#a) In the following table, calculate the elasticity coefficient between each of the seven prices and indicate whether the character of demand is Elastic (E), inelastic (I), or unitary (U) at that midpoint. Also indicate the Total Revenue for each price. Round to the nearest 1/100. Use the Midpoint Formula.
Price X Demanded T.R. Elasticity Coefficient Character of Demand
$1.40 10 _____ ___________ ________
1.20 20 _____ ___________ _________
1.00 30 _____ ___________ _________
.80 40 _____ ___________ ________
.60 50 _____ ___________ _______
.40 60 _____ ___________ _____
.20 70 _____ ___________ ____
#b) The elasticity of demand between the $1.00 and $.80 points indicates that a 1% decline in prices will result in a _______ % ________ in quantity demanded; conversely, a 1% increase in price results in a _____% ________ in quantity demanded.
bushels demanded price per bushels supplied
per month bushel per month
45 $5 77
50 4 73
56 3 68
61 2 61
67 1 57
1. Equilibrium price will be:
a. $1 b. $2 c. $3 d. $4
2. If the government supported a price of $4 in this market:
a. there would be a shortage of wheat.
b. farmers would not be able to sell all their wheat.
c. buyers would want to purchase more wheat than is currently being supplied.
d. farmers would reduce the number of acres allocated to the growing of wheat.
3. Now assume that the government abandons the $4 price support. The effect will
a. the price of wheat to rise.
b. the quantity of wheat demanded to fall as a result of the subsequent price change.
c. the quantity of wheat supplied to decline as a result of the subsequent price change.
d. Quantity supplied to continue to exceed quantity demanded.
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