With the aid of diagrams Distinguish between a movement along the demand curve and a shift of the demand curve. Explain the difference between a change in demand and a change in quantity demanded.Explain why there will be a shortage of papaya if they are sold at a price of $16.Explain why there will be a surplus of papayas if they are sold at a price of $32. G (i) Calculate the price elasticity of demand when the price changes from $4 to $8. G (ii) Determine whether the demand for mangoes is elastic, inelastic or unit elastic. Explain your answer. Hi). Calculate the price elasticity of supply for mangoes when the price changes from$24 to $28Hii). After computing the price elasticity of supply, sketch the supply curve that represents your answer in F (i).

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Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 8QFR

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With the aid of diagrams Distinguish between a movement along the demand curve and a shift of the demand curve.
Explain the difference between a change in demand and a change in quantity demanded.
Explain why there will be a shortage of papaya if they are sold at a price of $16.
Explain why there will be a surplus of papayas if they are sold at a price of $32.

G (i) Calculate the price elasticity of demand when the price changes from $4 to $8.

G (ii) Determine whether the demand for mangoes is elastic, inelastic or unit elastic. Explain your answer.

Hi). Calculate the price elasticity of supply for mangoes when the price changes from$24 to $28

Hii). After computing the price elasticity of supply, sketch the supply curve that represents your answer in F (i).

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