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On Tuesday, the price and quantity demanded are $7 and 120 units respectively. Ten days later, the price and quantity demanded are $6 and 150 units, respectively. What is the price elasticity of demand between the price of $7 and the price of $6?

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Darryn D'Souza
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28 Sep 2019

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Related questions

(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of $1 per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve. 

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15. Suppose the price of 40 inch LCD televisions decreases by 20%. If their price elasticity of demand is 0.85, then this price decrease will cause a:

a. 25% decrease in quantity demanded

b. 13% decrease in quantity demanded

c. 9% decrease in quantity demanded

d. 7% decrease in quantity demanded

e. 6% decrease in quantity demanded

Assume that the current demand and supply curves for widgets can be expressed as:
Qd = 200 - 5P and Qs = 50 +10P, respectively, where P denotes the per-unit price of widgets in dollars, Qd is the quantity demanded of widgets in cases per week and Qs is the quantity supplied of widgets in cases per week.

a. the equilibrium quantity is 150 cases per week
b. the equilibrium price is $15
c. at a price of $12 a shortage would occur
d. all of the above
e. none of the above

calculate point price elasticity of demand at a price of 10 dollars. _____

calculate arc price elasticity of demand between a price of $6 and $12. ______

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