Reference no: EM13185913
1. Suppose demandisdescribedbytheequationQd =80Ã?Â2p. Initially,thepriceis$30/unit. Butthenthepricechangesto $32/unit. What is the price elasticity of demand?
2.Suppose supply isdescribed by theequation Qs =Ã?Â10+p. Initially,theprice(p0)is$30/unit. Then,the new price(p1)is $32/unit. What is the price elasticity of supply?
3. Suppose the income of buyers (Y) increases by 10 percent (calculated as change in Y/average Y) and, as a result, the quantity demanded of the good increases by 2 percent (calculated as change in Qd/average Qd). Check the correct statement(s):
A. The income elasticity of demand for this good is 1/5
B. The income elasticity of demand for this good is 5
C. A 1% increase in buyers' income leads to a 5% increase in their quantity demanded
D. A 1% increase in buyers' income leads to a 0.2% increase in their quantity demanded
E. The good is inferior
F. The good is normal or superior
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