Answered: Calculate the price elasticity of…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 5P

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Calculate the price elasticity of supply from point K to point L. Classify the elasticity for point K to point L as elastic, inelastic, or unitary. Provide an explanation for the elasticity for point K to point L. Calculate the price elasticity of supply from point N to point P. Classify the elasticity for point N to point P as elastic, inelastic, or unitary. Provide an explanation for the elasticity for point N to point P. Calculate the price elasticity of supply from point Q to point R. Classify the elasticity for point Q to point R as elastic, inelastic, or unitary. Provide an explanation for the elasticity for point Q to point R. II. Questions What did you like most about the Unit 3 learning journal? What did you least like about completing the Unit 3 learning journal? What is the most interesting thing have you learned about Microeconomics since beginning this course?

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Table 1: Demand for athletic shoes
Points
Price
Quantity
A
$10
1,200
В
$20
2,000
$30
3,500
D
$40
1,800
E
$50
1,700
F
$60
1,500
$70
2,200
H
$80
1,600
$90
1,300
J
$100
1,900
Table 2: Supply for sunglasses
Points
Price
Quantity
K
$4
1,000
$8
1,100
$16
1,400
N
$32
1,600
$64
3,200
Q
$128
1,000
R
$256
1,400
>

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