Pi Patel is a zookeeper who charges $1.50 for admission into his zoo. At this price, 500 people will by tickets. If Mr. Patel lowers admission to $0.50, 1000 people will buy tickets. Did Mr. Patel make the right decision?

A soft drink stand wants to sell a variety of different soft drinks (7-up, Pepsi, etc.) and is unable to decide between two price and quantity combinations: A) Sell 40 drinks at $1.00 each or B) Sell 30 drinks at $1.25 each.
What is the elasticity and what combination should be produced?

At a price of $2.00, a company sold 1000 scarves. When the company increased the price to $4.00, it sold 500 scarves. A local cell phone store is selling a camera cell phone for a discount price: Price before discount: $350 Price after discount: $325. Customers before discount: 13 Customers after discount: 14.

Danny is a farmer who sells 50 bushels of corn a day at $75 each. When he increases his price to $90 each, he sells 45 bushels.

A farmer supplies a company with 300 strawberries at a price of $150.00, the company then doubled the price to $300.00 and the farmer could only supply 500 strawberries.

Suppose a large chocolate company sells 10Million chocolate bars per month at a price of $0.50 per chocolate bar. If the company's owner raise their price to $0.54 per chocolate bar, the quantity demanded by the company's customers falls to 9.5Million Chocolate bars.

A six pack of Labatt Blue has dropped from $11 to $7 in an attempt to boost sales. The quantity demanded increases from 22 thousand unit sold per month to 34 thousand.

The prices for sunglasses have increased $80 to $100. However, the quantity of sunglasses being produced has also increased from 80 to 100.

The market price for shoes rises from 90$ to 200$. The manufacturer of shoes is able to expand his production of shoes from 1.5 million to 1.9 million.

Ralph offers to do 10 minutes of homework for Eyre for $5, however for $15 Ralph will do 15 minutes of homework for Eyre.

Mr. Samsa is able to sell 900 computers at $1000 or 1000 computers at $900.

The price for a litre of gasoline went from $1 to $2. This shift in prices caused the quantity demanded to change from 2000 to 1800.

Sony CEO is faced with an executive decision. He is trying to have an elastic demand for his new PS3's in the south asian market. His RnD has determined that they will have demand in two price and quantity combinations: 1. Sell 15000 units a day @ 150$ (U.S) or 2. Sell 14000 units a day @ 160$ (U.S).