ECO/561-Economics - 52583

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  • Due on: Sat 29 Mar, 2014 (06:53pm)
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Tutor to do: ORIGINATOR

An increase or a decrease in price will affect the TR (total revenue) of a product or service depending it price elasticity. From the list presented below choose a product or service and explain how the TR will be affected.

  • Newspapers Price elasticity =0.10
  • Major league baseball tickets Price elasticity =0.23
  • Restaurant meals Price elasticity=2.27

In addition categorize the level of elasticity of a product or service of your choice from real life based on what you know happens to the percentage change in quantity demand when the price changes.


Your answer should follow this format:


1. Definition of key terms in the discussion question:

a.   What is Elasticity - name your source of definition.

b.   How is total revenue calculated?


2. Subject being discussed: (at most five brief lines)

a.   Is the good or service you have chosen elastic or inelastic.

b.   Why is the chosen good or service elastic/inelastic.

c.    The relation of the good to total revenue


3. Summary (not more than two short lines):


What does the elasticity/inelasticity tell you about the good/ service?



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