l
OMo
ARc
PSD|
1
1
629
741
DOCUMENT(21)-I
NTRODUCTI
ONTOECONOMICS
ECON1508UNI
T2WRITTENASSI
GNMENT
I
n
tr
odu
ct
io
ntoE
con
omi
cs(
Uni
ve
rsi
t
yof
theP
eop
le
)
E
CON1580I
ntr
odu
cti
ont
oEc
ono
mic
s
Te
rm4,
2018-
2019
Wr
it
tenAs
sign
men
tUn
it2-Ch
apt
er5
Qu
est
ion
s;
Suppos
ey ouar
ethemanage
rofare
s t
aur
antth
atse
rvesanave
rageof4 0
0me al
sperdayata
n
av
eragepric
epermealof$2
0.Onthebasi
sofasurv
ey,youha
ved et
ermine
dthatre
duc
ingth
e
pr
iceofanaver
agemealt
o$18wou
ldincr
easet
hequant
it
ydemand
e dto450perday
.
Comp
utet
hep
ric
eel
ast
ic
it
yofd
ema
ndb
etwe
ent
hes
etwop
oin
ts.
Wou
ldy
oue
xpe
ctt
ota
lre
ven
uest
ori
seorf
all
?Ex
pla
in.
Suppos
eyouhavere
duce
dtheavera
g ep
ric
eofame alt
o$ 18an
da r
ec onsi
der
ingafu
rth
erre
duct
ion
to$16.
Anot
h e
rsur
veysh
owsthatthequan
tit
ydemandedofmealswil
lin
creas
efrom450to500per
day
.Computethep
ric
eel
ast
ici
tyofdemandbetwee
nthesetwopoin
ts.
Woul
dyoue
xpe
ctt
ota
lre
ven
uet
ori
seorf
all
asar
esu
ltoft
hiss
econ
dpr
ic
ere
duc
ti
on?
Ex
pla
in.
Comp
u t
etot
alr
eve
nuea
tth
eth
reeme
alp
ric
es.
Dot
hes
etot
alsc
onf
ir
myou
ran
swe
rsi
n(b
)an
d
(d
)abov
e?
OMo
ARc
PSD|
1
1
629
741
DOCUMENT(21)-I
NTRODUCTI
ONTOECONOMICS
ECON1508UNI
T2WRITTENASSI
GNMENT
I
n
tr
odu
ct
io
ntoE
con
omi
cs(
Uni
ve
rsi
t
yof
theP
eop
le
)
E
CON1580I
ntr
odu
cti
ont
oEc
ono
mic
s
Te
rm4,
2018-
2019
Wr
it
tenAs
sign
men
tUn
it2-Ch
apt
er5
Qu
est
ion
s;
Suppos
ey ouar
ethemanage
rofare
s t
aur
antth
atse
rvesanave
rageof4 0
0me al
sperdayata
n
av
eragepric
epermealof$2
0.Onthebasi
sofasurv
ey,youha
ved et
ermine
dthatre
duc
ingth
e
pr
iceofanaver
agemealt
o$18wou
ldincr
easet
hequant
it
ydemand
e dto450perday
.
Comp
utet
hep
ric
eel
ast
ic
it
yofd
ema
ndb
etwe
ent
hes
etwop
oin
ts.
Wou
ldy
oue
xpe
ctt
ota
lre
ven
uest
ori
seorf
all
?Ex
pla
in.
Suppos
eyouhavere
duce
dtheavera
g ep
ric
eofame alt
o$ 18an
da r
ec onsi
der
ingafu
rth
erre
duct
ion
to$16.
Anot
h e
rsur
veysh
owsthatthequan
tit
ydemandedofmealswil
lin
creas
efrom450to500per
day
.Computethep
ric
eel
ast
ici
tyofdemandbetwee
nthesetwopoin
ts.
Woul
dyoue
xpe
ctt
ota
lre
ven
uet
ori
seorf
all
asar
esu
ltoft
hiss
econ
dpr
ic
ere
duc
ti
on?
Ex
pla
in.
Comp
u t
etot
alr
eve
nuea
tth
eth
reeme
alp
ric
es.
Dot
hes
etot
alsc
onf
ir
myou
ran
swe
rsi
n(b
)an
d
(d
)abov
e?
