Calculate the Elasticity of
Demand and determine whether the demand is elastic, inelastic, or unitary
elastic for the following questions
- When price of a deluxe car wash rises from $10.00
to $11.00, the number of daily customers falls from 60-48.
- A dentist with 80 patients cuts his fee for a
cleaning from $60.00 to $54.00. He
now goes from 80 patients to 92.
- An airline raises their baggage fees from $50 to
$65, the number of flights drop from 100/day 88/day.
- Price for a bushel of apples decreases from $4 to
$3. The number of bushels sold
increases from 32-45.
- A newsstand sells magazines for $2/magazine and
will sell 100 at this price. They
raise their price 50% and in turn sell 50% less magazines.
- Ashley raises the price in slices of pizza from
$1.00 to $1.50; consequently she sells 3 slices instead of 4.
