# Supply and Demand and Percentage Change

a. Calculate the percentage change in price ___________________

b. Calculate the percentage change in quantity demanded ____________

c. Calculate the elasticity of demand _______________________

d. Is it elastic, inelastic, or unit elastic? ____________________

e. Why might computers have this type of elasticity of demand?

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2. Flu vaccinations cost $19 per shot. If the industry decided to sell them for $20 a shot what do you think would happen to the elasticity of demand?

3. Andes Central Sports, Inc. sells sports equipment. They decided to have a sale and reduce the price of their Nike shoes from $75 per pair to $50 per pair. As a result, the quantity demand rose from 100 shoes to 150 shoes.

a. Calculate the percentage change in price ___________________

b. Calculate the percentage change in quantity demanded ____________

c. Calculate the elasticity of demand _______________________

d. Is it elastic, inelastic, or unit elastic? ____________________

e. Why might shoes have this type of elasticity of demand?

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4. The price of gas rose from $2.15 per gallon to $2.27 per gallon. As a result, quantity demand went from 500 gallons per week to 495 gallons per week.

a. Calculate the percentage change in price ___________________

b. Calculate the percentage change in quantity demanded ____________

c. Calculate the elasticity of demand _______________________

d. Is it elastic, inelastic, or unit elastic? ____________________

e. Why might gas have this type of elasticity of demand?