Why does it make sense that there was a negative percentage change in the quantity of cable TV subscriptions demanded in response to an increase in the price of these subscriptions?

Take a look at Figure 19-2. Work out the calculation for the price elasticity of demand between prices of $ 6 per reservation and $ 5 per reservation to prove that the value is 1.

It is very difficult to find goods with perfectly elastic or perfectly inelastic demand. We can, however, find goods that lie near these extremes. Characterize demands for the following goods as being near perfectly elastic or near perfectly inelastic.

a. Corn grown and harvested by a small farmer in Iowa

b. Heroin for a drug addict

c. Water for a desert hiker

d. One of several optional textbooks in a pass-fail course

Why does it make sense that Fryer found a positive percentage change in the number of learning tasks supplied in response to a rise in the monetary reward for performing them?

Consider Figure 19-3. Following a price increase, is the quantity demanded more responsive to the price increase immediately, after an initial passage of time, and then after even more time has passed? Why is this so?

Consider Figure 19-2. Work out the calculation for the price elasticity of demand between prices of $ 1 per reservation and $2 per reservation to prove that the value is 0.158.