The demand for eggs is estimated by
x=10000+.00002I - 2000px
where px is the price of eggs
i is the mean income of the area in thousands

Initially, i =50,000 and px =3.00

What is the elasticity of demand given the price and income combination?

Suppose the price goes up to $4, using consumers surplus, estimate the welfare loss to consumers when the price goes from 3 to 4 with income fixed at 50,000

A demand function is x=100px ^-.5 I ^1/3 ..from this demand function, what is the elasticity of demand?

... price elasticity Q1 = original quantity demanded Q2 = new quantity demanded P1 = Original ... value of elasticity is 1, arc price elasticity of demand is unit ...

Income Elasticity of Demand and Cross Elasticity of Demand. ... Assume P = $10, Pr = $20, and N = $6,000. A. Income elasticity of demand at N = $6,000? (Show Work). ...

... (thetimes100, 2009) We can show this in a simple formula: Price elasticity demand = percentage change in quantity demanded divided by percentage change in the ...

...elasticity is less than 1, income elasticity is inelastic. Q4 "The demand for new recreational vehicles (motor ... of the following on the quantity demanded or the ...

... Subway rides during the next five years have more elasticity of demand than subway rides ... In short, the quantity demanded of subway rides during the next six ...