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Tutorial
Econ Tutorial
Elasticity
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Question
If the price per pack of cigarettes decreases from $3 to $2, what is absolute value of the price elasticity of demand (using the traditional method of % change, not the midpoint method)?
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If the price per pack of cigarettes decreases from $2 to $1 (and the quantity demanded increases from 20 to 25), what is absolute value of the price elasticity of demand (using the traditional method of % change, not the midpoint method), and how would you classify it?
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Based on the graph in slide 14, which is effect is larger when moving from a price of $3 to $2?
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If your income increases from $30,000 to $40,000 and your quantity demanded of cigars increases from 100 to 150, what is your income elasticity of demand?
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If the price per pack of cigarettes decreases from $3 to $4, and the quantity demanded of cigarillos increases from 10 to 25, what is the cross-price elasticity of demand between cigarettes and cigarillos?