31 May Question Econ 1201.1WW Fall 2018 Assignment #1
Question
Econ 1201.1WW
Fall 2018
Assignment #1
Assignments must be typed, with all calculations shown; diagrams can be hand drawn – – – insert your diagrams in the appropriate sections of your document. To insert a diagram in Word, use the Insert tab and click on Pictures to upload the diagram.
Hand written assignments are not accepted.
Assignments must be submitted in the appropriate Dropbox on Brightspace either as a Word or pdf file. Email attachments are not accepted.
Note: Make sure your name and student number are included on your assignment.
Question 1. (Show all calculations)
Fill in missing amounts a-d in the table below. Parts (a) – (d) are each worth 2 marks
| % Change in Price | % Change in Quantity | Elasticity (η) | |
| Demand for Hag Daz ice cream | +10% | -12% | a. |
| Demand for hot dogs at Moosehead hockey games | -20% | b. | -0.5 |
| Demand for Neptune theatre tickets in Halifax | c. | -1.5% | -1.0 |
| Supply of Lobster | +10% | d. | +1.2 |
Question 2
- You decide to treat yourself and purchase one Cappuccino at Pavia Gallery Espresso Bar & Café each morning, regardless of the price of a Cappuccino. What does this say about your elasticity of demand for Cappuccino? Briefly explain your answer. [3 marks]
- If consumer income increases by 10%, all else being equal, and the quantity of Hag Daz ice cream demanded increases by 14%, what is the income elasticity of demand for Hag Daz ice cream? Interpret your results. [3 marks]
- In most cities’ taxicab fares are regulated. Taxicab drivers in Halifax obtain permission to raise their fares by 10% to increase their revenues – – – – the drivers anticipate their revenue would increase by 10% as a result. However, the 10% increase generated only a 5% increase in revenue. What can you conclude about the elasticity of demand for taxicab rides? What were taxicab drivers assuming about the elasticity of demand for taxicab rides? Interpret your results. [3 marks]
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