category?

32. Suppose you could buy shoes one at a time, rather than in pairs. What do you predict the cross-price

elasticity for left shoes and right shoes would be?

Problems

33. The equation for a demand curve is P = 48 – 3Q. What is the elasticity in moving from a quantity of 5 to a

quantity of 6?

34. The equation for a demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4?

What is the elasticity of demand as the price falls from 9 to 8? Would you expect these answers to be the

same?
136 5 • Problems

35. The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4? What

is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?

36. The equation for a supply curve is P = 3Q – 8. What is the elasticity in moving from a price of 4 to a price of

7?

37. The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisaand The Last Supperand died in
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