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- Why is the supply curve with constant unitary elasticity a straight line?What is the formula for calculating elasticity?What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens lo the measured elasticity? How would you explain that?
- Why is the demand curve with constant unitary elasticity concave?Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.
- The income elasticity for good A is -2. Her current income is increases by 15%. Therefore, the quantity demanded will: O a. Increase by 30% O b. Decrease by 30% O c. Increase by 7.5% O d. Decrease by 7.5%is a measurement of demand elasticity, calculated by multiplying slope of the demand by a ratio of price/Q Select one O a Point elasticity Ob. Unitary elasticity O. Interval elasticity O d. Arc elasticityCalculate your price elasticity of demand as the price of motor vehiclesincreases from $920 to $1300 when income is $15,000. Is the good elasticor inelastic? ii. Calculate your income elasticity of demand as your income increasesfrom $15,000 to $24,000 if the price moves from $640 to $1,120. What doesthe value tell you about the good?
- answer the following a. Calculate and interpret the income elasticity for Product B, if a customer’s income changes fromP15,000 to P25,000. and give interpretationb. Calculate and interpret the income elasticity for Product A, if another customer’s incomechanges from P15,000 to P25,000. and give interpretationWhen the price of a product is increased 15%, the quantity demanded decreases 10%. We can therefore conclude that the demand for this product is Mutiple Choice O O O O elastic inelastic cross-elastic unitary elastic.Attina's sister, Aquata always spends 20% of her income on boots. Assume that her income increases by some percentage while the price of boots remains constant (and that all boots cost the same). What is her income elasticity of demand for boots? O 0.2 need more information to tell 0 1