1. Price of a product increased from $10 to $14. The quantity demanded decreased from 88 to 80 un

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1. Price of a product increased from $10 to $14. The quantity demanded decreased from 88 to 80 unit

Using the formulas above: 

  1. Calculate the price elasticity of demand
  2. Is the product elastic or inelastic?
  3. What could this product be? give an example 

2. The next two questions refer to the following curves

  1. Which of the following demand curves is likely to be the demand of a marijuana drug user and which is likely to be the curve of an opioid user? Why? 
  2. If the government funded schools to have educational campaigns against drug use, show on the curve how the demand for drugs will be affected? 

Coefficient of price elasticity of demand=
% change in quantity demanded

% change in price
Percentage change=
new value ?? old value

Old value

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