1. Determine the price elasticity of demand at each quantity demanded using the formula: Percentage change in quantity demanded = (Q2-Q1)/Q1 divided by percentage change in price = (P2-P1)/P1

b. Redo exercise 1a using price changes of $10 rather than $5

c. Plot the price and quantity date given in the demand schedule. Indicate the price elasticity value at each quantity demanded. Explain why the elasticity value gets smaller as you move down the demand curve.

D. Plot the total revenue curve directly below the demand curve plotted. Measuring total revenue on the vertical axis and quantity on the horizontal axis.

E. What would a 10% increase in the price of movie tickets mean for the revenue of a movie theater if the price elasticity of demand was .1, .5, 1.0 and 5.0?

F. Using the demand curve plotted illustrate what would occur if the income elasticity of demand was .05 and income rose by 10%. If the income was elasticity was 3.0 and income rose by 10% what would occur?

Explain the following
Law of demandand law of supply
Factors affecting demandand supply
Price elasticity of demand
Factors affecting price elasticity of demand

Given the same price elasticity of supply, sellers would be able to pass along the smalles portion of a 10%tax on which item?
Beef with a price elasticity of demand of .62
Pork with a price elasticity of demand of .73
Chicken with a price elasticity of demand of .32
Fish with a price elasticity of demand of .12

1. Suppose the market demand curve for a Product is given by Q = 250 - 5P and the market supply curve is given by Q = -50 + 25P.
1. What are the equilibrium price and quantity in this market?
2. At the market equilibrium, what is the price elasticity of demand?
3. Suppose the price in this market is $8. What is the amou

1. You read in the paper a story about grapefruit markets. The story contains the following information:
A. There has been a frost in the "Grapefruit belt" and a lot of lost plants.
B. There is a new kind of fertilizer that can increase yields by 20%
C. The International Union of Grapefruit Pickers and Packers has just neg

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 t

Please circle the most correct or appropriate answer. Please only choose one answer per
Question. Multiple selections will lead to a zero grade.
1. Which of the following event will shift the demand for apple to the right?
a. An increase in income
b. An increase in the price of bananas, a substitute for apple
c. A news

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 is the price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic?