What was the degree of elasticity, Microeconomics

Assignment Help:

A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers it sold increased from 240,000 to 280,000.

i)   Over this price range what was the elasticity of demand for this newspaper?

ii)  What was the degree of elasticity for the newspaper?

iii) A 1% change in the price of the newpaper led to a change in quantity demanded of ______?

iv) What happened the newspaper's total revenue as it dropped its price?

 


Related Discussions:- What was the degree of elasticity

Rule of thumb method, Rule of Thumb Method Sir Ashby had been requeste...

Rule of Thumb Method Sir Ashby had been requested in 1960 by the Government of Nigeria to submit a report on manpower development in Nigeria. In doing so, in the absence of re

#titleindirect utility function .., #question.hif indirect utility function...

#question.hif indirect utility function is givenhow to derive the demand function .

Describe stabilisation policies as by the imf, Describe stabilisation polic...

Describe stabilisation policies as by the International Monetary Fund (IMF). Define stabilisation policies as basically a list of demands set forward by the IMF to a debtor nat

.economic regulation, are most local phone companies natural monopolies?

are most local phone companies natural monopolies?

The great depression, How did fixed exchange rates and the Golden Standard ...

How did fixed exchange rates and the Golden Standard affect the U.S. economy as well as other countries.

Labour extraction, Labour Extraction: Most employees under capitalism are p...

Labour Extraction: Most employees under capitalism are paid according to time they spend at work. Though employers then face a challenge to extract genuine labour effort from their

Calculate income elasticity of demand, When Alex's income increased from $3...

When Alex's income increased from $3,000 to $5,000, he increased his consumption of bagels from 4 to 8 a month and decreased his consumption of donuts from 12 to 6 a month. Calcula

Low levels of productivity, Low levels of productivity: In addition t...

Low levels of productivity: In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the dev

Is protectionism always beneficial?, Problem 1: i) Is Protectionism a...

Problem 1: i) Is Protectionism always beneficial? Discuss. ii) To what extent can a country actually rely on the principle of Comparative advantage before engaging in in

Find the average residential water under the current split, Suppose you are...

Suppose you are a regulator in charge of allocating water between residential and agricultural users (farmers) in Southern California. You conduct a survey that finds that under th

Write Your Message!

Captcha
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!

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