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Social Sciencea result of your answer in part A. Draw a diagram for your answer.Q2. The price elasticity of demand of product X is classified as unit elastic. At the priceof $9.5 per unit the quantity demanded of product X is 21. At what price per unitshould product X be selling at if the quantity demanded is 19? Explain your answer.Q3. Peter likes movies but he decides that he will spend a fixed amount of $1,000 permonth on movie tickets no matter what the nrice of ner movie ticket is Is Peter's.
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a result of your answer in part A. Draw a diagram for your answer. Q2. The price elasticity of demand of product X is classified as unit elastic. At the price of $9.5 per unit the quantity demanded of product X is 21. At what price per unit should product X be selling at if the quantity demanded is 19? Explain your answer. Q3. Peter likes movies but he decides that he will spend a fixed amount of $1,000 per month on movie tickets no matter what the nrice of ner movie ticket is Is Peter's.
Expert Answer
Price elasticity of demand of product X is unit. At price $9.5 unit per quantity demanded of product X is 21. Since it is unit elasticity, percentage decrease quantity should equal to percentage increase in price.
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Quantity present -Quantity previous Quantity previous 19-21 21 -2 21 =-0.09523
Change in price can be cal...
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