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Chapter 6 Applied Problems 1.docx

Chapter 6 Applied Problems 1.docx - Chapter 6 Applied...

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Chapter 6 Applied Problems 1, 6 and 9 1) The viewpoint of the WSJ analyst feels that the price increase will not affect demand suggesting that the demand is inelastic. The viewpoint of the papers publisher is that the price increase will decrease sales suggesting that the consumers are price sensitive and demand is elastic. 6) To figure out the demand of whiskey when the government increases the price by 20%. You would also take in consideration the -0.20 elasticity demand on whiskey.
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