HW chap 3-2

Noteinyourcalculationsroundquantitiesto1decimalplace

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Unformatted text preview: unctions for corn: Demand is given by Supply is given by At the equilibrium price, what are the elasticities of demand (Ed ) and supply (Es)? (Note: In your calculations, round quantities to 1 decimal place and price to the nearest penny.) Instructions: Round your answers to 2 decimal places. Include any negative signs if necessary. E d = ­0. 36 . http://e z to.mhe c loud.mc gr a w- hill.c om/hm.tpx? todo= pr intvie w 5/8 1/22/2014 Assignme nt Pr int Vie w E s = 1. 82 . rev is ed jrl 08­09­2011 Worksheet Section: Elasticities of Demand and Supply Consider the following demand and supply functions for corn: Demand is given by Supply is given by At the equilibrium price, what are the elasticities of demand (Ed ) and supply (Es)? (Note: In your calculations, round quantities to 1 decimal place and price to the nearest penny.) Instructions: Round your answers to 2 decimal places. Include any negative signs if necessary. E d = ­0.36 ± .03 . E s = 1.82 ± .03 . rev is ed jrl 08­09­2011 Explanation: Fin d e q u ilib riu m p rice b y se ttin g Qd = Qs . 1 0 – 2 P = 1 0 P – 6 P = $ 1 . 3 3 . Price elasticity of...
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