Instructions: For each of the following, calculate Price Elasticity of Demand and state the degree of elasticity. 1. The

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Instructions For Each Of The Following Calculate Price Elasticity Of Demand And State The Degree Of Elasticity 1 The 1 (30.17 KiB) Viewed 17 times

Instructions: For each of the following, calculate Price Elasticity of Demand and state the degree of elasticity. 1. The percentage increase in the price of canned fruit is 12%. This has resulted in a decrease in demand by 9%. 2. Demand for video game consoles increased by 32% in response to a 25% reduction in price. 3. Gasoline prices have decreased from a price of $4.25 a gallon to $3.98. Demand has increased by 5.3%. 4. Demand for luxury vehicles has dropped from 2500 to 2350 this year due to a 2% Increase in prices. 5. The price of tickets to football matches was decreased from $75 to $68. This resulted in an increase of ticket purchases from 900 to 1040 per game. 6. Month 1 Month 2 $250 Price Quantity Demanded $260 87.88 kg 84.5 kg 7. EU 510 $16 DO 110 QUANTITY A movement downwards along the demand curve.