies?, is it elastic, inelastic or unit elastic? Explain your reason. if movie ticket prices rose 10%, what would you do?

Homework Answers

Answer #1

1) My elasticity of going to school is inelastic. Whatever be the change in the external factors, I have to go to school.

If the tuition fee rose by 10%, my answer will remain the same. i.e., inelastic. 10% hike in tuition fee cannot stop me from going to the school as the school education is very important for professional courses.

2) My elsaticity for gasoline is elastic. If gas prices rose by 10%, I would check for the alternate fuel if the price rise is out of my budget.

3) My elasticity for movies is elastic. If movie ticket prices rose 10%, I may switch to alternate ways of watching movies through DVD's, internet etc.,

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