For each of the following events, state the relevant elasticity concept. Then calculate the

measure of elasticity, using average prices and quantities (i.e., midpoint formula). In all

cases, assume that these are

ceteris paribus

(i.e., all other things being equal or held

constant) changes.

8.1

When the price of mustard increases from CAD3.90 to CAD4.60, quantity demanded

for hotdogs declines from 11,500 to 10,120.

8.2

In response to an increase in the price of farmed salmon from CAD3.79 to CAD5.14

per pound, producers increase their supply from 930 to 1,470 pounds.

8.3

When the price of a dozen of eggs increases from CAD4.10 to CAD4.85, egg sales

decrease from 1,700 to 1,600.

8.4

As average household income per month decreases from CAD4,000 to CAD3,200

annual sales of red meat increases from 9,600 to 15,000 pounds.