Suppose that the quantity demanded for an item was 20 units when its price was $5.00; then the quantity demanded decreased to 10    units when the price increased to $7.00. Calculate the price elasticity          of demand?

Suppose that your demand schedule for motor vehicles is as follows: Price Quantity Demanded (income = $15,000) Quantity Demanded (income = $24000) 640 8500 7400 920 7150 6900 1120 6450 5830 1300 5895 5385 1430 4950 4730 i. Calculate your price elasticity of demand as the price of motor vehicles increases from $920 to $1300 when income is $15,000. Is the good elastic or inelastic?  ii. Calculate your income elasticity of demand as your income increases from $15,000 to $24,000 if the price moves from $640 to $1,120. What does the value tell you about the good?

Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from US$45 a ton to US$35 a ton and quantity sold increased from 300 tons to 420 tons. What is the value of the price elasticity of demand? Show your work.

Is Price Elasticity of Demand always Negative? Give example when price elasticity of demand becomes positive

At price of 20 per unit, the quantity demanded of a commodity is 300 units. If price falls by 10%, it's quantity demanded rises by 60 units. Calculate its price elasticity.

A company named The Mad Hatter decides to increase the price of its hats from $26 to $47 per hat. As a result of this change, the quantity demanded of hats drops from 195 to 144 hats. What is the price elasticity of demand for its hats? (Use the midpoint method for your calculations and round your answer to two decimal places.)

The price elasticity of demand for personal computers is estimated to be −2.5. If the price of personal computers declines by 20 percent, Calculate percentage increase in the quantity of computers sold?

At an income of $120 each, the quantity demanded for Good X is 390. At an income of $290, quantity demanded becomes 590. What is the income elasticity of demand?

If the price elasticity of supply is -0.5 and the price increases by 10%, what is the change in quantity supplied?

Explain in your own words what information the income elasticity of demand provides.   If a good is an inferior good, what will the sign of the income elasticity of demand be?  Explain.