3. Suppose you are given the following individual demand schedules för fruit düring secor breakfast. We are given how many pieces of fruit each hobbit wants to eat at secom breakfast given the price. Use this information to complete the rest of the question. Price Pippin Merry Frodo Sam Market $5 4 1 $4 3 2 $3 10 $2 15 $1 8 8 14 $0 9. 11 10 13 Fill in the blanks of the table to determine the market demand schedule. (a) (b) schedules? Are the demand schedules all consistent with what we would expect? Explain why or why not. What are we assuming about individuals here to get their demand (c) market's own-price clasticity of demand when moving from P $4 to P $3? Make sure to use the midpoint method to caleulate the own-price elasticity. (Hint: make sure you explain and reference the specific name of the concept when making the comparison.) How does Pippin's own-price elasticity of demand compare with the
3. Suppose you are given the following individual demand schedules för fruit düring secor breakfast. We are given how many pieces of fruit each hobbit wants to eat at secom breakfast given the price. Use this information to complete the rest of the question. Price Pippin Merry Frodo Sam Market $5 4 1 $4 3 2 $3 10 $2 15 $1 8 8 14 $0 9. 11 10 13 Fill in the blanks of the table to determine the market demand schedule. (a) (b) schedules? Are the demand schedules all consistent with what we would expect? Explain why or why not. What are we assuming about individuals here to get their demand (c) market's own-price clasticity of demand when moving from P $4 to P $3? Make sure to use the midpoint method to caleulate the own-price elasticity. (Hint: make sure you explain and reference the specific name of the concept when making the comparison.) How does Pippin's own-price elasticity of demand compare with the
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 10PA
Related questions
Question
Answer all the sub-parts questions. Thank you.
Transcribed Image Text:3. Suppose you are given the following individual demand schedules for fruit during second
breakfast. We are given how many pieces of fruit each hobbit wants to eat at second
breakfast given the price. Use this information to complete the rest of the question.
Price
Pippin
Merry
Frodo
Sam
Market
$5
4
$4
3
2
$3
6.
4.
10
15
$1
8.
8
14
$0
9.
11
10
13
(a)
(b)
schedules? Are the demand schedules all consistent with what we would expect?
Explain why or why not.
Fill in the blanks of the table to determine the market demand schedule.
What are we assuming about individuals here to get their demand
(c)
market's own-price elasticity of demand when moving from P $4 to P-
Make sure to use the midpoint method to calculate the own-price elasticity.
(Hint: make sure you explain and reference the specific name of the concept
when making the comparison.)
How does Pippin's own-price elasticity of demand compare with the
$3?
%3D
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