Describe terms relevant to elasticity used in explanation

Reference no: EM1328174

Solution to "Elasticity" question

Details: Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work you used to support your answer.

Objective: Use supply and demand to analyze business activities to formulate business plans.

In order to maximize points earned, the following template should be used in answering this assignment. (Please copy and paste this template into a Word document and state your answers below each question-omit this top section in your submission to lower similarity score).) Include a cover sheet and citations that follows APA guidelines:

1.a. State clearly below the formula(s) you have applied in order to calculate the elasticity (calculation is not the same as formula)?

1. b. Draw up table showing breakdown of data/calculations/results on the basis of which you arrived at your decision in 1c.

1. c. What is your conclusion regarding whether the demand is elastic/inelastic/unit elastic? Explain your answer and define terms relevant to elasticity used in your explanation.

Reference no: EM1328174

Questions Cloud

Modify the pseudocode and optimize : offer valid reasons why the pseudocode is now more efficient.

Explaining leader-follower relationship : In a leader-follower relationship, is it ever appropriate to change your behavior based on a person's gender or cultural background?

Regarding the sexual harassment : Is this a case of sexual harassment? If so, what type? What might the legal penalties be? What should Betty do?

Explain evaluation of music website : Explain Evaluation of Music Website and Describes how the "look and feel" differs for one Web sites for the music industry

Describe terms relevant to elasticity used in explanation : Elucidate your answer also describe terms relevant to elasticity used in your explanation.

The definite of a corporate parent : Identify and research an organization, which fits into the definite of a corporate parent.

Desirable to force users to creat an explicit choice : Why is it not desirable to force users to build an explicit choice of a query processing strategy? Are there cases where it is desirable for users to be aware of the costs of competing query-processing strategie.

Describe the exposure influenced by marketing mix component : Describe how your exposure was influenced by a marketing mix component.

Skills necessary to become knowledgeable teachers : Effective leaders need to master the skills necessary to become knowledgeable teachers and successful coaches.

User Account

All Pages