If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2 using the midpoint method what is the Price Elasticity of demand is the demand for good X elastic inelastic unit elastic a 5 6 elastic b 1 unit elastic c 5 6 inelastic d 1 unit elastic Price Quantity Price Quantity Income Quantity P 1 9 00 Q 1 1 000 P y1 8 00 Q x1 2 000 Income 1 $28,000 00 Q 1 50 00 P 2 8 00 Q 2 2 000 P y2 7 00 Q x2 3 000 Income 2 $30,000 00 Q 2 52 00

The Answer is in the image, click to view ...

Question: If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2: using the midpoint method; what is

If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2: using the midpoint method; what is the Price Elasticity of demand? is the demand for good X elastic?inelastic?unit elastic?

-5.6; elastic

1; unit elastic

-5.6; inelastic

-1; unit elastic

Price Quantity Price Quantity Income Quantity

P₁ 9.00 Q₁ 1.000 P_y1 8.00 Q_x1 2.000 Income₁ $28,000.00 Q₁ 50.00

P₂ 8.00 Q₂ 2.000 P_y2 7.00 Q_x2 3.000 Income₂ $30,000.00 Q₂ 52.00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2: using the midpoint method; what is the Price Elasticity of demand? is the demand for good X...

Using the chart below! If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2: using the midpoint method; what is the Price Elasticity of demand? is the demand...

If price changed from P1 to P2, causing quantity demanded to change from Q1 to Q2: using the midpoint method; what is the percentage change in price? When P1=9.0 P2=8.0 Q1=1.0 Q2=2.0

Using the table below. If price changed from P1 to P2, causing quantity demanded to change from Q1 to Q2: using the midpoint method; what is the change in price? Price Quantity Price Quantity Income...

If price changed from P1 to P2, causing quantity demanded to change from Q1 to Q2: using the midpoint method; what is the percentage change in quantity? Select one: a. -66.67% b. 0.6667 c. -0.6667 d....

Price Quantity Price Quantity Income Quantity P 1 9.00 Q 1 1.000 P y1 8.00 Q x1 2.000 Income 1 $28,000.00 Q 1 50.00 P 2 8.00 Q 2 2.000 P y2 7.00 Q x2 3.000 Income 2 $30,000.00 Q 2 52.00 If price...

As your income changed from Income 1 to income 2, Quantity demanded for good X changed fro Q1 to Q2. Using the midpoint method, answer the following: Good X is? income elasticity of demand is? Select...

From your personal experience, give examples of three goods that (for you) have the following income elasticity of demand: +4, + 2.5,-1 Explain what these coefficients mean. 6.1 Price Elasticity of...

As your income changed from Income 1 to income 2, Quantity demanded for good X changed fro Q1 to Q2. Using the midpoint method, answer the following: Good X is? income elasticity of demand is?...

Suppose there is some hypothetical economy in which households spend $0.50 of each additional dollar they earn and save the $0.50 they have left over. The following graph plots the economy's initial...

EFG Company has two manufacturing departments - Starting and Finishing. All products go through both departments in the manufacturing process. The predetermined overhead rate in the Starting...

What is the market value of a company? Question 3 options: 1 ) the total dollar value of all capital assets 2 ) the total expected future revenue 3 ) the total value of all bonds issued, minus the...

4-What concerns might arise when individuals work on behalf of groups whose identity is different from their own ? ?" (knowledge and thinking 20 marks )

2. In this chapter, the reader should reflect on the following concepts: Context, winwin, win-lose, ambiguity, mental model, point of reference.

2. In this chapter, the reader should reflect on the following concepts: Patterns, symmetrical relationships, complementary relationships.

1. To provide insight into how setting an overly narrow boundary can give a mes-sage a specific meaning, while setting a wider boundary can give a completely different meaning.