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ECS1501-25-Y
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Use the following demand schedule on pens to answer the question.
Price (R) | Quantity demanded (pens) |
20 | 5 000 |
19 | 10 000 |
18 | 15 000 |
17 | 18 000 |
16 | 22 000 |
What is the price elasticity of demand for pens in the price range R20 to R18? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places).
This question is based on the following table which shows the demand schedule for ice cream cones.
Price | Quantity demanded |
R1 | 100 |
R2 | 80 |
R3 | 60 |
R4 | 40 |
R5 | 20 |
What is the price elasticity of demand when the price changes from R4 per ice cream cone to R5 per ice cream cone? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.)
What happens to the price elasticity of the demand for coal when the quantity of coal demanded is measured in kilograms instead of tons?
If the price elasticity of beef is greater than the price elasticity of coffee, it means that households are
A possible reason that the demand for petrol is inelastic is because
The more (or better) substitutes a good has, the greater the price elasticity of the demand for the good will be.
Given an elastic demand, if the price falls, the total revenue of suppliers rises.
The price elasticity of the demand for wholewheat bread is lower than the price elasticity of the demand for all kinds of bread.