2 ras del es $10,000 el $1,150 18 13 What is the price elasticity of demand when

Question

2 ras del es $10,000 el $1,150 18 13 What is the price elasticity of demand when the price changes from 999 to 549 1- 2- What is the income elasticity of demand when income changes from 10,000 to 3- What is the income elasticity of demand when income changes from 10,000 to 4 What is the price elasticity of demand when the price changes from 1150 to 5- What is the price elasticity of demand when the price changes from 999 to 6- What is the price elasticityof demand when the price changes from 1200 to and the income is 25,000? 25,000 and the price is 549? 25,000 and the price is 999? 1200 and the income is 25000? 1150 and the income is 25000? 1150 and the income is 10,000? 7- What is the price elasticity of demand when the price changes from 999 to 1200 and the income is 25000?

Explanation / Answer

1.

Price elasticity of demand = % change in demand /% change in price

Price elasticity of demand =((50-33)/33)/((549-999)/999) = -1.14

2.

Income elasticity of demand = % change in demand /% change in income

Income elasticity of demand = ((50-29)/29)/((25000-10000)/10000) = .48

3.

Income elasticity of demand = ((33-18)/18)/((25000-10000)/10000) = .56

4.

Price elasticity of demand =((21-24)/24)/((1200-1150)/1150) = -2.875

5.

Price elasticity of demand =((24-33)/33)/((1150-999)/999) = -1.80

6.

Price elasticity of demand = ((13-11)/11)/((1150-1200)/1200) = -4.36

7.

Price elasticity of demand = ((21-33)/33)/((1200-999)/999) = -1.81

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