The following graph will represent U.S. dollars on the y-axis and lbs. on the x-axis.
Good X
1) Refer to the figure above. Calculate the price elasticity when less consumers enter the market of Good X by 3 lbs.
A) EpD = 1.39
B) EpS = 1.39
C) EpD = 0.94
D) EpS = 0.94
2) From number 18 (point B), calculate the price elasticity when technology is introduced in Good X leading to an increase of 1 lb.
A) EpD = 0.82
B) EpS = 0.82
C) EpD = 1.22
D) EpS = 1.22
3) From number 19 (point C), calculate the price elasticity when more producers enter the market of Good X leading to an increase of 3 lbs.
A) EpD = 1.68
B) EpS = 1.68
C) EpD = 0.60
D) EpS = 0.60
4) From number 20 (point D), calculate the price elasticity when consumers expect price to increase tomorrow for Good X leading to an increase of 3 lbs.
A) EpD = 2.31
B) EpS = 2.31
C) EpD = 0.43
D) EpS = 0.43