Homework Answers
Answer
Option A
Demand elasticity is unit elastic if it is -1.
we are going to check one by one option
the formula is:
An elasticity of demand=(change in quantity/average
quantity)/(change in price/average price)
Option A
Change in quantity=60-65=-5
average quantity=(60+65)/2=62.5
change in price=6.5-6=0.5
average price=(6+6.5)/2=6.25
Elasticity of demand=(-5/62.5)/(0.5/6.25)
=-1
It is -1. so it is unit elastic
Option B
Change in quantity=50-55=-5
average quantity=(50+55)/2=52.5
change in price=7.5-7=0.5
average price=(7.5+7)/2=7.25
Elasticity of demand=(-5/52.5)/(0.5/6.25)
=-1.19047619
Option C
Change in quantity=25-75=-50
average quantity=(25+75)/2=50
change in price=10-5=5
average price=(10+5)/2=7.5
Elasticity of demand=(-50/50)/(5/7.5)
=-1.5
Option D
Change in quantity=55-65=-10
average quantity=(55+65)/2=60
change in price=7-6=1
average price=(7+6)/2=6.5
Elasticity of demand=(-10/60)/1/6.5)
=-0.0256410256
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