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Calculate percent change in the quantity demanded

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1. If the price elasticity of demand for college textbooks is -0.2, and the price of textbooks increases by 15%.

a. Calculate percent change in the quantity demanded, will it increase or decrease?

b. Is demand elastic or inelastic?

2. If the price elasticity of demand for spring break packages to Dubai is -4. You notice that this year in Dubai the quantity of packages demanded increased by 15%.

a. What happened to the price of Dubai vacation packages?

b. By how many percent price has changed?

c. Is demand elastic or inelastic?

3. In Germany, the price elasticity of oil has been estimated at 0.3. How much would the price of oil have risen in order to cut oil consumption by 50%?

4. The price elasticity of oil has been estimated at 0.4. If the price of oil rises by 15%, how much will the quantity of oil demanded fall?

5. Suppose we know that the price elasticity of demand of good X is equal to 1.2. Price increased by 5%.

a. Calculate quantity demanded

b. Calculate total revenue?

Reference no: EM132639088

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