User Account

All Pages

Price elasticity of demand

Assignment Help Microeconomics
Reference no: EM132130185

Price                   Quantity of Pizzas Demanded       Quantity of Pizzas Demanded

(Dollars)                       (Income = $20,000)                     (Income = $24,000)

     8 40 50

   10 32 45

   12 24 30

   14 16 20

   16  8 12

  • Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $8 to $10 is ___ if your income is $20,000 an ___if your income is $24,000.
  • If the price of a pizza is $12, your income elasticity of demand is ____as your income increases from $20,000 to $24,000. However, if the price of a pizza is $16, your income elasticity is ___.

Reference no: EM132130185

Questions Cloud

Create a timeline based on iranian revolution : Create a timeline based on Iranian Revolution and Iran and Iraq war .
The acts passed by the british government : The British King and bureaucracy (the Crown) thought the colonists were acting like spoiled children.
Traveler looking for a room : You are the night manager at the Best-Sleep hotel. You are approached at 10 pm by a traveler looking for a room. The traveler says, "I can only spend $50."
How did ideas about the poor change in europe : HI 310: Describe industrialization and the social changes it brought. How did Europeans respond to those changes in the first half of the 19th century?
Price elasticity of demand : Using the midpoint method, your price elasticity of demand as the price of pizzas increases from $8 to $10
What do you think would be the best and most fair way : Should there be a legal path to citizenship for the undocumented children of illegal immigrants? Why or why not?
Calculate the price elasticity of supply : Calculate the price elasticity of supply between 2016 and 2017 if the price of oil increased by 20% in the same time period and round the answer to one decimal
Choosing between a public and private school : How would I draw the graph of a budget constraint for a family choosing between a public and private school?
Does the imagery borrow from earlier pagan art : Does the imagery borrow from earlier pagan art? Has the pagan symbolism changed within a new Christian context?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd