Fill in the missing blanks Find in the missing amounts in the following table. (

Question

Fill in the missing blanks Find in the missing amounts in the following table. (Enter your responses rounded to two decimal places and include a minus sign if necessary. Do not include a plus sign for positive numbers). %Change in Price % %Change in Quantity Elasticity Demand for Ben & Jerry?s Ice +10% -12% Cream Demand for beer at Sam -20% % -0.5 Francisco 49ers football games Demand for Broadway theater tickets in New York % -15% -1.0 Supply of chickens +10% % +1.2 Supply of beef cattle -25% -10%

Explanation / Answer

Elasticity = % change in quantity / % change in price

a) Elasticity = -12/+10 = -1.20

b) -0.5 = %change in qty/-20

    %change in qty = 10%

c) -1 = -15/ %change in price

    %change in price = 15%

d) 1.2 = %change in qty/10

    %change in qty = 12%

e)Elasticity = -10/-25 = 0.4

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.