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29 Jun 2018

10. Suppose the price of frozen bananas increases from $2 to $4. What is the price elasticity of demand for frozen bananas? (a) 3/4 (b) 2/3. (c) 4/3. (d) 4/5.

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Related questions

9. If the quantity of frozen bananas demanded by the market is equal to 13, then what is the price of bananas? (a) $14/banana. (b) $2/banana. (c) $4/banana. (d) $3/banana.

6) 1This set of questions focus on elasticity.

a. Johnâs demand for bananas increases from 4 bananas to 6 bananas when his hourly wage rises from $18 to $30. What is his income elasticity of demand for bananas? Use the standard formula of percentage change to calculate this income elasticity. Are bananas normal or inferior goods for John?

b. Johnâs demand for bananas dropped from 10 bananas to 6 bananas when the price of apples decreased from $6 per apple to $5 per apple. What is his cross-price elasticity of bananas for apples? Use the arc elasticity formula for the percentage change to calculate this cross-price elasticity. Based upon your value for the cross-price elasticity of demand of bananas for apples, are these two goods substitutes or complements? Explain your answer.

c. Suppose at $4 per banana, Ben can supply an infinite quantity of bananas, but he will supply none at a price below $4. What do you know about his supply when price rises above $4? What is Benâs price elasticity of supply?