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Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method.
Question 2: How do you explain the answer in question 1 in plain English to someone who is not an economics student?
Question 3: What are the factors that can make this demand less elastic?
Question 4: Calculate the price and quantity effects of this increase in price of X.
Question 5: Is it possible to raise more revenue by increasing the price of good X from $1.3/unit to $1.4/unit? Explain your answer by using the price and quantity effects.
Question 6: Assume that the price of good X is $1.3/unit. An increase in the price of good Y from $3 to $5 shifts the demand curve for the good X rightwards. With the price of good X constant at $1.3/unit, the quantity demanded for X increases from 7000units to 8000units. Calculate the cross price elasticity of demand between X and Y. What type of relationship do you find between goods X and Y?
Question 7: Assume that the price of good X is $1.3/unit. An increase in the price of good Z from $3 to $5 shifts the demand curve for good X leftwards. With the price of good X constant at $1.3/unit, the quantity demanded for good X declines from 7000units to 5000units. Calculate the cross price elasticity of demand between X and Z. What type of relationship do you find between goods X and Z?
Question 8: Assume that the price of good X is $1.3/unit. An increase in the income of the consumer from $2000 to $2500 shifts the demand curve for good X shifts rightwards. With the price of good X constant at $1.3/unit, the quantity demanded for good.
How can we identify that something is elastic or inelastic? When demand of any commodity does not change with the change in price of that commodity that item is said by inelas
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