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
Austrian economics is a brand of neo-classical economics that was established in Vienna during the late 19th century & first half of the 20th century. Austrian economics was strong

Define Average Total Cost and Average Variable Cost Average Total Cost:    The amount spent on producing every unit of output. The average cost is calculated by dividing the t

brief explain of keynesian consumption theory


Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur

Price Discrimination: occurs when the same product is sold at different prices to different consumers. A monopolist divided his consumers into groups and sells his product at vary

Briefly explain the main macroeconomic objectives of governments. Definition of macroeconomic issues Growth a)      Enhance in national income per unit of time, a


What are the differences between the IS-LM model and the Keynesian model?  The 'simple' Keynesian model is a simplified model to exemplify Keynes's idea about the equilibrium i

describe returns to scale and give examples of each.