question 4 duct B4. Consider a competitive market for which the quantities demanded and supplied (peyear) at various price are given as follows:Price (RM)Demand406080Sepply1214201816161001418a Calculate the price elasticity of demand when the price is RM60 and increase toRM 80.b. Calculate the price elasticity of supply when the price is RM80 and increase to RM100.5. Suppose that 100 units of a product are demanded at a price of RM2 per unit. Areduction in price to RMI 50 results in an increase in the quantity demanded to 150units. Calculate the price elasticity of demand using the midpoint method forcalculating elasticity Is the demand for the product elastic or inelastic? What is theРОСОSHOT ON POCO F2 PRO

Elasticity is the change in the consumer’s demand or supply with the change of prices.

Answered: a Calculate the price elasticity of…

a Calculate the price elasticity of demand when the price is RM60 and increase to RM 80. b. Calculate the price elasticity of supply when the price is RM80 and increase to RM 100

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 3PA: Suppose the price elasticity of demand for heating oil is 02. in the short run and 0.7 in the long...

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Question

question 4

duct B
4. Consider a competitive market for which the quantities demanded and supplied (pe
year) at various price are given as follows:
Price (RM)
Demand
40
60
80
Sepply
12
14
20
18
16
16
100
14
18
a Calculate the price elasticity of demand when the price is RM60 and increase to
RM 80.
b. Calculate the price elasticity of supply when the price is RM80 and increase to RM
100.
5. Suppose that 100 units of a product are demanded at a price of RM2 per unit. A
reduction in price to RMI 50 results in an increase in the quantity demanded to 150
units. Calculate the price elasticity of demand using the midpoint method for
calculating elasticity Is the demand for the product elastic or inelastic? What is the
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