Table: Price Elasticities Refer to the Table

question 136

Essay

Table: Price Elasticities $$\begin{array} { l l l } \hline & \text { Good X } & \text { Good Y } \\\hline \text { Price elasticity of demand } & 0.5 & 1 \\\text { Price elasticity of supply } & 1 & 0.5 \\\hline\end{array}$$
Refer to the table. Use the information provided to predict the following:
a. The percent change in price (P) when there is a 2 percent rise in the quantity demanded for Good X.
b. The percent change in price (P) when there is a 5 percent fall in the quantity demanded for Good Y.
c. The percent change in price (P) when there is a 5 percent fall in the quantity supplied of Good X.

---

Definitions:

Object Manipulation

The skill of using the hands and fingers to manipulate, move, control, or use objects effectively.

Cognition

Acquiring knowledge and insight through the mental processes of thinking, experiencing, and sensory engagement.

Examine Detail

The process of inspecting or scrutinizing something closely in order to observe or analyze its components.

Motor Skills

Refers to the movements and actions of the muscles, usually coordinated and learned, enabling activities such as walking, running, drawing, and other physical tasks.