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1,800 a. Calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6, and the average tourist $20,000 income, price elasticity: income is $20,000. b. Also, calculate the price elasticity of demand when the average tourist income is $30,000. $30,000 income, price elasticity: c. Calculate the income elasticity of demand when the price of a T-shirt is $4, and the average tourist income $4 price, income elasticity: increases from $20,000 to $30,000. d. Also, calculate the income elasticity of demand when the price is $7. $7 price, income elasticity: Elasticity - End of Chapter Problem In each of the following cases, is the price elasticity of supply perfectly elastic; perfectly inelastic; elastic, but not perfectly elastic; or inelastic, but not perfectly inelastic? a. An increase in demand this summer for luxury cruises b. The price of a kilowatt of electricity is the same during leads to a huge jump in the sales price of a cabin on the Queen Mary 2. periods of high electricity demand as during periods of low electricity demand. C. Fewer people want to fly during February than during d. Owners of vacation homes in Maine rent them out any other month. The airlines cancel about 10% of their during the summer. Due to the soft economy this year, a flights as ticket prices fall about 20% during this month. 30% decline in the price of a vacation rental leads more than half of homeowners to occupy their vacation homes themselves during the summer. Elasticity - End of Chapter Problem Quantity of The accompanying table gives part of the supply schedule Price of a computer computers supplied for personal computers in the United States. a. Calculate, using the midpoint method, the price $1,100 12,090 elasticity of supply when the price increases from $900 to 900 8.000 $1,100. b. Suppose firms produce 1,000 more computers at any Price elasticity of supply given price due to improved technology. As price increases from $900 to $1,100, is the price elasticity of supply now greater than, less than, or the same as it was originally? c. Suppose a longer time period under consideration means that the quantity supplied at any given price is 20% higher than the figures given in the table. As price increases from 4000 in $1 1010 is the price elasticity of