经济学原理第一次作业.pdfVIP

Jianyu Chi Principles of Economics Spring 2009 First Hourly Exam Question 1 (16 points) a) Katherine would buy five boxes of cookies if the price per box were $8; she would buy four boxes if the price were $12. Use the midpoint rule to calculate Katherines price elasticity of demand for cookies. Show your calculation. b) Is Katherines demand for cookies elastic, inelastic or unit elastic? Defend your answer carefully. c) Calculate Katherines expenditure on cookies if the price are $8. Calculate Katherines expenditure on cookies