what percentage will quantity demandedfall orrise?

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what percentage will quantity demandedfall orrise?

List the five factors that make demand for a goodmore or less elastic.

List the five factors that make demand for a goodmore or less elastic.

Question

Problem3 Determinants
ofelasticity

List the five
factors that make demand for a goodmore
or less elastic. Give an exampleforeach(preferablyoneIdidn’ttalkaboutinclass).

1.

2.

3.

4.

5.

………

Problem4 Elasticity
#1

a.
Ifyourincomerisesby20%andyoudecidetoincreaseyourpurchasesofclothing
by15%, what is your income
elasticity of demand for clothing? Is clothing a normal or inferiorgood?

b.
Supposetheincomeelasticityofdemandforgadgetsis-2.Answerthefollowing
questions:


If income rises by1%, by
what percentage will the demand for gadgets fall orrise?


If income falls by10%, by
what percentage will the demand for gadgetsfall orrise?


Aregadgetsanormalorinferiorgood?

c.
Supposethecrosspriceelasticityofdemandforgadgetsandwidgetsis0.5.Answer
the followingquestions:


If the price of gadgets rises by1%, by
what percentage will the demand for widgetsfallorrise?


If the price of gadgets falls by3%, by
what percentage will the demand for widgetsfallorrise?


Aregadgetsandwidgetscomplementsorsubstitutes?

………

Problem5 Elasticity#2

1.
If price elasticity of demand is
1.25, and price rises from $8 to $12, bywhat
percentage will quantity demanded fall?

2.
Ifincomeelasticityofdemandis-0.75,andincomesfallfrom$52,500to$51,000
per capita (per person), then by
what percentage will quantity demandedfall orrise?

3.
Supposeyou’recurrentlysellingslicesofpizzafor$3each,andthepriceelastic-
ityof demand for pizza is 3. By
what amount (in dollars and/or cents) would youhavetoreduceyourpricepersliceinordertoincreasenumberofslicesyousell by15%?

………

Problem6 RelatedGoods

1.
Ifthepriceoflasereyesurgeryfallsby50percentandthequantityofcontact lensesdemandedfallsby25percent,findthecrosspriceelasticityofdemand
forthesetwogoods.

2.
Arelasereyesurgeryandcontactlensessubstitutesorcomplements?

3.
Suppose the price of laser eyesurgery falls from $3,000 to $2,500.
By what percentagewillsalesofcontactlensesfalls?

………

Problem7 Comparingdemands

Drawademandcurve,D1,thendrawamoreelasticdemandcurve,D2.

………

Problem8 Perfection#1

Drawaperfectlyinelasticdemandcurve.

………

Problem9 Elasticity
andprices

Hint: draw graphsforthese

1.
If the demand for a goodis perfectly elastic and its price is
$15, howmuchwoulditspricebeifitssupplydoubled?

2.
If the demand for a goodis perfectly inelastic and its price
is $50, howmuchwoulditspricebeifitssupplydoubled?

………

Problem10 Perfection#2

1.
Thedemandforaproductisperfectlyinelasticandthesupplyoftheproductis
perfectlyelastic.Ifitsequilibriumpriceis$10,drawagraphrepresentingthis market.

2. Onthesamegraph,showanewequilibriumpriceof$20.

………

Problem11 Perfection#3

1.
Thesupplyofaproductisperfectlyinelasticandthedemandfortheproductis
perfectlyelastic.Ifitsequilibriumpriceis$50,drawagraphrepresentingthis market.

2. Onthesamegraph,showanewequilibriumpriceof$25.

………

Problem 12 Predictingthe priceof oil

Intheyear2020theworldsupplyofoilpeaksandproductioncontinuesforthenext
decadeatthatlevel.Ifthepriceofoilis$80abarrelin2020andworldwidedemand roseby50percentoverthefollowingdecade,abouthowmuchwillthepriceofoilbein2030?(Hint:Drawagraph.)

………

Problem 13 Elasticity
andcigarettes

Ifthepriceelasticityofdemandforcigarettesamongteenagesis0.5,howmuchwould
the price of a pack of cigarettes haveto
beraised from $10 to cut teenage
smoking by20%?

………

List the five factors that make demand for a goodmore or less elastic.


 

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