Question
1. The price of a cheeseburger increases from 26 to 30. As a result, the owner of a burger shop increases the quantity supplied from
1. The price of a cheeseburger increases from 26 to 30. As a result, the owner of a burger shop increases the quantity supplied from 210 to 410. The price elasticity of supply is [Answer].
2. Catherine consumes 15 cup noodles every month when her monthly income is $10000. When her income falls to $8000, she consumes 23 cup noodles every month. Her income elasticity of demand for cup noodles is [Answer]. (In decimal numbers, with three decimal places, please.) (Always use mid-point formula when two income and quantity pairs are given.)
3. The price of Good B increases by 3%, causing the quantity demanded of Good A to decrease by 9%. The cross-price elasticity of demand is [Answer].
4. Assumethe demand and supply functions for apple juice are Qs = 4P - 8 and Qd = 10 - 2P. The price elasticity of demand at equilibrium is[Answer].
5. Suppose a market has the demand function: Q = 31 - 0.8P. Using the midpoint method, the price elasticity of demand between $10 and $20 is [Answer].
6. Suppose a market has the supply function: Q = 12 + 0.2P. Using the midpoint method, the price elasticity of supply between $30 and $40 is [Answer].
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