Elasticity: End of Chapter Problem

Let's practice the midpoint formula. Calculate the elasticity of demand for each of the following goods or services.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline Good or Service & $\backslash$begin$\{$tabular$\}\{$l$\}$

Beginning $\backslash \backslash$

Price

$\backslash$end$\{$tabular$\}$ & $\backslash$begin$\{$tabular$\}\{$l$\}$

Beginning $\backslash \backslash$

Quantity

$\backslash$end$\{$tabular$\}$ & $\backslash$begin$\{$tabular$\}\{$l$\}$

Ending $\backslash \backslash$

Price

$\backslash$end$\{$tabular$\}$ & $\backslash$begin$\{$tabular$\}\{$l$\}$

Ending $\backslash \backslash$

Quantity

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$\backslash$hline a$.$ Daily movie ticket sales in Denver, Colorado & $\backslash (\backslash$$ $6\backslash )$ & $50,000$ & $\backslash (\backslash$$ $10\backslash )$ & $40,000\backslash \backslash$

$\backslash$hline b$.$ Weekly milk sales at Loma Vista Elementary School & $\backslash (\backslash$$ $1\backslash )$ & $1,000$ & $\backslash (\backslash$$ $1\mathrm{.}50\backslash )$ & $800\backslash \backslash$

$\backslash$hline c$.$ Weekly round$-$trip ticket sales, New York to San Francisco & $\backslash (\backslash$$ $500\backslash )$ & $10,000$ & $\backslash (\backslash$$ $1,000\backslash )$ & $9,000\backslash \backslash$

$\backslash$hline d$.$ Annual student enrollments, Upper Tennessee State & $\backslash (\backslash$$ $6,000\backslash )$ & $40,000$ & $\backslash (\backslash$$ $9,000\backslash )$ & $\backslash (\backslash$$ $39,000\backslash )\backslash \backslash$

$\backslash$hline University & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

a$.$ Elasticity:

b$.$ Elasticity:

c$.$ Elasticity:

d$.$ Elasticity: