Scribd Logo
Upload

Welcome to Scribd!

  • 31 views

    @@assignment Elasticity

    Uploaded by

    Abhishek
    This document contains questions about calculating price elasticity of demand for various goods based on percentage changes in price and quantity demanded. It asks the student to identify whether the goods in each situation are elastic, unitary elastic, or inelastic, and to judge whether sample products would generally be elastic or inelastic based on their characteristics. It also contains questions about calculating elasticity based on price and quantity changes for specific goods like shoes, gas, and fidget spinners.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    @@assignment Elasticity

    Uploaded by

    Abhishek
    31 views2 pages
    This document contains questions about calculating price elasticity of demand for various goods based on percentage changes in price and quantity demanded. It asks the student to identify whether the goods in each situation are elastic, unitary elastic, or inelastic, and to judge whether sample products would generally be elastic or inelastic based on their characteristics. It also contains questions about calculating elasticity based on price and quantity changes for specific goods like shoes, gas, and fidget spinners.

    Original Description:

    Microeconomics practice assignment for elasticity.

    Original Title

    @@Assignment-Elasticity

    Copyright

    © © All Rights Reserved

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains questions about calculating price elasticity of demand for various goods based on percentage changes in price and quantity demanded. It asks the student to identify whether the goods in each situation are elastic, unitary elastic, or inelastic, and to judge whether sample products would generally be elastic or inelastic based on their characteristics. It also contains questions about calculating elasticity based on price and quantity changes for specific goods like shoes, gas, and fidget spinners.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    31 views2 pages

    @@assignment Elasticity

    Uploaded by

    Abhishek
    This document contains questions about calculating price elasticity of demand for various goods based on percentage changes in price and quantity demanded. It asks the student to identify whether the goods in each situation are elastic, unitary elastic, or inelastic, and to judge whether sample products would generally be elastic or inelastic based on their characteristics. It also contains questions about calculating elasticity based on price and quantity changes for specific goods like shoes, gas, and fidget spinners.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Name___________ Assignment-Elasticity

    Q1. Calculate values of Price Elasticity for all the situations below:

    Price Quantity % change in quantity % change in Elasticity of


    Initial New Initial New demanded price Demand

    25 30 100 40 1. ___________

    40 70 120 90 2. ___________

    200 220 80 64 3. ___________

    50 75 150 135 4. ___________

    Q2. In each case identify whether you would describe it as elastic / unitary elastic / inelastic
    1. _________________________ 2. _________________________
    3. _________________________ 4. _________________________

    Q3. Judge the products in the table below to decide whether you think they will be elastic or inelastic:

    Product Elastic or inelastic? Why?

    Salt

    Hawaiian Vacation

    Apple iPhone

    Cigarettes

    Tap Water

    Gasoline

    Dasani Water

    Cooking oil

    Heart medication

    Oriental rugs

    Chocolate
    'Heinz' baked beans
    Q4. At a price of $300.00 the quantity demanded is 100 pairs of the new Yeezy shoes. Kanye West
    decides to drop the price of his shoes to $200 and suddenly the quantity demanded jumps up to
    150 pairs of shoes. Are the shoes an elastic or inelastic good?

    Initial Price:
    Initial Quantity Demanded:
    New Price:
    New Quantity Demanded:

    Is the good Elastic or Inelastic? (Circle One)


    Value:

    Q5. At a price of $3.00 the quantity supplied is 2000 gallons. Hurricane Harvey comes through and
    gas prices rise to $4.00. Now the quantity supplied is 4000 gallons. In this example an elastic or
    inelastic commodity?

    Initial Price:
    Initial Quantity Supplied:
    New Price:
    New Quantity Supplied:

    Is the good Elastic or Inelastic? (Circle One)


    Value:

    Q6. The new price of fidget spinners is $5.00 and at this price the quantity demanded is 1500.
    Originally however, the fidget spinner sold for $10.00 and the quantity demanded was 1200

    Initial Price:
    Initial Quantity Demanded:
    New Price:
    New Quantity Demanded:

    Is the good Elastic or Inelastic? (Circle One)


    Value:

    Q7. Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the
    price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. Is Julie's demand for
    envelopes elastic or inelastic? What is Julie's elasticity of demand?

    Q8. Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can
    charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of
    demand?

    You might also like