ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question 1:

Point

Price

Quantity Demanded

A

$1.50

1,000

B

$3.00

950

C

$4.50

900

D

$6.00

850

E

$7.50

800

 

  1. The market price for bulgogi was $3.00. However, it is now $6.00. Use the midpoint method to calculate the price elasticity of demand ( ) for bulgogi.
  2. How sensitive is the quantity demanded bulgogi to price changes? Please explain briefly.
  3. For this question use the price elasticity of demand calculated in part (a). If the price of bulgogi increases by 20%, how much will the quantity demanded change by?
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