1. Assume the price of Super Bowl Tickets increases by 20% and the quantity demanded changes by 2%. a. What is the price elasticity of demand for

1. Assume the price of Super Bowl Tickets increases by 20% and the quantity demanded changes by 2%.

a. What is the price elasticity of demand for Super Bowl Tickets?

b. Is it elastic, inelastic, or unit elastic?

2. When the price of Lays Potato chips decreases by 5%, the quantity demanded for them changes by 15%.

a. What is the price elasticity of demand for Lays Potato Chips?

b. Is it elastic, inelastic, or unit elastic?

3. Assume demand for a Snickers bar is unit elastic. If the price of a Snickers bar were to increase by 4%, what would happen to the quantity demanded?

4. On the way to work you notice the price of gasoline is $3.25 per gallon. At that price the gas station sells 1000 gallons per hour. On the way home, you notice the price of gasoline has risen to $4.00 per gallon, and at that price the gas station sells 950 gallons per hour.

a. What is the price elasticity of demand for gasoline?

5. Suppose you work for the college bookstore. The current price of a GSU t-shirt is $15, and the bookstore normally sells 200 per week. The elasticity of demand for t-shirts is estimated to be 0.75. In an attempt to raise revenue, the bookstore is considering raising the price to $16.50, a 10% increase.

a. By how much will quantity demanded change for GSU t-shirts?

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