Calculate price elasticity when less consumers enter market

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Reference no: EM131095897

The following graph will represent U.S. dollars on the y-axis and lbs. on the x-axis.

Good X

1) Refer to the figure above. Calculate the price elasticity when less consumers enter the market of Good X by 3 lbs.

A) EpD = 1.39

B) EpS = 1.39

C) EpD = 0.94

D) EpS = 0.94

2) From number 18 (point B), calculate the price elasticity when technology is introduced in Good X leading to an increase of 1 lb.

A) EpD = 0.82

B) EpS = 0.82

C) EpD = 1.22

D) EpS = 1.22

3) From number 19 (point C), calculate the price elasticity when more producers enter the market of Good X leading to an increase of 3 lbs.

A) EpD = 1.68

B) EpS = 1.68

C) EpD = 0.60

D) EpS = 0.60

4) From number 20 (point D), calculate the price elasticity when consumers expect price to increase tomorrow for Good X leading to an increase of 3 lbs.

A) EpD = 2.31

B) EpS = 2.31

C) EpD = 0.43

D) EpS = 0.43

Reference no: EM131095897

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