3) Quantity demanded per week 20 Price ($) Quantity supplied per week 20 40 16 4 60 12 80 8 12 100 4 16 a) What is the price elasticity of demand when the price increases from $40 to $60? b) What is the effect of a price increase from $40 to $60 on the total revenue? c) Calculate the price elasticity of supply following a price increase from $60 to $80

3) Quantity demanded per week 20 Price ($) Quantity supplied per week 20 40 16 4 60 12 80 8 12 100 4 16 a) What is the price elasticity of demand when the price increases from $40 to $60? b) What is the effect of a price increase from $40 to $60 on the total revenue? c) Calculate the price elasticity of supply following a price increase from $60 to $80

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 11E: The price elasticity of the demand for gasoline is -0.02. The price elasticity of demand for...

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