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Price elasticity of demand
Instead of going to work one morning, Ellen decides to go to the doctor for a 10-minute office visit. It will take her 15 minutes to travel each way, 20 minutes to wait in the office, and 10 minutes with the doctor. The money cost of the visit is $25. Her hourly wage is $10. travel (gas) and parking is $5. Show your work on the following:
A. what is the full price of each visit?B. Suppose Ellen demands six visits at this full price. draw a graph of Ellen's demand for office visits where P equals the full price.C. Suppose the money price of an office visit increases by $5, at which she demands five visits. On the same graph, illustrate this pair.D. Find the price elasticity of demand with respect to the full price using "arc elasticity"E. Find the price elasticity of demand with respect to the money price using "arc elasticity."f. Given your answers to D and E, does this price affect demand?
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Illustrate the price elasticity of demand at the equilibrium price and quantity.What is the price elasticity of supply at the equilibrium price and quantity.
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