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Economics
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Economics
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Scerrmannn
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Joined: 21 September 2006
Posts: 1
Posted: 21 September 2006 at 4:27am | IP Logged Quote Scerrmannn

Can somebody please help me with these problems?? Email me if you can help: hockeym@hotmail.com

1. Suppose the price elasticity of demand for used cars is estimated to be 3. What does this mean? What will be the effect on the quantity demanded for used cars if the price rises by 10 percent?


2. Will each of the following changes in price cause total revenue to increase, decrease, or remain unchanged?
a. Price falls, and demand is elastic
b. Price rises, and demand is elastic
c. Price falls, and demand is unitary elastic
d. Price rises, and demand is unitary elastic
e. Price falls, and demand is inelastic
f. Price rises, and demand is inelastic

3. PRICE     QUANTITY    ;  ELASTICITY COEFFICIENT
                DEMANDED      

   $25          20                 ___________
    20          40                 ___________
    15          60                 ___________
    10          80                 ___________
     5      ;   100                 ___________

What is the price elasticity of demand between
a. P = $25 and P = $20?
b. P = $20 and P = $15?
c. P = $15 and P = $10?
d. P = $10 and P = $5?

How did you come to this conclusion?
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