few econ questions

[GD0X]

soooo.... had a test today.
i read through the 100+ pages in my book last night, didnt read much about price elasticity.

Anyways, i was wondering about a few questions i saw.

first.
if good A has a price elasticity of .5 and the demand decreases 20%, what was the mark up on good A?

second.
good A went from $1.00 to $1.40. the demand went from 65000 to 55000. what was the price elasticity?

might add more questions as i recall them...

 

[imaketouchtheme]

We aren't doing your homework again.

EDIT: Also, there's a reason your professor has office hours. Use them.

 

[eric/]

There are formulas for that stuff in your book

 

[GD0X]

1, No one "helped" the first time around, so your first point in invalid.
2, I agree. I should have at least asked for a comparison of answers, and not purely just answers.

But I ask two simple questions, which I honestly do not know the answer too, and I already get sass for being a lazy student. I've had a long, hectic week.

We aren't doing your homework again.

EDIT: Also, there's a reason your professor has office hours. Use them.

 

[twietee]

We aren't doing your homework again.

Math?! I'll second that excuse as well.

 

[sviato]

I think I solved it, but can't double check since I just gave my econ notes to my freshman mentee and don't exactly remember eco100 from 3 years ago lol

 

[boss.king]

1, No one "helped" the first time around, so your first point in invalid.

Yes they did, they just didn't do the work for you.

 

[JGC1986]

Price Elasticity (PED or Ed) = Change in Quantity / Change in Price

Change in Quantity = New Quantity - Original Quantity / Original Quantity
Change in Price = New Price - Original Price / Original Price