Zulaikha wanted to buy 10 kg of rice and Ker Xin wanted to buy RM20 worth of rice. Find the price elasticity of demand 1%.a. How much will Cikli's total revenue change for product X?b. How much is Cikli's new total revenue for both of the products?c. Plot a graph for product X and another for product Y, showingthe before and after change in price.d. Give an appropriate example for each product.2. Zulaikha and Ker Xin went to a shop to buy rice. Zulaikha wantedto buy 10kg of rice and Ker Xin wanted to buy RM20 worth ofrice. Find the price elasticity of demand for each of them. uuky3. Nadzif always spends one-fifth of his income on food. Calculatehis income elasticity of demand (use the midpoint formula).price Fla sticity of demond:Total reven

Price elasticity of demand is an economic measure used to depict the responsive nature of quantity…

Answered: Zulaikha wanted to buy 10 kg of rice…

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Zulaikha wanted to buy 10 kg of rice and Ker Xin wanted to buy RM20 worth of rice. Find the price elasticity of demand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Zulaikha wanted to buy 10 kg of rice and Ker Xin wanted to buy RM20 worth of rice. Find the price elasticity of demand

1%.
a. How much will Cikli's total revenue change for product X?
b. How much is Cikli's new total revenue for both of the products?
c. Plot a graph for product X and another for product Y, showing
the before and after change in price.
d. Give an appropriate example for each product.
2. Zulaikha and Ker Xin went to a shop to buy rice. Zulaikha wanted
to buy 10kg of rice and Ker Xin wanted to buy RM20 worth of
rice. Find the price elasticity of demand for each of them. uuky
3. Nadzif always spends one-fifth of his income on food. Calculate
his income elasticity of demand (use the midpoint formula).
price Fla sticity of demond:
Total reven

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