Price elasiticity of demand | Business & Finance homework help

#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
be for:
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.

Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our Guarantees

At, we value all our customers, and for that, always strive to ensure that we deliver the best top-quality content that we can. All the processes, from writing, formatting, editing, and submission is 100% original and detail-oriented. With us, you are, therefore, always guaranteed quality work by certified and experienced writing professionals. We take pride in the university homework help services that we provide our customers.

Money-Back Guarantee

As the best homework help service in the world, 111 Papers ensures that all customers are completely satisfied with the finished product before disbursing payment. You are not obligated to pay for the final product if you aren’t 100% satisfied with the paper. We also provide a money-back guarantee if you don’t feel that your paper was written to your satisfaction. This guarantee is totally transparent and follows all the terms and conditions set by the company.

Read more

Zero-Plagiarism Guarantee

All products that we deliver are guaranteed to be 100% original. We check for unoriginality on all orders delivered by our writers using the most advanced anti-plagiarism programs in the market. We, therefore, guarantee that all products that we submit to you are 100% original. We have a zero-tolerance policy for copied content. Thanks to our strict no plagiarized work rule, you can submit your homework to your professor without worrying.

Read more

Free-Revision Policy

TThis is one of the most cherished courtesy services that we provide to help ensure that our customers are completely satisfied with our finished products. Delivering the best final product to our customers takes multiple inputs. prides itself on delivering the best university homework help services in the writing industry. And, in part, our free revision policy is how we do it. What’s more, all our revisions are 100% free without any strings attached.

Read more

Privacy Policy

Client privacy is important to use. We know and understand just how important customers value their privacy and always want to safeguard their personal information. Thus, all the information that you share with us will always remain in safe custody. We will never disclose your personal information to any third party or sell your details to anyone. 111 Papers uses the most sophisticated, top-of-the-line security programs to ensure that our customers’ information is safe and secured.

Read more

Fair-Cooperation Guarantee

Placing your order with us means that you agree with the homework help service we provide. We, in turn, will endear to ensure that we do everything we can to deliver the most comprehensive finished product as per your requirements. We will also count on your cooperation to help us deliver on this mandate. Yes, we also need you to ensure that you have the highest-quality paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages