# Statistics

Feb 3rd, 2012
Studypool Tutor
Price: \$5 USD

Tutor description

. Wayne and Garth are producers of bootleg recordings of 80's metal bands. The following table shows their supply schedules. . The price elasticity is the absolute value of the percentage change in quantity divided by the percentage change in price: Price Elasticity = | % Change in Quantity / % Change in Price | The graph below shows two known points (X and Y) on a demand curve for apples. What is the price elasticity of demand of apples between point X and point Y? X(9,3) Y(7,5)

Word Count: 640
Showing Page: 1/4
1. Wayne and Garth are producers of bootleg recordings of 80's metal bands. The following table shows their supply schedules. Price per Recording Quantity Supplied (Wayne) Quantity Supplied (Garth) \$2 2 0 4 3 1 6 5 2 8 6 4 10 7 5 This is known as _______. A. The Law of the Market B. The Law of Demand C. The Law of Supply D. Wayne's Law 2. The price elasticity is the absolute value of the percentage change in quantity divided by the percentage change in price: Price Elasticity = | % Change in Quantity / % Change in Price | The graph below shows two known points (X and Y) on a demand curve for apples. What is the price elasticity of demand of apples between point X and point Y? X(9,3) Y(7,5)A. 1.20 B. 4.00 C. 0.25 D. 0.50 3.1 The following graph shows the demand for a good. Between points A and B, the price changes by 40% and the quantity demanded changes by approximately 29%. In this region the demand for this good is _______. A(3,18) B(4,12) C(6,8) D(9,6)A. Unit elastic B. Elastic C. Inelastic 3.2 Between points B and C, the price changes by 40% and the quantity demanded changes by 40%. In this region the demand is ________. A. Inelastic

## Review from student

Studypool Student
" Top quality work from this guy! I'll be back! "

1826 tutors are online

### Other Documents

02/03/2012

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors