1. Price of a product increased from $10 to $14. The quantity demanded decreased from 88 to 80 unit
Using the formulas above:
- Calculate the price elasticity of demand
- Is the product elastic or inelastic?
- What could this product be? give an example
2. The next two questions refer to the following curves
- 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?
- 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
new value ?? old value
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