Help concerning my economics assignment

below you will find my files attached so you can have a look if your able to do them properly and with knowledge of the subject then go ahead and hmu. Deadline is within 24 hrs.

1 . Determining the price elasticity of demand

The following graph shows two known points (X and Y) on a demand curve for grapes

The price elasticity of demand for grapes between point X and point Y is approximately ( 0.02, 0.05, 0.37, 2.67).

Which suggests that the demand for grapes is ( elastic, inelastic) between points X and Y.

What are the correct answers from the underlined numbers?

2 . Elastic, inelastic, and unit-elastic demand

The following graph shows the demand for a good.

For each region on the graph given in the following table, use the elasticity formula to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic.

True or False: The value of the price elasticity of demand is not equal to the slope of the demand curve.

· True

· False

3 . Elasticity and total revenue

The following graph shows the daily demand curve for bippitybops in San Francisco.

Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. You will use this information to answer the questions that follow.

Note: You will not be graded on any changes made to this graph.

Hint: Select the green rectangle after you have placed it on the graph to see its area.

On the following graph, use the green point (triangle symbol) to plot the daily total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bippitybop.

The price elasticity of demand between points A and B on the initial graph is approximately ( 0, 0.6, 1.67, 75.02).

Suppose the price of bippitybops is currently $120 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is ( elastic, inelastic, unit elastic). , a $15-per-bippitybop decrease in price will lead to ( decrease, increase, no change) in total revenue per day.

In general, in order for a price increase to cause a decrease in total revenue, demand must be ( elastic, inelastic, unit elastic).

What are the correct answers from the underlined options?

4 . Determinants of the price elasticity of demand

Consider some determinants of the price elasticity of demand:

A good with many close substitutes is likely to have relatively ( elastic, inelastic) demand, because consumers can easily choose to purchase one of the close substitutes if the price of the good rises.

Is it elastic or inelastic?

A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?

· Yacht

· Chemotherapy for cancer patients

Price elasticity for a good depends on the share of a consumer’s budget spent on a good. Other things being equal, which of the following goods has the most elastic demand?

· Computer

· Laundry detergent

· Salt

The price elasticity of demand for a good also depends on how you define the good.

Organize the goods found in the following table by indicating which is likely to have the most elastic demand, which is likely to have the least elastic demand, and which will have demand that falls in between.

The price elasticity of demand is also affected by the given time period, sometimes called the time horizon. 

Other things being equal, the demand for natural gas will tend to be ( less, more, no less nor more) elastic in the short run than in the long run.

What is the Correct answer from the underlined options?