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Solve the following elasticity problems:
1. The rain spoiled much of the strawberry crop. As a result, the price rises from $4 to $6 per case and the quantity demanded falls from 1,000 to 600 cases per week.
a . What is the price elasticity of demand?
b. State whether demand is elastic or inelastic.
2. When Alex’s income increased from $3,000 to $5,000, he increased his consumption of donuts from 4 to 8 per month and reduced his consumption of pancakes from 12 to 6 per month.
a . Find Alex’s income elasticity of demand for donuts. Indicate whether it is elastic or inelastic.
b. Find Alex’s income elasticity of demand for cupcakes. Indicate whether it is elastic or inelastic.
3. If a 12% increase in the price of orange juice causes a 22% decrease in the quantity of orange juice demanded and a 14% increase in the quantity of apple juice demanded, calculate :
a . The price elasticity of demand for orange juice. Indicate whether it is elastic or inelastic.
b. The cross elasticity of demand between orange juice and apple juice. Indicate whether it is elastic or inelastic.
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