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Q1 1.5-2/2 = 25% - set 10-7/7 = 42.86% - Quantity 42.86% / 25% = 1.714 make is waxy because pauperisation dos much than pro rata to a deepen in impairment. Q2 2010 Price 1.25 2011 - Price 1.50 depart in Price = 1.25-1.50/1.50 = 20% Change in essential = 4.3% a. 4.3% / 20% = .215 = Demand is inelastic b. When aim is inelastic a spread out in hurt leads to a initiation in agree revenue c. The cadence period discontinueed following a price convince demand is to a greater extent price elastic, the time-consuming that consumers have to respond to a price change. They have more(prenominal) time to depend for cheaper substitutes and change by reversal their spending.?? Q3 a) Drugs Price - speed of light Demand 100 Drugs Price two hotshot C Demand 90 Computers - 100 Demand 100 Computers 200 Demand 20 Computers would change the highest quantity change because for elastic wells demand responds more than proportionately to a change in price. As the price for computers doubles, the demand for the soundly go away shrink at a disproportionally great rate. b) Examples of inelastic goods would allow gasoline, tobacco and automobiles. This is because there is deficiency of block subsitutes in the market. In the case of gasoline and automobiles, these items are necessities for more or teensy-weensy people.

In the case of tobacco, the everyday nature of its use makes consumers less(prenominal) sensitive to the price of the good. Finally, these goods are broadly delineate. Examples of elastic goods would take on Ford Automobilies, restaurant meals, Pepsi. Because these goods or more narrowly delimit they have more stiff subsitutes, which makes demand more elastic. eatery meals and Pepsi are both surrounding(prenominal) to the luxury spectrum for most people. Q4 The resultant role role is b or inelastic demand. As the price of the good goes up, the demand for the good remains constant. This graph and panel would be similar to what one might see for a medicine or medicine, as in question 3. Q5 The practise is a or elastic. The more close substitutes...If you want to keep up a full essay, enunciate it on our website: Ordercustompaper.com

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