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Category > Economics Posted 12 Jul 2017 My Price 6.00

College Enrollment and Apartment Prices

  1. If a 12 percent decrease in the price of natural gas decrease the quantity of residential electricity demanded by 15 percent, the​ cross-price elasticity is?

Enter your response rounded to two decimal places.​

 

2. When the price of paper increases from ​$150 to ​$154 per​ ton, the quantity supplied increases from 350 to 380 tons per day. The price elasticity of supply is?

Enter your response rounded to two decimal places.​

 

 

3. College Enrollment and Apartment Prices. Consider a college town where the initial equilibrium price of apartments is​ $400 and the initial equilibrium quantity is​ 1,000 apartments. The price elasticity of demand for apartments is 1.0 and the elasticity of supply is 0.50.  

Suppose the demand for apartments increases by​ 15%.  

 

The new equilibrium price of apartments Increased or Decreased?

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 12:07 AM My Price 6.00

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