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Use the arcapproximation formula to calculate the priceelasticity
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Use the arcapproximation formula to calculate the priceelasticity of demand coefficient of a firm's product demand between the (quantity, price) points ($100, $20) and ($300, $10). Calculate the cross price elasticity of demand coefficient of a firm's product Y, causes the quantity demand of product X to increase by 10%. Calculate the incomeelasticity of demand coefficient for a product for which a 4% increase in consumer's income will increase the quantity demanded by 6%
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4 years ago.
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Expert:
R.R. Jha
replied 4 years ago.
Hi,
Welcome to Justanswer!
Please rewrite the second part. What's the percentage change in price of Y?
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Expert:
R.R. Jha
replied 4 years ago.
Use the arcapproximation formula to calculate the priceelasticity of demand coefficient of a firm's product demand between the (quantity, price) points ($100, $20) and ($300, $10)
Price elasticity of demand
= ((300100)/((300+100)/2)) / ((1020)/((10+20)/2))
=
1.5
Calculate the incomeelasticity of demand coefficient for a product for which a 4% increase in consumer's income will increase the quantity demanded by 6%
Income elasticity of demand
= %change in demand / %change in income
= 6% / 4%
=
1.5
Let me know if any question.
Thanks
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Customer:
replied 4 years ago.
I also had in the question Calculate the crossprice elasticity of demand coefficient of a firm's product X, given that a 5% increase in the price of its close substitute, Product Y, causes the quantity demand of product X to increase by 10%. I do not see that calculation.
Expert:
R.R. Jha
replied 4 years ago.
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Customer:
replied 4 years ago.
I submitted a second homework problem but have not received a response. Are you working on that problem?
Expert:
R.R. Jha
replied 4 years ago.
I see another expert answered the question. Please review it.
For any future questions you'd like to ask me, please put 'RRJha' at the start.
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Customer:
replied 4 years ago.
I sure will. I thought that your name was on my question.
Expert:
R.R. Jha
replied 4 years ago.
No problem.
And I too reviewed the answer by another expert. I think it isn't quite clear. I've posted a cleaner answer. Just double click any highlighted cell to see formula used.
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Customer:
replied 4 years ago.
Are you able to do the 2nd homework problem that I submitted because I have not heard from the person that worked on it and I am trying to understand how the work was done.
Expert:
R.R. Jha
replied 4 years ago.
I answered that one. Please review it and let me know. Just double click any highlighted cell to see formula used for its calculation.
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Expert:
R.R. Jha
replied 4 years ago.
Hope you received my answer on marginal and average cost schedule. All set, please don't forget to hit accept button. Then let me know if I could help with any other question.
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