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Author Question: Mathematical Calculation of Price Elasticity of DemandIf the percent change in quantity demanded is ... (Read 69 times)

swande

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on: Nov 23, 2022

Question 1

The graph shows the effect of imposing a tariff on the market for oil.


If P1 = $95, Ptariff = $121, Q1 = 41, Q2 = 42, Q3 = 46, and Q4 = 48, how much does the government earn from the tariff? Round your final answer to two decimal places.
◦ $484.00
◦ $847.00
◦ $182.00
◦ $104.00

Question 2

Mathematical Calculation of Price Elasticity of Demand

If the percent change in quantity demanded is 73% and the price elasticity of demand is 0.6 what is the percent change in price?  Round your final answer to two decimal places.
◦ 121.67%
◦ 43.8%
◦ 0.01%
◦ 73.00%
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by swande on Nov 23, 2022

StephaniaF

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Reply #1 on: Nov 23, 2022
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swande

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Reply 2 on: Nov 23, 2022
Wow, this really help

aliotak

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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