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If the price falls from 6 to 4 the quantity demanded rises from 8000 to 12000

  1. If the price falls from 6 to 4, the quantity demanded rises from 8000 to 12000.
  1. Calculate the price elasticity of demand by using midpoints.
  2. What happens to turnover (Price * Quantity) due to the price change?
  1. Show five areas in which the concept of elasticity becomes useful to businesses and governments.
  1. Explain how division of labor and specialization enhance production in an advanced society.
  2. Explain (with the aid of graph) what happens to the demand curve for air transportation between New York City and Washington, D.C., as a result of the following events:
  1. The income of households in metropolitan New York and Washington, D.C., increases 20%.
  2. The cost of a train ticket between New York City and Washington, D.C., is reduced 50%.
  3. The price of an airline ticket decreases 20%.

Feb 01 2020 View more View Less

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