1) Kristine, a highly motivated entrepreneur plans on applying for a business loan from Bank of America. She finds out that the percent change in the price of business loans increased to 5 percent last month. This resulted in a 50 percent change in quantity demanded. What is the business loan’s price elasticity?

2) Kelly, a bright college student finds out that the iPhone 10 was just launched this past week in Cupertino, CA. She along with the thousands of consumers plans on purchasing the iPhone 10 from Best Buy due to a price decrease from $899.99 to $649.99. Apple expects to see the quantity demanded for iPhone 10 to rise from 2 million to 3 million by the end of the year. What is the iPhone 10’s elasticity of demand?

3) Isabel is a model for Vogue magazine and travels from Glendora to Los Angeles six times a week. She finds out that gas prices have decreased from $4.15 a gallon to $3.20 a gallon for premium. This makes her commute a little bit happier, but only plans to travel one additional time per week to Los Angeles for photo shoots. What is the price elasticity of demand for premium gasoline?

4) Samsung has seen its misfortune due to its failed Samsung Note 7 product. This led to a 20% decrease in quantity demanded even though it increased the price by 1% and its quantity supplied increase by 5%. What is the price elasticity of supply for Samsung Note 7? What is the price elasticity of demand for Samsung Note 7?

5) Chik-Fil-A is looking to increase its chicken production from 4 million to 5 million per year. This will result in a price increase of chicken nuggets from $3.25 to $3.50. At the same time, its competitor across the street, Chicken-R-Us, also plans to increase its production of chicken from 3 million to 3.5 million per year with the same price increase as Chik-Fil-A. What are the price elasticity of supply for both Chik-Fil-A and Chicken-R-Us?

6) Dell has gone through some market challenges these past few years, especially with the desktop market. If the prices of desktop computers decreases by 14% last quarter resulting in an increase of 12% in quantity demanded, then Dell will decrease the quantity supplied of desktops by 10%. What is the price elasticity of supply for Dell desktops?

7) The price of cell phones rose slightly higher from $500.00 to $550.00 this past month, and Samsung found out about Apple’s release of the iPhone 10, so in turn it decided to increase production of its Galaxy S10 from 150,000 to 300,000 to compete with its rival. What is the price elasticity of supply for Galaxy S10 phones?

8) The current epidemic of the swine flu (H1N1 virus) has led to consumers demanding more chicken over pork. If the chicken nugget price increases from $4.99 to $5.29, then McDonalds’s plans on producing more chicken nuggets from 409,000 to 599,000. What is the price elasticity of supply for chicken nugget