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Degree Type a) perfectly elastic b) elastic Cunit elastic 9) price elasticity of demand price elasticity of supply h) cross elasticity (substitute) cross elasticity (complement) Dincome elasticity (normal) K) income elasticity onferior) d) inelastic e) perfectly inelastic Part 1 Egg prices change by 16 % causing the demand for toast to change by 9% (Note decreases in p or q will be shown as a negative change. increases shown as a positive change) The degree of elasticity is (a-e) d The type of elasticity is (1-43- 1 Part 2. Beer prices increase 17 % causing a 14 % increase in the amount offered for sale The degree of elasticity is (a-e) d The type of elasticity is (-k) g Part 3. Beef producers' sales change by 9% because of a 4 % change in the income of the average consumer (Note: decreases in qor y will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e) b The type of elasticity is (14) k

Degree Type a) perfectly elastic b) elastic Cunit elastic 9) price elasticity of demand price elasticity of supply h) cross elasticity (substitute) cross elasticity (complement) Dincome elasticity (normal) K) income elasticity onferior) d) inelastic e) perfectly inelastic Part 1 Egg prices change by 16 % causing the demand for toast to change by 9% (Note decreases in p or q will be shown as a negative change. increases shown as a positive change) The degree of elasticity is (a-e) d The type of elasticity is (1-43- 1 Part 2. Beer prices increase 17 % causing a 14 % increase in the amount offered for sale The degree of elasticity is (a-e) d The type of elasticity is (-k) g Part 3. Beef producers' sales change by 9% because of a 4 % change in the income of the average consumer (Note: decreases in qor y will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e) b The type of elasticity is (14) k

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 13PAE
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Туре a) perfectly elastic 1) price elasticity of demand b) elastic 9) price elasticity of supply c) unit elastic h) cross elasticity (substitute) d) inelastic i) cross elasticity (complement) income elasticity (normal) e) perfectly inelastic k) income elasticity (inferior) Part 1. Egg prices change by 16 % causing the demand for toast to change by 9% (Note decreases in p or q will be shown as a negative change. increases shown as a positive change) The degree of elasticity is (a-e) d The type of elasticity is (1-K3 1 Part 2. Beer prices increase 17 % causing a 14 % increase in the amount offered for sale The degree of elasticity is (a-e) d The type of elasticity is (-k) g Part 3 Beef producers' sales change by 9% because of a 4 % change in the income of the average consumer (Note: decreases in q or y will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e): b The type of elasticity is (1-K) k Part 4 Book prices change by 16 % causing bookshop sales to change by 9% (Note: decreases in por q will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e). The type of elasticity is (-k) Part 5. Soda water prices change -4 % causing a 13 % change in juice sales (Note: decreases in por q will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e) The type of elasticity is (f-K) Degree
Transcribed Image Text:Туре a) perfectly elastic 1) price elasticity of demand b) elastic 9) price elasticity of supply c) unit elastic h) cross elasticity (substitute) d) inelastic i) cross elasticity (complement) income elasticity (normal) e) perfectly inelastic k) income elasticity (inferior) Part 1. Egg prices change by 16 % causing the demand for toast to change by 9% (Note decreases in p or q will be shown as a negative change. increases shown as a positive change) The degree of elasticity is (a-e) d The type of elasticity is (1-K3 1 Part 2. Beer prices increase 17 % causing a 14 % increase in the amount offered for sale The degree of elasticity is (a-e) d The type of elasticity is (-k) g Part 3 Beef producers' sales change by 9% because of a 4 % change in the income of the average consumer (Note: decreases in q or y will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e): b The type of elasticity is (1-K) k Part 4 Book prices change by 16 % causing bookshop sales to change by 9% (Note: decreases in por q will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e). The type of elasticity is (-k) Part 5. Soda water prices change -4 % causing a 13 % change in juice sales (Note: decreases in por q will be shown as a negative change, increases shown as a positive change) The degree of elasticity is (a-e) The type of elasticity is (f-K) Degree
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