Companies Essay

326 words - 2 pages

PRICE ELASTICITY OF CABBAGE
Price (RM)
Price (RM)

The demand curve shows the relationship between the quantities of cabbage and its price. At the price RM2.00 per kg on 2009, quantity demanded is 1406 kg in the year. When the price of cabbage increase from RM2.00 to RM2.30 per kg on year 2010, the quantity of demand dropped from 1406 kg to 1345 kg.

EP = Q1 – Q0 EP = 1345-1406
──────── × 100 % ─────── × 100% EP = − 4.43
Midpoint 1375.5 ─────
────────────── ──────────── ...view middle of the document...

32. This is shown that the relationship between the price and the quantity of demand is inverted.

The demand curve shows the relationship between the quantities of cabbage and its price. At the price RM2.00 per kg on 2009, quantity demanded is 1406 kg in the year. When the price of cabbage increase from RM2.00 to RM2.30 per kg on year 2010, the quantity of demand dropped from 1406 kg to 1345 kg.

EP = Q1 – Q0 EP = 1345-1406
──────── × 100 % ─────── × 100% EP = − 4.43
Midpoint 1375.5 ─────
────────────── ──────────── 13.95
P1 – P0 2.30-2.00
──────── × 100% ───────── × 100%
Midpoint 2.15 EP = − 0.32

The price of cabbage is elastic because it is > 1 . When the price changes , the quantity will change more than 1%. EP = − 0.32 shows that, when the price changes 1 %, the quantity of demand will change 0.32. This is shown that the relationship between the price and the quantity of demand is inverted.

1406KG (Q2009 )
1406KG (Q2009 )
1345KG (Q2010)
1345KG (Q2010)
Quantity (KG)
Quantity (KG)
2.00 (P2009)
2.00 (P2009)
2.30 (P2010)
2.30 (P2010)
D
D
D
D

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