q1 used music cds rise in price from 7 to 8 and, Business Economics

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q1 used music cds rise in price from 7 to 8 and

Q1. Used music CDs rise in price from $7 to $8, and total revenue falls from $700 to $640.
• a. Is the demand curve over this range elastic or inelastic? Why?
• b. Using the midpoint formula, what is the value of the elasticity of demand over this range?

Q2. Suppose that increased international trade makes product markets more competitivein U.S., would we expect to observe an upward slope on the WS curve or the PS curve , or would it be a downward shift?

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