A.Calculate Own Price Elasticity/point Elasticity and Identify If Inelastic, Elastic or Unitary Elastic
A.Calculate Own Price Elasticity/point Elasticity and Identify If Inelastic, Elastic or Unitary Elastic
A.Calculate own price elasticity/point elasticity and identify if inelastic, elastic or unitary elastic.
1 Quantity Price
Q1 343,000 160,800 P1
Q2 335,000 164,000 P2
2 Quantity Price
Q1 100,000 15,000 P1
Q2 80,000 18,000 P2
3 Quantity Price
Q1 15,000 25 P1
Q2 13,000 38 P2
4 Quantity Price
Q1 45,000 250 P1
Q2 42,000 225 P2
5 Quantity Price
Q1 100,000 50 P1
Q2 110,000 60 P2
6 Quantity Price
Q1 300,000 6 P1
Q2 320,000 5 P2
C. Calculate point cross-price elasticity and identify if goods are substitutes or complements.
1 Original New
Quantity Price Quantity Price
Good X 50 30
Good Y 30 10 60 15
= #DIV/0! complement
2 Original New
Quantity Price Quantity Price
Good X 1,000 950
Good Y 1,200 300 1,400 380
3 Original New
Quantity Price Quantity Price
Good X 150,000 148,000
Good Y 130,000 90 132,000 91
4 Original New
Quantity Price Quantity Price
Good X 60 70
Good Y 50 20 55 25
5 Original New
Quantity Price Quantity Price
Good X 1,000 1,200
Good Y 1,500 15 1,400 20
6 Original New
Quantity Price Quantity Price
Good X 20,000 25,000
Good Y 18,000 6 20,000 7