Question
In: Economics
For each of the regions listed in the following table, use the midpoint method to identify...
4. Elastic, inelastic, and unit-elastic demand
The following graph shows the demand for a good.
For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic.
Region | Elastic | Inelastic | Unit Elastic | |
|---|---|---|---|---|
| Between W and X | ||||
| Between Y and Z | ||||
| Between X and Y |
True or False: The value of the price elasticity of demand is equal to the slope of the demand curve.
True
False
Solutions
Expert Solution
|
Elastic |
Inelastic |
Unit Elastic |
||
|---|---|---|---|---|
| Between W and X | Elastic | |||
| Between Y and Z | Inelastic | |||
| Between X and Y | Unit elastic |
Explanation:
Between W and X:
PED = ∆Q/∆P *( P1 + P2 / Q1 + Q2)
= (28 - 8) / (90 - 140) * (140 + 90) / (8 + 28)
= (20 / -50) * (230 / 36)
= 4,600 / -1,800
= -2.56 (the absolute value is 2.56)
Since, PED is greater than 1, demand for the good is elastic.
Between Y and Z:
PED = ∆Q/∆P *( P1 + P2 / Q1 + Q2)
= (56 - 36) / (20 - 70) * (20 + 70) / (36 + 56)
= (20 / -50) * (90 / 92)
= 1,800 / -4,600
= -0.39 (the absolute value is 0.39)
Since, PED is less than 1, demand for the good is inelastic.
Between X and Y:
PED = ∆Q/∆P *( P1 + P2 / Q1 + Q2)
= (36 - 28) / (70 - 90) * (90 + 70) / (28 + 36)
= (8 / -20) * (160 / 64)
= 1,280 / -1,280
= -1 (the absolute value is 1)
Since, PED is equal 1, demand for the good is unit elastic.
Rahul Sunny answered 2 years agoRelated Solutions
For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic.
4. Elastic, inelastic, and unit-elastic
demandThe following graph shows the demand for a good.For each of the regions listed in the following table, use the
midpoint method to identify if the demand for this good is elastic,
(approximately) unit elastic, or inelastic.RegionElasticInelasticUnit ElasticBetween Y and ZBetween X and YBetween W and XTrue or False: The value of the price elasticity of demand is
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