Info
Warning
Danger

Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1448 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 6: DQ 1

DISCUSSION QUESTIONS

1. Explain why the choice between 1, 2, 3, 4, 5, 6, 7, and 8 “units,” or 1,000, 2,000, 3,000, 4,000, 5,000, 6,000, 7,000 and 8,000 movie tickets, makes no difference in determining elasticity in Table 6.1.


Step-By-Step Solution

DISCUSSION QUESTIONS

1. Explain why the choice between 1, 2, 3, 4, 5, 6, 7, and 8 “units,” or 1,000, 2,000, 3,000, 4,000, 5,000, 6,000, 7,000 and 8,000 movie tickets, makes no difference in determining elasticity in Table 6.1.

Answer: Price elasticity of demand is determined by comparing the percentage change in price and the percentage change in quantity demanded. The percentage change in quantity will remain the same regardless of whether the difference is between 1 unit and 2 units or 1000 units and 2000 units.

To see this note that the percentage change between 1 and 2 equals ((2-1)/1) x 100 = 100%. The percentage change between 1000 and 2000 equals ((2000-1000)/1000) x 100=100%. Since these are the same for a given percentage change in price the elasticities will be the same.

This is also true if you use the midpoints formula. In this case, that the percentage change between 1 and 2 equals ((2-1)/((1+2)/2)) x 100(1/1.5) x 100 = 67%. The percentage change between 1000 and 2000 equals ((2000-1000)/((1000+2000)/2) x 100 = (1000/1500) x 100 = 67%.


Unlimited Access

More than 10 Million Textbook Solutions, Q&A's, Flash Cards, Study Documents and much more for just
USD 3.95
Total: USD 3.95
*Please Enter the Email to Proceed
No obligation. Choose plans to save more.
Continue to Paypal
You will be charged USD 119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. Learn more about our subscriptions.

FAQ's

Gingerbread cookie pastry halvah
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Pastry gummies donut pastry
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Cake gummi bears cheesecake
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Brownie jelly-o pastry topping
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Tootsie roll cake chocolate
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.