## (Solved) Apply the Principle: Week 2 Market/Industry Wide Quantity in Millions Price 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 \$3 \$4 \$5 \$6 \$7 \$8 \$9 \$10 Demand

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Apply the Principle: Week 2
Market/Industry Wide
Quantity in Millions
Price
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00 \$3
\$4
\$5
\$6
\$7
\$8
\$9
\$10 Demand for Apps
\$12
\$10
\$8
\$6
\$4
\$2
\$0
1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.0 Graph 1
This problem is based on one presented by Bradley Schiller in Essentials of Economics. Answer the following based on the two different graphs presented above. 5pts each
a.
b.
c.
d.
e.
f. Which of the demand curves is relatively inelastic? Explain how you reached this conclusion. For the demand curve represented by Graph 1, what is the point elasticity at \$8? Is this on the elastic or inelasti For the demand curve represented by Graph 2, what is the point elasticity at \$8? Is this on the elastic or inelasti What would be the effect on the industry wide revenue for the demand curve represented by Graph 1 if the pric What would be the effect on the industry wide revenue for the demand curve represented by Graph 2 if the pric Choose the correct term.
Each of the above calculations of elasticity illustrates: 1) a change in demand; or 2) a change in quanitity deman
If advertising, income, or taste changed the result would be: 1) a change in demand; or, 2) a change in quantity
How would this be shown on the graphs. Market/Industry Wide
Quantity in Millions Demand for Apps 0 5.00 6.00 Price
9.00
8.50
8.00
7.50
7.00
6.50
6.00
5.50 7.00 8.00 9.00 10.00 ove. 5pts each s conclusion. ? Is this on the elastic or inelastic range of the demand curve? ? Is this on the elastic or inelastic range of the demand curve? epresented by Graph 1 if the price of apps falls from \$8 to \$7? epresented by Graph 2 if the price of apps falls from \$8 to \$7? r 2) a change in quanitity demanded.
and; or, 2) a change in quantity demanded. \$3
\$4
\$5
\$6
\$7
\$8
\$9
\$10 Demand for Apps
\$12
\$10
\$8
\$6
\$4
\$2
\$0
5.00 5.50 Graph 2 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50

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