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Help with my Economy project

L__

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I'm currently in Economy, and there's a question I can't answer... none of my friends can either :(

I have to calculate the elasticity of demand and for step one it says to calculate the percentage change in the quantity demanded.

The equation goes like


Original quantity - New quantity x 100
Original Quantity​



Thing is, they don't tell me how to find the original quantity... any help is appreciated
 

Fuelbi

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Well Im guessing quantity is the amount right(sorry dont take economy) so pick a product like coke, go to their website, find the info, or go to any other website and plug in the info and bam! Or is it harder? Than if it is ask your teacher and maybe hell help you start off
 

L__

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It's due tomorrow

And we're supposed to do it according to demand... I'll recheck the assignment sheet and read every single word and end up calling everyone I know instead of just friends :(
 

Fuelbi

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And Im guessing you cant find demand on the internet huh? Anyways isnt it a teacher planning day tommorrow?

Anyways Im sorry I was of no help. I tried though so I guess thst counts for something right?
 

L__

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teacher planning day..?

if only it really was the thought that counts.

>.>
 

Fuelbi

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Yeah you know the day that people dont go to school since teachers need to plan... well I have one tommorrow and that means I dont go to school. YAY! Im guessing only florida does this or something?
 

Chronodiver Lokii

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DUDE IM DOING STUFF LIKE THAT IN ECON RIGHT NOW.

Type the whole problem in, i might be able to help. Maybe.
 

L__

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Determine whether demand for your good is elastic or inelastic by comparing two sets of two points from your demand schedule. Show the math using the formula from the book and the things talked about in class.
 

Chronodiver Lokii

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-goes through last weeks notes mentally-
Elasticity is for "wants" and things that are not always needed
Inelastic is more or less for needs (thats why the government taxes inelastic goods)

changes in demand of elastic goods is larger from point to point than inelastic goods...
-thinks-

Do you need to use the total revenue or whatever?
And what were the goods listed?
 

GoldShadow

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If you need to find elasticity of demand for a product using numbers pulled from the internet, you're not exactly going to find it displayed on a company's website (for a number of reasons, the first being that it wouldn't make sense).

Elasticity of demand essentially asks: "If the price of a product changes by X amount, how much does the demand change by?"

Chronodiver is right, in a sense. Things that people need will often be inelastic. Look at electricity, for example. People need electricity. Even if the price of electricity were to increase, people would not stop buying it. The change in demand would be relatively small.

An elastic good works the opposite way. Take soda, for instance. If the price of soda were to skyrocket, people would stop buying it. They'd opt for cheaper drinks instead. The change in demand would be large relative to the change in price.



Anyway, the way I would go about doing this assignment would be to pick a product; eg cars. See if price affects the demand of cars. Choose a company and a car/model and see if you can find data on how many of that car were sold. Also look up the price of that car on Kelley Blue Book or something. Then choose a different, but similar, car from the same company (or a similar car from a different company) and look up the price and quantity sold. You can use these numbers to find the price elasticity of demand for a certain type of car.


The formula you listed in the first post is just to find the change in quantity. To find price elasticity of demand, it's simply (change in quantity)/(change in price).
 

L__

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>.>

Thanks everyone, it was due Monday though

I finally figured it out

=D

The Smash Community is awesome
 
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