Refer to the Unit 3 Learning Journal Elasticity Tables document to complete the assignment.
1. Calculate the price elasticity of demand from point B to point C.
Price elasticity of demand =(dq/q)/(dp/p), where dq is the change in quantity and dp is the change in price.
Price elasticity of demand From B to C = (3500-2000=1500/2000)/(30-20=10/20) = 1.5
2. Classify the elasticity for point B to point C as elastic, inelastic, or unitary.
3. the demand for the product is elastic
4. Provide an explanation for the elasticity for point B to point C.
when the price of the good changes by 1, the quantity demanded changes by 1.5.
5. Calculate the price elasticity of demand from point D to point E.
Price elasticity of demand from D to E= (1700-1800=-100/1800)/(50-40=10/40) = -0.222
6. Classify the elasticity for point D to point E as elastic, inelastic, or unitary.
the demand for the product is inelastic
7. Provide an explanation for the elasticity for point D to point E.
m
er as
Since it is less than 1 and the price of the good changes by 1, the requested amount adversely changes by -0.222.
co
8. Calculate the price elasticity of demand from point G to point H.
eH w
Price elasticity of demand From G to H= (1600-2200=-600/2200)/(80-70=10/70) = -1.909
o.
9. Classify the elasticity for point G to point H as elastic, inelastic, or unitary.
rs e
ou urc
the demand for the product is inelastic
10. Provide an explanation for the elasticity for point G to point H.
Since it is less than 1 and when the price of the good increases by 1, it changes negatively by -1,909 to the quantity requested.
o
11. Calculate the price elasticity of supply from point K to point L.
aC s
vi y re
price elasticity of supply =Percentage Change in Quantity Supplied \Percentage Change in Price
price elasticity of supply from point K to point L= (1100-1000)\((1100-1000)\2)\(8-4)\((8+4)\2)=0.14
12. Classify the elasticity for point K to point L as elastic, inelastic, or unitary.
ed d
The supply of the product is inelastic
ar stu
13. Provide an explanation for the elasticity for point K to point L.
Since it is less than 1 and the price of the supply changes by 1, the requested supply adversely changes by 0.14
14. Calculate the price elasticity of supply from point N to point P.
is
price elasticity of supply from point N to point P=(3200-1600)\((3200+1600)\2)\(64-82)\((64+82)\2)= -2.70
Th
15. Classify the elasticity for point N to point P as elastic, inelastic, or unitary.
The Supply of the products is elastic
16. Provide an explanation for the elasticity for point N to point P.
sh
Since it is less than 1 and the price of the supply changes by 1, the requested supply adversely changes by -2.70
17. Calculate the price elasticity of supply from point Q to point R.
price elasticity of supply from point Q to point R=(1400-1000)\((1400+1000)\2)\(256-128)\((256+128)\2)= -0.50
18. Classify the elasticity for point Q to point R as elastic, inelastic, or unitary.
The supply of the product is inelastic
This study source was downloaded by 100000793680026 from CourseHero.com on 07-04-2021 07:26:45 GMT -05:00
https://www.coursehero.com/file/88506736/calculateodt/
1. Calculate the price elasticity of demand from point B to point C.
Price elasticity of demand =(dq/q)/(dp/p), where dq is the change in quantity and dp is the change in price.
Price elasticity of demand From B to C = (3500-2000=1500/2000)/(30-20=10/20) = 1.5
2. Classify the elasticity for point B to point C as elastic, inelastic, or unitary.
3. the demand for the product is elastic
4. Provide an explanation for the elasticity for point B to point C.
when the price of the good changes by 1, the quantity demanded changes by 1.5.
5. Calculate the price elasticity of demand from point D to point E.
Price elasticity of demand from D to E= (1700-1800=-100/1800)/(50-40=10/40) = -0.222
6. Classify the elasticity for point D to point E as elastic, inelastic, or unitary.
the demand for the product is inelastic
7. Provide an explanation for the elasticity for point D to point E.
m
er as
Since it is less than 1 and the price of the good changes by 1, the requested amount adversely changes by -0.222.
co
8. Calculate the price elasticity of demand from point G to point H.
eH w
Price elasticity of demand From G to H= (1600-2200=-600/2200)/(80-70=10/70) = -1.909
o.
9. Classify the elasticity for point G to point H as elastic, inelastic, or unitary.
rs e
ou urc
the demand for the product is inelastic
10. Provide an explanation for the elasticity for point G to point H.
Since it is less than 1 and when the price of the good increases by 1, it changes negatively by -1,909 to the quantity requested.
o
11. Calculate the price elasticity of supply from point K to point L.
aC s
vi y re
price elasticity of supply =Percentage Change in Quantity Supplied \Percentage Change in Price
price elasticity of supply from point K to point L= (1100-1000)\((1100-1000)\2)\(8-4)\((8+4)\2)=0.14
12. Classify the elasticity for point K to point L as elastic, inelastic, or unitary.
ed d
The supply of the product is inelastic
ar stu
13. Provide an explanation for the elasticity for point K to point L.
Since it is less than 1 and the price of the supply changes by 1, the requested supply adversely changes by 0.14
14. Calculate the price elasticity of supply from point N to point P.
is
price elasticity of supply from point N to point P=(3200-1600)\((3200+1600)\2)\(64-82)\((64+82)\2)= -2.70
Th
15. Classify the elasticity for point N to point P as elastic, inelastic, or unitary.
The Supply of the products is elastic
16. Provide an explanation for the elasticity for point N to point P.
sh
Since it is less than 1 and the price of the supply changes by 1, the requested supply adversely changes by -2.70
17. Calculate the price elasticity of supply from point Q to point R.
price elasticity of supply from point Q to point R=(1400-1000)\((1400+1000)\2)\(256-128)\((256+128)\2)= -0.50
18. Classify the elasticity for point Q to point R as elastic, inelastic, or unitary.
The supply of the product is inelastic
This study source was downloaded by 100000793680026 from CourseHero.com on 07-04-2021 07:26:45 GMT -05:00
https://www.coursehero.com/file/88506736/calculateodt/
