Question

Mid term PART-2 Answer:- 1 (A) Kyle has budget of :- $50 Price of Banana is= $5 Price of Apple is= $10 Graph-1 In the graph, on the horizontal axis there is a banana whereas on the vertical axis there is a apple. Slope of line in graph is = Change in Y/ Change in X = 1/2 = 0.5 (B). Equation of budget is = Pa * Qa + Pb * Qb = Budget (C). Price of Banana = $10 Price of Apple = $10 Graph- 2 Slope of line in graph is = Change in Y / Change in X = 1/1 = 1 (D). Price of Banana's is = $5 Price of Apple’s is = $10 Budget is= $40 Graph – 3 Slope of line in graph is = Change in Y/ Change in X = 1/2 = 0.5 Answer 2:- Demand of price elasticity is= Quantity change / (Q1+Q2) / 2 divided by price change /(P1/P2) = 120 / 360 divided by 10 / 40 = 0.33 / - 0.25 = - 1.32 Demand of price elasticity is -1.32


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Answer 1

Answer:

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