Calculate the price elasticity of demand

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Reference no: EM132136737

Question: 1) Graphically illustrate the minimum wage. Note the deadweight (welfare loss) loss and the loss or redistribution from job search.

2) Assume that you have two periods: 2011 and 2012 for a pickup truck. Price 2011 is $30,000 and price 2012 is $40,000. In 2011 20,000 sold and in 2012 18,000 sold. Calculate the price elasticity of demand. Show work.

3) Graphically illustrate a price ceiling using rent control as your example. Explain the model.

Reference no: EM132136737

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