Homework Answers
ANSWER:
| Price | Quantity | Total Revenue | Ed |
Elastic? Inelastic? Unitary? |
| $50 | 2 | $100 | N/A | N/A |
| 40 | 5 | $200 | -7.50 | Inelastic |
| 30 | 10 | $300 | -4.00 | Inelastic |
| 20 | 15 | $300 | -1.50 | Inelastic |
| 10 | 20 | $200 | -0.67 | Inelastic |
Calculations:
Price elasticity of Demand = Percentage change in quantity ÷ Percentage change in price
| i | ii | iii = i/ii | |
| % change in quantity | % change in price | Elasticity Ed | |
| 4a. | (3/2) x 100 = 150% | (-10/50) x 100 = -20% | -7.5 |
| 4b. | (5/5) x 100 = 100% | (-10/40) x 100 = -25% | -4 |
| 4c. | (5/10) x 100 = 50% | (-10/30) x 100 = -33.33% | -1.5 |
| 4d. | (5/15) x 100 = 33.33% | (-10/20) x 100 = -50% | -0.67 |
If the elasticity is <1 then it is Inelastic
If the elasticity is > 1 then it is Elastic
If the elasticity is = 1 then it is Unitary
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(elastic, inelastic or unit elastic)
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PLEASE READ VERY CAREFULLY!! SHOW ALL THE CALCULATIONS! AND LIST
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