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Define the concept of elasticity of demand

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Reference no: EM132327383

Question: This assignment must be done in Spanish and use Apa style. Please avoid plagiarism. Please respond point by point.

1- Define the concept of elasticity of demand.

2- Present and explain the formula to calculate the coefficient of elasticity with respect to the price. Pay particular attention to the formula of a point instead of the formula of an arc.

3- Explain the three types of demand elasticity: inelastic, unitary, elastic.

4- The price of gasoline increased from $ 3.50 / gallon to $ 3.60 / gallon in a period of one day. As a result, gasoline consumption decreased from 500,000 to 495,000 gallons per day. Calculate the coefficient of elasticity for the demand for gasoline during that particular period and place. How would you classify the elasticity of demand for gasoline in this example? Explain the implication for the consumer and for the seller.

5- List and briefly explain at least three factors that influence the elasticity of demand for a product or service.

6- What benefits for the entrepreneur is knowing the elasticity of the demand for his product or service?

7- What will happen to the income of a firm if: to. the demand is elastic and the company decides to increase the price?

b. the demand is inelastic and the company decides to lower the price?

Reference no: EM132327383

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