Question

16. At a price of $4, quantity demanded is 100; and at a price of $6, quantity demanded is 120. Using the midpoint formula, the price elasticity of demand is ________ and demand is ________.

A) 0.1; inelastic

B) 0.45; inelastic

C) -2.2; elastic

D) -10; elastic

Answer #1

OPTION B

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Price Quantity Demanded $0 50 $2 40 $4 30 $6 20 $8 10 a. Using
the midpoint method, calculate the price elasticity of demand
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elastic, inelastic, or unit elastic? Show the work.

4. a) On Tuesday, price and quantity demanded are $7 and 120
units, respectively. A week later, price and quantity demanded are
$6 and 150 units, respectively. What is the price elasticity of
demand between the price of $7 and the price of $6? Use both the
mid-point formula method and the percentage change method. b) The
numbers from both methods are a bit different but their
interpretation is the same. Interpret this elasticity. (i.e. is it
elastic or inelastic...

Consider the following combinations of price and quantity
demanded for an unnamed good. These questions ask you to perform
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traditional formula and some ask you to use the midpoint formula.
For clarity, these two formulas are given below. The values you
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demanded goes from 60 to 70, the price elasticity of demand is?
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b. inelastic (less than 1)
c. unitary elastic (equal to 1)
d. none of the above

Consider the following combinations of price and quantity
demanded for an unnamed good. These questions ask you to perform
several percentage change an elasticity calculations. When
calculating percentage change, some questions ask you to use the
traditional formula and some ask you to use the midpoint formula.
For clarity, these two formulas are given below. The values you
calculate should be between -100 and 100 (not -1 to 1). Please
include the sign (if negative) in all of your responses....

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