Table: Price Elasticities $$\begin{array} { l l l }
\hline & \text { Good X } & \text { Good Y } \
\hline \text { Price elasticity of demand } & 0.5 & 1 \
\text { Price elasticity of supply } & 1 & 0.5 \
\hline
\end{array}$$
Refer to the table. Use the information provided to predict the following:
a. The percent change in price (P) when there is a 2 percent rise in the quantity demanded for Good X.
b. The percent change in price (P) when there is a 5 percent fall in the quantity demanded for Good Y.
c. The percent change in price (P) when there is a 5 percent fall in the quantity supplied of Good X.

Question

Table: Price Elasticities $$\begin{array} { l l l } 
\hline & \text { Good X } & \text { Good Y } \
\hline \text { Price elasticity of demand } & 0.5 & 1 \
\text { Price elasticity of supply } & 1 & 0.5 \
\hline
\end{array}$$ 
Refer to the table. Use the information provided to predict the following:
a. The percent change in price (P) when there is a 2 percent rise in the quantity demanded for Good X.
b. The percent change in price (P) when there is a 5 percent fall in the quantity demanded for Good Y.
c. The percent change in price (P) when there is a 5 percent fall in the quantity supplied of Good X.

Quizplus · Accepted Answer

The Answer of Table: Price Elasticities $$\begin{array} { l l l } 
\hline & \text { Good X } & \text { Good Y } \
\hline \text { Price elasticity of demand } & 0.5 & 1 \
\text { Price elasticity of supply } & 1 & 0.5 \
\hline
\end{array}$$ 
Refer to the table. Use the information provided to predict the following:
a. The percent change in price (P) when there is a 2 percent rise in the quantity demanded for Good X.
b. The percent change in price (P) when there is a 5 percent fall in the quantity demanded for Good Y.
c. The percent change in price (P) when there is a 5 percent fall in the quantity supplied of Good X.

Table: Price Elasticities Refer to the Table