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Answer :
The price elasticity of demand for eggs will determine the impact on the quantity demanded when the price changes. If the price rises to $4.00 per dozen, the quantity demanded will likely decrease, with the magnitude depending on the elasticity of demand. Conversely, if the price falls to $1.00 per dozen, the quantity demanded will likely increase, again influenced by the elasticity of demand.
Type of Elasticity: Price elasticity of demand.
Good: Eggs.
Determinant(s): Price of eggs.
If the price goes up to $4.00 per dozen, the quantity demanded of eggs will likely decrease. The exact decrease in quantity will depend on the price elasticity of demand for eggs. If the demand is elastic, the decrease in quantity will be relatively larger. Conversely, if the demand is inelastic, the decrease in quantity will be relatively smaller.
If the price falls to $1.00 per dozen, the quantity demanded of eggs will likely increase. Again, the exact increase in quantity will depend on the price elasticity of demand. If the demand is elastic, the increase in quantity will be relatively larger. If the demand is inelastic, the increase in quantity will be relatively smaller.
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