ECO:152 XXXXXXXXXXPrinciples of Microeconomics Ron A. Mozelewski ...

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ECO:152               XXXXXXXXXXPrinciples of Microeconomics  Ron A. Mozelewski          XXXXXXXXXXHomework Assignment 1    Instructions: First, view the four videos on elasticity.  http://www.youtube.com/watch?v=NzreorXR3Ks&feature=relmfu  http://www.youtube.com/watch?v=IH-KfQwU-oo&feature=relmfu  http://www.youtube.com/watch?v=YecRSCUHogU&feature=fvwrel  http://www.youtube.com/watch?v=R-EPxIMsRZo&feature=fvwrel  Then, for 25 points, answer the following questions on elasticity. Show all of your work! Failure to show your work will result in zero credit for the assignment. E-mail your answers directly to me at  XXXXXXXXXX by Wednesday, August 29, 2012. Avoid using the e-mail and drop box features of Blackboard. Answers e-mailed after the August 29 deadline will receive zero credit. No excuses will be accepted XXXXXXXXXXAssume P1 = $12, P2 = $10, Q1 = 3000, and Q2 = 8000. Using the midpoint formula, calculate the price elasticity of demand coefficient XXXXXXXXXXIf the price elasticity of demand for a David Freese baseball card is 2.1, then a 5% price increase will decrease quantity demanded by what percentage? XXXXXXXXXXThe price elasticity of demand for MP3 players is 0.75. Assuming no change in the demand curve for MP3 players, a 10% decrease in quantity demanded implies what percentage increase in price? XXXXXXXXXXSuppose that a 15% decrease the price of normal good Y results in a 20% increase in the quantity demanded of normal good X. Determine the cross elasticity of demand coefficient and the relationship that exists between the two goods XXXXXXXXXXAssume that a 6% increase in income in the economy produces a 4% increase in the quantity demanded for digital cameras. Calculate the income elasticity of demand coefficient. Based on your findings, digital cameras are what type of good?

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ECO:152    Principles of Microeconomics
ECO:152                                                                     Principles of Microeconomics 
Ron A. Mozelewski                                                           Homework Assignment 1
Instructions:  First, view the four videos on elasticity. 
http://www.youtube.com/watch?v=NzreorXR3Ks&feature=relmfu  
http://www.youtube.com/watch?v=IH-KfQwU-oo&feature=relmfu  
http://www.youtube.com/watch?v=YecRSCUHogU&feature=fvwrel  
http://www.youtube.com/watch?v=R-EPxIMsRZo&feature=fvwrel 
Then, for 25 points, answer the following questions on elasticity.  Show all of your 
work!  Failure to show your work will result in zero credit for the assignment.

ECO:152 XXXXXXXXXXPrinciples of Microeconomics Ron A. Mozelewski XXXXXXXXXXHomework Assignment 1 Instructions: First, view the four videos on elasticity....

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