Question

In: Economics

1. For each of the following products, explain why you think demand for them is likely...

1. For each of the following products, explain why you think demand for them is likely to be elastic or inelastic.

a. Cigarettes

b. Tacos

c. Gasoline

d. Milk

e. New Honda Accords

f. Newspapers

2. Fill in the missing values from the following table:

( fill the lowercase letters: a, b, c, d, e )

Demand for	%ΔP	%ΔQ	E
Ben & Jerry’s	+10%	-12%	a.
Beer at football game	-20%	b.	-.5
Broadway tickets	c.	-15%	-1.0
Chicken	+10%	d.	-1.2
Beef	-15%	10%	e.

4. Describe what will happen to total revenue in the following situations:

a. Price decreases and demand is elastic

b. Price decreases and demand is inelastic

c. Price increases and demand is elastic

d. Price increases and demand is inelastic

e. Price increases and demand is unit elastic

f. Price decreases and demand is perfectly inelastic

g. Price increases and demand is perfectly elastic

5. For each of the following products, explain why you think the supply of them is likely to be elastic or inelastic.

a. Cigarettes

b. Tacos

c. Gasoline

d. Milk

e. New Honda Accords

f. Newspapers

Expert Solution

Rahul Sunny answered 1 year ago

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