Question
) Answer the following questions on price elasticity of demand. (5%) a. The price elasticity of demand for football match tickets is -0.50. What happens
) Answer the following questions on price elasticity of demand. (5%)
a. The price elasticity of demand for football match tickets is -0.50. What happens to the quantity of tickets sold if ticket prices rise by 5%?
b.The price elasticity of demand for fried chicken is -1.12. What happens to expenditures on fried chicken following a price increase?
c.Suppose the demand for painkiller pills is given by QD = 1,000. What is the price elasticity of demand at P = 100?
d.What will happen to the price elasticity of demand if there are more substitute goods available?
e.Give two reasons to explain demand is less elastic with respect to price
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Understanding Globalization The Social Consequences Of Political, Economic, And Environmental Change
Authors: Robert K Schaeffer
4th Edition
0742561801, 9780742561809
