Accompanying table , Microeconomics

The accompanying table represents the price and yearly quantity sold of ice cream cones on Sidfield Island.

 

Price of Ice Cream Cones

Quantity of Ice Cream Cones Demanded

$1

3000

$2

2400

$3

1600

$4

800

 

 

a. Using the midpoint method (show your work), Determine the price elasticity of demand when the price of an ice cream cone increases from $1 to $2.  What does this estimate imply about the price elasticity of require for ice cream cones?

 

 

 

 

Posted Date: 3/23/2013 6:16:48 AM | Location : United States







Related Discussions:- Accompanying table , Assignment Help, Ask Question on Accompanying table , Get Answer, Expert's Help, Accompanying table Discussions

Write discussion on Accompanying table
Your posts are moderated
Related Questions
Participation in Global System of Production: As national economies are getting more inter-linked, the share of foreign components in most manufactured products is progressiv

Ask qI run a company that makes household power plants that use microeconomic textbooks to generate enough electricity each day for one house. Since there are a lot of used microec

How might one measure differences in living standards between less developed and developed countries?  This is a very wide question where any clear and relevant calculate shoul

GROWTH OF REGIONAL FINANCIAL INSTITUTIONS: We find many levels of groupings of nations in the international arena. Groups of countries that share borders often have semi-perma

economic problems are faced by all types of economies but they are dealt with differently in different types of economies.discuss

The concept of opportunity cost occupies a very important place in modern economic analysis. The opportunity cost of any good is the next best alternative goods that are sacrificed

Are there any economic effects to non-Hispanic whites, given that they no longer represent the majority of the population? Why are these examples important from an economic standpo

Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low

Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all

Composition of Trade: It is indicative of the structure and level of development of an economy. For instance, most of the UDCs depend for their export earnings on a few primar