Question

Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it elastic inelastic or unitary elastic?."

Answer 1

Take a shot, what do you think. Hint: price elasticity is (%change in quantity demanded)/(%change in price)

Answer 2

select a country and an economic concern, such as population, unemployment, etc. Search the Library and Internet for data sets for the concern that you have chosen.
Where were you able to find data sets?
What is the relationship between the variable that you selected and the economy?
What trends do you see in the data sets? Support your assertions of trends with statistical evidence.