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## ECO 204 Week 1 Assignment Demand Elasticity

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# ECO 204 Week 1 Assignment Demand Elasticity

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ECO 204 Week 1 Assignment Demand Elasticity
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Date Created: 11/16/15
DEMAND ELASTICITY PRINCIPLES OF MICROECONOMICS EC0204 YOUR NAME DECEMBER 6 2010 Microeconomics 1 Microeconomics 2 Price Elasticity of Demand is defined as Price Blasting if demand 2 Percentage change 111 c1uan111jir denianded Percentage change in price Points Shoe Sales per Week Price per Pair 0 70 A 100 60 B 200 50 C 300 40 D 400 30 E 500 20 F 600 10 a Calculate demand elasticity using the midpoint formula between points A amp B between points C amp D and between points E amp F 1 Between points A amp B les between A and B 200100100 2001003002 150 100150 0667 Price between A and B 506010 50601 10255 105501818 Answer 0667 01818 37 2 Between points C amp D b Microeconomics 3 les between C and D 400300100 4003007002 350 100350 0286 Price between C and D 304010 304070235 1035 0286 Answer 0286 0286 10 3 Between points E amp F les between E and F 600500100 60050011002 550 100550 01818 Price between E and F 102010 102030215 10150667 Answer 01818 0667 027 If the store currently charges a price of 50 then increase that price to 60 what happens to total revenue from shoe sales Repeat the exercise for initial prices decreasing to 40 and 20 respectively If the store increases the price from 50 to 60 total revenue will decrease by 4000 dollars If the store decreases the price from 50 to 40 total revenue will increase by 2000 dollars and If the price decreases from 50 to 20 total revenue will not change C would result in a big change in demand Therefore an increase of 10 dollars in price would load In the range of A to B demand is highly elastic which means that any change in price to a larger decrease in total revenue In the range of B to C demand is relatively inelastic therefore a decrease of 10 dollars does not really cause a great increase in revenue Microeconomics 4 Finally in the range of E to F demand is almost inelastic therefore a decrease of 30 dollars causes no change in total revenue References Case K E Fair R C amp Oster S M2009 Principle ofmicroeconomics New Jersey Pearson Education Inc

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