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Answer to Question #54786 in Macroeconomics for Margie Moran
Question #54786
Can you pls help me solve these problems??
AGUINALDO LABASMASOK WAS PROMOTED FROM CLERK1 TO CLERK2 FROM HIS FORMER SALARY GRADE 2 (P36,000.) TO SALARY GRADE 3 (P38,000)ю CAN YOU DETERMINE HIS INCOME ELASTICITY?
The elasticity of supply is 1 and the elasticity of demand is 2. If demand increases by ten (10%), by what percent will price change?
AGUINALDO LABASMASOK WAS PROMOTED FROM CLERK1 TO CLERK2 FROM HIS FORMER SALARY GRADE 2 (P36,000.) TO SALARY GRADE 3 (P38,000)ю CAN YOU DETERMINE HIS INCOME ELASTICITY?
The elasticity of supply is 1 and the elasticity of demand is 2. If demand increases by ten (10%), by what percent will price change?
Expert's answer
If salaries are S1 = 36,000 and S2 = 38,000, then we need to know the amount of quantity demanded of some goods to determine income elasticity.
If the elasticity of supply is 1 and the elasticity of demand is 2, and if demand increases by ten (10%), then the price will decrease by 10%/2 = 5%.
If the elasticity of supply is 1 and the elasticity of demand is 2, and if demand increases by ten (10%), then the price will decrease by 10%/2 = 5%.
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