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University of California San Diego Price Elasticity Questions

University of California San Diego Price Elasticity Questions

Question Description

ELASTICITY: HOMEWORK ASSIGNMENTInstructions: Solve the problems, working with numbers and graphs,and show your work while solving the problems.

1. A college raises its annual tuition from $23,000 to $24,000, and its studentenrollment falls from 4,877 to 4,705. Compute the price elasticity ofdemand. Is demand for the college elastic or inelastic?

2. As the price of good X rises from $10 to $12, the quantity demanded ofgood Y rises from 100 units to 114 units. Are X and Y substitutes orcomplements? What is the cross elasticity of demand?

3. The quantity demanded of good X rises from 130 to 145 units as incomerises from $2,000 to $2,500 a month. What is the income elasticity ofdemand for good X?

4. The quantity supplied of a good rises from 120 to 140 as price rises from $4to $5.50. What is price elasticity of supply of the good?

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