week 4 analysis 1 & 2

Project Description:

part i. using the midpoint method, calculate and interpret the price elasticity of demand for the following situation:
when the price of oranges increases from \$1.00 per pound to \$1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. calculate the price elasticity of demand.
is the demand for oranges price elastic, inelastic, or unit elastic? explain.
calculate total revenue before and after the price change. how does that relate to the elasticity interpretation?
part ii. given the following information, calculate the income elasticity of demand using the midpoint formula.
nancy's income increases from \$20,000 to \$30,000 and her consumption of spaghetti changes from 10 pounds per month to 2 pounds per month. calculate the income elasticity of demand.
interpret the result.
part iii. given the following information, calculate the cross-price elasticity of demand.
the quantity of pepsi purchased rises by 15% when the price of coca-cola rises by 30%. calculate the cross-price elasticity.
interpret the result.

the following table displays george’s consumption of soda pop and pretzels. the price of each soda pop is \$2.00 and the price of each pretzel is \$5.00.
a. fill in the missing total utility, marginal utility, and marginal utility/price (mu/price). place the final answer for each in the correct shaded area within the table below.
bottles of soda pop number of pretzels
bottles of soda pop consumed total utility marginal utility mu/price number of pretzels consumed total utility marginal utility mu/price
0 0 0 0
1 20 2 50
2 18 4 20
3 14 6 120 15
4 60 8 8 140
5 64 10 150 5
6 62 12 0

b. george has \$28.00 to spend on soda pop and pretzels. determine the number of cans of soda pop and pretzels that will be optimal for george. explain your reasoning regarding how you chose that consumption point. submitting only a final answer will not earn credit.
submission requirements:
support your final answer for optimal consumption. submitting only a final answer will not earn credit.
Skills Required:
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