Elasticity worksheet PDF

Title	Elasticity worksheet
Author	Anonymous User
Course	Economics
Institution	University of Sydney
Pages	1
File Size	72.8 KB
File Type	PDF
Total Downloads	59
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Download Elasticity worksheet PDF

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Name: Date: Period: A.P. Economics Elasticity Worksheet

Using your deductive reasoning capabilities, label the demand for the following goods as either elastic or inelastic. 1. 2. 3. 4. 5.

Butter Gasoline Burritos Insulin EpiPen

6. Electricity 7. Nail Polish 8. Basic Economics 9. Clothing 10. Expo Markers

11. Discount stores sell relatively elastic goods. Ceteris paribus , explain why selling at a relatively low price is profitable for them?

12. You are given market data that says when the price of pizza is $4, the quantity demanded of pizza is 60 slices. When the price of pizza is $2, the quantity demanded of pizza is 80 slices. Is the demand for pizza elastic or inelastic? Show  work below.

13. When the price of Cane’s is $8, 450 people order the meal. When it is $12.95, 299 people order the meal. What is the price elasticity of demand? Is it elastic, inelastic, or unit elastic? (Unit elastic = the coefficient is 1; the quantity supplied or demanded changes according to the same percentage as the change in price)...