3. Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household. P, P2 Demand for: a. Long-distance telephone service $0.25 $0.15 300 min. 400 min. per min. per min. per month 12 qt per month 6. per month b. Orange juice 1.49 1.89 14 qt per qt per qt per month c. Big Macs d. Cooked shrimp 2.89 1.00 3 per week 2 lb 3. 6 per week 1.5 lb per month $9 $12 per lb per Ib per month
3. Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household. P, P2 Demand for: a. Long-distance telephone service $0.25 $0.15 300 min. 400 min. per min. per min. per month 12 qt per month 6. per month b. Orange juice 1.49 1.89 14 qt per qt per qt per month c. Big Macs d. Cooked shrimp 2.89 1.00 3 per week 2 lb 3. 6 per week 1.5 lb per month $9 $12 per lb per Ib per month
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 13SQP
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