few econ questions

Discussion in 'Community Discussion' started by GD0X, Sep 28, 2012.

  1. GD0X Guest

    Joined:
    Mar 20, 2011
    #1
    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...
     
  2. imaketouchtheme macrumors 65816

    Joined:
    Dec 5, 2007
    #2
    We aren't doing your homework again.

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

    eric/

    Joined:
    Sep 19, 2011
    Location:
    Ohio, United States
    #3
    There are formulas for that stuff in your book
     
  4. GD0X thread starter Guest

    Joined:
    Mar 20, 2011
    #4
    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.
     
  5. twietee macrumors 603

    twietee

    Joined:
    Jan 24, 2012
    #5
    Math?! I'll second that excuse as well.
     
  6. sviato macrumors 68020

    sviato

    Joined:
    Oct 27, 2010
    Location:
    HR 9038 A
    #6
    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
     
  7. boss.king macrumors 68040

    boss.king

    Joined:
    Apr 8, 2009
    #7
    Yes they did, they just didn't do the work for you.
     
  8. JGC1986 macrumors regular

    JGC1986

    Joined:
    Jul 5, 2008
    #8
    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
     

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