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Problem
A. What are the factors that influence "own price" elasticity of demand? In other words, what is likely to make us responsive to price changes? When are we more likely to ignore price changes, and keep buying roughly the same quantity of an item even when its price changes?
B. Now, choose a good or service and find at least one source where its price elasticity of demand is estimated. Is the demand elastic? Do the results surprise you? Why or why not? What could happen to change this elasticity? Include the source of your information.
C. Let's do a quick calculation. If the price of good X increases by 10%, and the quantity demanded of good X decreases by 7%, calculate X's elasticity of demand. Interpret your result.
D. Now, what if the price of good Y increases by 10%, and the quantity demanded of good X decreases by 7%. Calculate the cross-price elasticity of demand. What does this mean about the relationship between goods X and Y? Explain in detail.
E. Now suppose that income increases by 10% and the quantity demanded of good X decreases by 7%. Calculate the income elasticity of demand and interpret the result. What does this say about good X?
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