AMBA 630 Week 1 Homework Assignment
Question 1
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1a) The price Elasticity of Demand is -0.81
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Old Price of Meal: $8.50 (Po)
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po
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8,5
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New Price of Meal: $7.50 (Pn)
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pn
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7,5
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Old Quantity: 21000 (Qo)
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etc.
Question 2
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2a) The price Elasticity of Demand is -2.024
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Old Price of Meal: $8.50 (Po)
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8,5
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New Price of Meal: $7.50 (Pn)
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7,5
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Old Quantity: 21000 (Qo)
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etc.
Question 3
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3a) The Elasticity of Supply is 3.64%, it is elastic
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Meal Price=MP
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Old Price of Meal: $8.50 (Po)
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New Price of Meal: $9.50 (Pn)
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etc.
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