Question
1. Joe's hot dog stand projects the following demand for hot dogs: Price Quantity Purchased (per day) $2 80 $3 70 $4 60 Calculate the
1. Joe's hot dog stand projects the following demand for hot dogs:
Price Quantity Purchased (per day) $2 80 $3 70 $4 60 Calculate the same price elasticity of demand between $2 and $3.
Qf =
Qi =
Pi =
Pf = SPED =
2. Jason's income elasticity of demand for BMWs is 3. If he owns two BMWs when he makes $400,000, how much money would he have to make in order to buy one more BMW?
IED =
Qf =
Qi =
Ii =
If =
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Macroeconomics
Authors: Charles I. Jones
3rd edition
978-0393123944, 393123944, 393923908, 978-0393923902
