PRICE-ELASTICITY OF DEMAND:
|
|
P1
|
P2
|
QD1
|
QD2
|
I
|
II
|
III
|
IV
|
V
|
|
1
|
1
|
2
|
10
|
5
|
|
|
|
|
|
|
2
|
4
|
3
|
60
|
100
|
|
|
|
|
|
|
3
|
12
|
20
|
100
|
100
|
|
|
|
|
|
|
4
|
3
|
2
|
7
|
7
|
|
|
|
|
|
|
5
|
0.30
|
1.20
|
20
|
15
|
|
|
|
|
|
|
6
|
1 1/2
|
2.75
|
7
|
5.5
|
|
|
|
|
|
|
7
|
3.5
|
2 1/8
|
20
|
15
|
|
|
|
|
|
|
8
|
5
|
5.000...01
|
1x106
|
0
|
|
|
|
|
|
|
9
|
5
|
4.9999.....
|
10
|
1x109
|
|
|
|
|
|
|
10
|
12
|
24
|
24
|
12
|
|
|
|
|
|
|
11
|
13
|
26
|
260
|
130
|
|
|
|
|
|
|
12
|
7
|
16
|
32
|
24
|
|
|
|
|
|
|
13
|
7
|
16
|
78
|
78
|
|
|
|
|
|
|
14
|
39
|
52
|
117
|
104
|
|
|
|
|
|
|
15
|
65
|
91
|
1300
|
780
|
|
|
|
|
|
|
16
|
4
|
5
|
13
|
7
|
|
|
|
|
|
|
17
|
7
|
4
|
16
|
24
|
|
|
|
|
|
|
18
|
143
|
273
|
520
|
390
|
|
|
|
|
|
|
19
|
78
|
91
|
780
|
780
|
|
|
|
|
|
|
20
|
91
|
78
|
780
|
780
|
|
|
|
|
|
In the cases above, please, determine:
Q1. The price-elasticity of demand coefficient?
Q2. The name as elastic, inelastic, unitary, perfectly elastic or perfectly inelastic?
Q3. The type of good as luxury or necessity?
Q4. The change in total revenue or total expenditure (δtr = p x qd), that is, the monetary result of substracting tr before price change and after price change?
Q5. The direction of the change, δtr , also in monetary terms, that is, increasing or decresing, and by how much? (show a + sign for increasing and a – sign for decreasing).
Note: For any monetary result please include the applicable currency symbol ($, €, etc.)