Define the price elasticity of demand.docx

# Define the price elasticity of demand.docx - 1 Define the...

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1. Define the price elasticity of demand? What information does it provide? How is it calculated? 2. Define the income elasticity of demand? What information does it provide? How is it calculated? 3. Define the cross-price elasticity of demand? What information does it provide? How is it calculated? 4. What is total revenue? How is it calculated? 5. Define elastic, inelastic, and unitary elasticity means. How are these related to total revenue? Explain your answers. 6. With respect to the price elasticity of demand, construct a graph using the data in Figure1. Illustrate the ranges on the demand curve that indicate elastic, inelastic, and unitary elasticity. Explain your answers. Enter non-numerical responses in the same worksheet using textboxes. 7. Calculate the total revenue for each level of demand and post into the table, Figure 1. (Copy and paste this table into the Microsoft Word document that will form part of your submission.) 8. Using the midpoints formula presented in the textbook, calculate the price
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• Spring '13
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