# Own Price elasticity

Own Price elasticity. Given the data to the right, compute the POINT elasticity of demand of a good as its price goes from $1.00 to $1.50. Show formula and work.

Price Quantity

1.00 10

1.50 9

Is the demand for this good in this range elastic or inelastic?

If the wage bill per unit of labor (L) is $30 and the cost of capital (K) is $200 in the short run, fill in the BLANKS in the table below.

L Q TVC MPL APL AVC TFC TC ATC MC

0 0 200

1 4 200

2 10 200

https://brainmass.com/economics/elasticity/own-price-elasticity-298617

#### Solution Preview

Own Price elasticity. Given the data to the right, compute the POINT elasticity of demand of a good as its price goes from $1.00 to $1.50. Show formula and work.

Price Quantity

1.00 10

1.50 9

Point elasticity = % change in quantity ...

#### Solution Summary

Own Price elasticity is determined.

$2.19