i Safari File Edit View History ' 13 ECN101074174O118(FA22) % Participants @ I _ J ' 7 D /I :. .'JV'I h LIL 'l a. 73: :: Cl 3. ,1 Grades ECN1010 Microeconomics Economics Toolkit Chapterl The Economic Problem Chapter 2 Demand and Supply: An Introduction Chapter 3 Demand and Supply: An Elaboration Chapter 4 Elasticity Chapter 5 Consumer Choice Chapter 6 A Firm's Production Decisions and Costs in the Short Run Bookmarks Nam... Window Help 0 El Final Ex... Quiz navigation I'm Finish attempt u Cour... |:| Ehghh a My Courses V Olds College Resources V Student Support V E I aaaaiimnosl I?! sign... E 11171 ocmoodle.o|dscol|ege.ca Z [Solm @ DAZ... A local specialty kitchenware store normally sells an average of 6 imported knife sets per month - over 6 months at an average of $199.11 each. The price elasticity of Demand for these knife sets is estimated to be -1.6. Recent government import regulations, Canadian Dollar value changes and transportation costs have increased costs considerably resulting in higher breakeven m for all items in the store. in order to capture economic profits the store manager decides to take some action and reeprices the inventory in the store. If the manager increases the price of each specialized knife set by 10% how many knife sets will they sell? " HINT - use the basic formula: Elasticity = (Unknown 0 I Change in Price) x (Average Price] Average Quantity sold) '\" enter your answer for HOW many knives will be sold FOLLOWED by whether the elasticity value is inelastic or elastic. 6.9. 14 elastic or e.g. 21 inelastic ONLY ENTER NUMBERS - N0 $ AND NO COMMAS - THANK YOU DO NOT ROUND YOUR ANSWERS WHILE DOING YOUR CALCULATIONS - USE 2 DECIMAL PLACEMENTS PLEASE L I 4\" 2 - Mon Dec 12 4132 PM A '3' Emmanuel Mukolo I luestlon Not yet answered Points out of 3.00 l7 Flag question PM PM PM PM We