I need help, please. Price elasticity of demand.
1. If the quantity demanded changes from 5 to 50 units as the price changes from $14 to $8, the elasticity is ____________ and demand is said to be ____________ . (2 points) (In the second blank, you can say if it is elastic or inelastic)
2. If the quantity demanded changes from 750 to 225 units as the price changes from $3 to $12, the elasticity is ____________ and demand is said to be ____________ . (2 points)
3. The Dixie Chicken sells 2000 Burger platters per month at $4.50 each. The own-price elasticity for this platter is estimated to be -1.60. If the Dixie Chicken decreases the price of the platter by 70 cents: (6 points) How many platters will the chicken sell? __________ The Chicken's revenue will change by $__________ Consumers will be ____________ off as a result of this price change.
Income elasticity of demand
4. If the quantity demanded changes from 10 to 15 as income changes from $80,000 to $125,000 then the income elasticity is ____________ and the good is called ____________ . (2 points)
5. If the quantity demanded changes from 60 to 35 as income changes from $15,000 to $7,000 then the income elasticity is ____________ and the good is called ____________.(2 points)
6. If the income elasticity is -2 and income changes by 15%, the quantity demanded changes by ____________ and the good is called ____________ . (2 points)
Cross Price Elasticity of Demand
7. If the quantity demanded of good X changes from 85 to 145 units as the price of good Y changes from $20 to $25, the cross-price elasticity is ____________ and the goods are called ____________. (2 points)
8. If the quantity demanded of good X changes from 90 to 65 units as the price of good Y changes from $13 to $14, the cross-price elasticity is ____________ and the goods are called ____________. (2 points)
9. The cross-price elasticity for hamburger demand with respect to the price of hamburger buns is equal to -0.60. (4 points) (a) If the price of hamburger buns rises by 5 percent, what impact will that have on hamburger consumption? (b) What is the demand relationship between these products?